BANK OP N.S.W.

Taranaki Daily News, Volume LV, Issue 163, 27 November 1912, Page 5

BANK OP N.S.W.

HALF-YEARLY MEETING!

By Cable—Press Association—Copyright.

Received 26, 9.55 p.m.

Sydney, November 26.

At the half-yearly meeting of the Bank of New South Wales the' report was adopted. It showed net profits of £214,023, to which a balance of £85,815 has to be added, making a total available for distribution of £299,838. A dividend of 10 per cent, absorbed £150,000. Added to the reserve fund, £65,000. .carried forward £84,8388. The president referred to the decline in deposits, a feature of banking general in Australasia, which he ascribed to the spending impulse, which outstripped the accumulative power derived from money receipts for primary produce, which resulted in an increase of imports. As there was no corresponding increase of exports, the savings of the people decreased. The outlook was promising, but the restoration of equilibrium between the exports and imports was necessary to ensure the return of a perfectly satisfactory position. During the- year a sub-branch had been opened at Shannon, New Zealand. Subsequently a special meeting endorsed the proposal to increase the capita] of the bank to £3,500,000.