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'Bank Laws Need
Reviewing'
A review or existing banking
legislation, 'in the interests of free
enterprise and national growth,'
w/ic «-/*ille/4 Lnr kw tka nraci/lonf nf tka
Bank of NSW (Sir Colin Sinclair) at
the annual meeting in Sydney yes
terday.
The exist injr form of
banking: control hail
been conceived and was
being administered in an
unnecessarily restrictive
spirit. Sir Colin Sinclair
sairi
urrowui oi
business en
terprise was
being im
peded by the
severe limi
tations im
posed on the
trading
banks by the
Com m o n -
banking
tr e a 1 t h
Ippisat.inri
none Help
Sir Colin
Sinclaii
Sir Colin
Sinclaii
The arm should be tc
separate the Central Bank
from the Commonwealth
Bank's trading activities
and to simplify the system
of credit control.
£l}m. Earnings
Net profit for the year at
£1.491,000 showed an in
crease of £374,000 after pro
viding for taxes and con
tingencies.
Capital was increased by
50 p.c. during the year, with
the one-for-two new issue.
On latest shareholders'
funds of £24^35.565, the
profit equalled 6.2 p.c.
Dividend of 9 p.c. (prev.
8i p.c.) took £1,078.600.
Deposits increased dur
ing the year to September
by £29m., but advances
were extended by £61m.
SA Unit Trust No. 1.— Buying,
20/3: selling. 21/3.
Liquid and near liquid
assets fell by £25m. to
£216m. as a result of the
rising demand for ad
vances.
This was inevitable when
such a large proportion
had to be lodged in special
accounts with the Central
Bank.
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