BANK OF NEW ZEALAND.

Auckland Star, Volume XXVIII, Issue 205, 2 September 1897, Page 5

BANK OF NEW ZEALAND.

THE ANNUAL MEETING

NET PROFIT FOR THE YEAR £56,891

(BY TELEGKAFH.—-PEKSS ASSOCIATION.)

Wellington, August 26,

The Prosidonb, iv his address to the meebing of shareholders of the Bank of New Zealand, held this afternoon, statod thab the neb profit for tho year ended March Slsb lasb was £56,891. Tha actual earnings wero £125.330, but provision had to be mode for two old and disastrous accounte. But for this the profits would have met their obligations to the Assets Bourd and left a surplus of £20,000. As ib was, the amount had justified their estimates. After uaying a dividend on preference shares of £17,500, they had £39,391 in hand towards statutory payments, and arrears to the Assets Board will only be £24,900. Moreover, the tinancos had been in working condition for only nine months of the year. Of the £68,000 deducted for bad debts, nob £4,000 bolonged to the administration 6ince 1894. The Bank had now entered on a promising careor, and bad fulfilled the expectatioas of those who took charge three years ago. This assured them of a flourishing, but nob inflated, outlook. The bank's capital showed an increase of £196,717, payment of the amount of call; notes in circulation showod an increase of £24,268, and bills payable an increase ot' £714,4-19, consequent on tho expansion in both local and exchange business. Deposits showod a decrease of £1,663,823 ; actual business depobits, however, have increased. The debcioncy is more than covered by Government drawings, principally advances to settlors, by paying off fixed deposits in London and temporary deposits by the Estates Company and Assebi Board ; the items " other liabilities " is nearly the same as last yoar. Included in tho amounts p.eb aside bo provide for doubtful debts are amounts retained to meet deficiencies in accounts takon over from tho Colonial Bunk and other amounts. Tho coin, bullion, etc., together makee £2,471.190, which showed ample strength. Tho actual business advances, ap;_rt from bills, increased during the year by £150,000. Landed preporty was augmented by £19,318. Of the £849,751 worth ot properties not taken over by the Assets Board all bub £357,640 wero sold, though payments are being made by instalments. Only £269,686 had yet to come in. They wero sparing no elforts to ofiecb sales, but ib was nob easy, without undue sacrifice, though some of the remaining assets had paid well for years. The direcsors were nob sanguine thab bhe amount outstanding would be fully realised. Tho balance-sheet shows assets £13,635,305. 'Ihe principal iteiMH are: Coin and cash balances, £1,557,591 ; bullion, £132,050; investments, £3,509,301, including the Colonial Government's securities, £780,948, and Assets Realisation Board debentures, £2,650,285 ; bills receivable and discounted £2,649,881 ; other advances and debts due, £4,509,895; landed property and premises, £442,851; EHa.es Co. assets in liquidation, £580,065. Tho liabilities, including the balance of profit and lons, show the same total, tbe principal items boing : Capital, £2,744,141; notes, £557,497 ; bills payable, £1,387,681; depoeibs, £8,230,955; other liabilities. £601,718.

Mr €J.G. Tegetmeier, formerly manager in London, has boen appointed general manager. The Bank of New Zoaland has now, despite many drawbacks, securely entered upon a promising career. It has fulfilled the expectations formed of it by those to whom three years ago its direcbion was entrusted, and ib may reasonably be anticipated that it only requires continuance of careful and able management to ensure continued success. Trade in the colony is in a good condition, bhe country is being sbeadily opened up, and the depression which for so many years hung over bhe cities has ab lengbh bees removed. Still, while it may be affirmed bhat New Zealand is prosperous, ib cannob be said bhat there is a_.ybl.ing in the nature of undue inflation in either commercial, agricultural, or pastoral affairs, The outlook is therefore freo from dread, and Rbeady progress may be reasonably expected. I now announce to you thab a twelve months' dividend to the 31st March, 1897, on preference shares, amounting to £17,500, has been paid, and bhab bhe balance of profib, £39,391 2s lid, will immediately be paid to the Assets Board according to the Acb of 1895,

The report and balance - sheet were adopted without discussion.

ELECTION* OF DIRECTORS. Messrs M. Kennedy and W. Booth, the retiring directors, were re-elected without opposition. A caße of alleged procuring and permitting the administration of a noxious thing bo bring ab-pub abortion, againsb Richard W. Hall and Caroline Matbhewa, was concluded. Ablnvercargill on August 27 the accused were committed for trial, bail being allowed each in £200 and two sureties of £100 each.

The annual meeting of the New Zealand Dairy Farmers' Union was held ab Wellington on August 21. The report showed a profit of £2,661, besides writing off £700 for depreciation and maintenance. The reporb proposed bo pay milk suppliers a bonus of five per cent., absorbing £1,045, and apply tho balance to reduction of tha deficiency. Ib waa proposed te wipe off the whole of the deficiency and declare a dividend of five per cent., bub, after some discusoioß, tho original proposition was carried. The retiring directors were ro elected.

Tho annual mooting of the Institute of Accountants waß keld on Augusb 27th. Messrs Tewsloy, Banner, Brown, Scotb and Gun dry wero elecbod members of bhe Council, and ib was decided to hold the next meebing iv Chriebchurch. Mr Brown was re-elected President, Mr A. M. Olliver Vice-Presidenb, and Mr Powles Secretary. A Commibtee was appointed to revise tho articles of the ANSocii.bion in the direction of allowing those who passed cortain recognised extsminations to be exempt from tho general knowlodge examination.

During the four weeks endod July 24 th, bhe revenue earned by the New Zohland Government railways totalled £88,922 0s 10(1, the expenditure on bhe railways for the _~ma period being £68,037 2a Id, and tho percentage of revenue 6367. On tho Auckland lino the rovenue was £9,621 10** 91, and tho oxpendicuro £7,051 8s 7d, tho percentage of rovenue boing 7024. On bho Kawakawa lino tho rovenue was £126 2_t 6d, and tho expenditure £1(14 11a 6(1, and on the Whangarei lino tho revenue vvap £632 2*, and the expenditure £63_i 2.-.. On the Kaihu line the revenue wac £830 5s Bd, and tho expenditure £466 Is 8(1. The Hurunui-Blufl section contributed tho Hum of £48,_)89 4a 4d io revenue, t.hs expoudituro on chia section being £38,098 2s 10.1.