5 OCTOBER 1929, Page 50

BANKING IN AUSTRALIA.

The Commercial Banking Company of Sydney has again published a -Very satisfactory report showing considerable progress in :business with an expansion in profits. For the year ended June 30th last the profits totalled over 1655,000 as compared with £653,000 in the previous year. Moreover, the latest balance sheet reveals-total assets of nearly 166,000,000 as compared with £63,000,000 a year ago. Deposits_ rose by nearly £3,000,000 to £54,421,000 and there was an expansion both of discounts and loans. A liquid position is shown through- out the balance sheet, while the distribution of profits is on conservative- lines: The dividend is 10 per cent., merely absorbing £473,901, while 1125,000 is added to reserve, which raises- that funa. to £4,200,000. After writing £50,000 off bank premises a sum of £71,508 is carried forward as compared with £65,215 a year ago.