"THE OLDEST AND GREATEST COMPANY IN AUSTRALASIA "

Wairarapa Age, Volume XXXII, Issue 10065, 10 June 1910, Page 4

"THE OLDEST AND GREATEST COMPANY IN AUSTRALASIA "

The Daily Tekgraph, Sydney, in an interesting article on the Bank of New South Wales, which it terms the oldest and greatest Company in Australasia, gives a history of the Bank from its first establishment to the present day. Established in Sydney in 1817, when the population of all Australasia was but i 20,000, to meet the needs of the ' community and to deal with a lamentable shortage and confusion of coinage, supplemented by an in-, discriminate paper currency, and also to afford a safe depository for J monp.y, the Bank, although passing | through many troubles in the early j days', has never locked back. The j first balance-sheet to December 31st, 1817, showed totals of £11,401 —asseta and labilities, the liabilities including £s,63s—notes in ciicula- ' tion, £1,85y deposit?, and the rest j capital. In 1524 the Bank had tJ jatopt a Spanish dollar currency for | a coupJe of years. balance- ' sheet of December 31?t, 1825, showed | totals o£ £468,120, and dividends at that time were paid at very high rates (one reaching over 51 per cent). In 1850 the Bank was incorj porated by Act. of Council, and its : progress soon became more rapid. Deposits in August, 1850, £250,000, reached well over £2,000,000 in March, 1854 The other business of the Bank developed equally rapidly, the discovery of gold being tha main factor in the rapid growth of business. The last balance-sheet, just published, discloses, a total [business of £40,953,405— capita1, £2,500,000, shortly to be increased to £3,000,000 by issue of further shares; deposits, £30,348,580; bills discounted, loans and advances to customers, £20,561,1443; coin, money at short call, Government securities, etc, bills receivable, £18,990,204. The Reserve Fund with accretions from premiums ot the new isaue of capital will total £1,875,000, and looks like reaching £2,000,000 in another twelve or eighteen months. Profits for twelve months reached £366,300, a 10 per cent, dividend per annum being paid on capital. The Bank has now 300 branches, and by the time its Centenary is reached, seven years hence, we shall quite probably find thss powerful and capably managed institution with a £50,000,000 balance-sheef, r and a paid up capital of £4,000,000. The Bank is truly a credit to Australasia, and compares favourably with the largest Joint Stock Banks of the Empire.