In October 1915 the bank floated successfully in London a loan of /2,000,000 for the South Australian Government, and toward the end of June 1916 the first issue of 1.4,000,000 was made by the Bank of London, on behalf of the government of the Commonwealth of Australia. In view of the fact that exchequer bonds, treasury bills, war certificates and French loans, all bearing interest at 5 per cent or over, were being offered by the Imperial and French governments at the same time, the launching of this loan was an event of con siderable interest in the world of finance, and its success showed the confidence felt in the future of the Australian Commonwealth.
The Bank's Progress.— The progress of the bank may be demonstrated by the following fig ures. The deposits in the General Banking Department as well as the Savings Bank De partment as under: June 1913, 15,055,381; June 1916, #41,732,116.
The figures of the pro it and loss account are significant, it being borne in mind that the first half-year showed a debit balance of £46,636, owing to expenses of establishing and equipping branches throughout the Common wealth. Since then the following profits have been made: December 1913, 11,547; June 1914, #8,093; December 1914, £13,428; June 1915, 125,788; December 1915, #50,949; June 1916, 193,898.
Savings Bank Department.— The • com parative figures in this department indicate the steady increase in the support given in this institution—June 1913, depositors, 85,858; de posits, 12,694,74; June 1914, depositors, 143,786; deposits f4,645,268; June 1915, depositors, 210, 361; deposits, #7,420,647; June 1916, depositors, 278,536; deposits, £9,477,895.
It will thus appear that as regards the public wealth, the private wealth and the annual prod uct of labor and capital in Australia there are abundant evidences of soundness and of prog ress, and that Australia may fearlessly chal lenge comparison with any other part of the world. At the same time the magnitude of her undeveloped resources points unerringly to a future which shall outshine both the past and the present. Consult Carroll, The Agri cultural Bank) (1914) ; McCarthy, 'Banking in Australia) (1912).
Sni F. W. HOLDER, Speaker House of Representatives, Common wealth Parliament 1901-09.
Hon. J. G. JENKINS, Premier South Australia 1901-05, Financial Advisor to South Australian Government 1905-08, Hon. Treasurer Imperial Council of Commerce.