BANK OF NEW ZEALAND.

Auckland Star, Volume XLVI, Issue 144, 18 June 1915, Page 7

BANK OF NEW ZEALAND.

I m | ANNUAL MEETING. TTIE CHAIRMAN'S REVIEW. tP.y — Own I '.>rres|Mvnrlent i WELLINGTON, this .lay. j The annual meeting of the Hank of Xew Zealand was held today. Mr. Har I old Beauchamp, rhairman of directors, presiding. Ihe chairman, :ii moving the adoption of the report and balance sheet, referred to the fact that V.O new ordinary shir.-.- ha 1 been ili-.pn.se I of by tender during the v.-ar nt an average ■•! L'l.i In tl pet' shir,-. W.th regard to tl..- g-.iarint 1 stock. the- ap;>ears at C-ViS.'iSS. us against Cl.iitni.iii.il in tne previous balance sheet. The old Mock mat nt c.l on .Inly 10 last. an.l. the Rank', tltru>.-.-.- he iig in a r-troiig pn-itiotl, the Board ,'.-■', lei not to tinier write the new bat to eive exist ing holders the opt,.-,,, ~f exchanging their stock. Th.- ntit. tint sli'-.v n n the balance tdioct rep.-.-cnts the evtent to which holders have m.-iilol of the op ton. The balan, f the old issue, w.th the exception of n few thousands that hnv" not vet conic in. his been paid off. The present state of the KngLsh money market is an iiiifiiv.i..r.ib|e time t . t,~ue the balance of the nc.v B t c\ -. but tiie : Rank's fmnn-.-s hen.' C.ISV. the Hank is able. Without ine >ny cni.-ii-e. to await the n-TH.il .■' a fnvoiii -able op-.oi tnnit v. |1 he Keserve I-'tin 1 has been n -re.ised t > : C'.'.itOu.liOl'l. by the transfer Tom pr..-its of j£l To .f« in. tl.e ad 111.in of tbe premium , I received on new shire* £.1(1.".,"..Hi, and i the tfan-'er from profits which the , Board propo.-e.- to make. £84.464. fl| . this amount. £1.000.000 is invct-ted ill British Government securities. "llie ■ notes in ciretilatinil -( £l.ti7il.o"i| l. are [more by £«Wo.lfll> than nt March .'! 1. . | BUI. Thin increase U due to bank ■ ii. te- having heen 1.-gil tender. j Deposit*, which include ftee. fixed. nnl Government deposit,, stall I ill ■ CK.741.fi.-i7. an in.-re.i-e ..f LT.71.041 . nit i li.lls pay 11.!.- an.l ot "- I i«b hi:.-. --i.n iat CI <''T" !">. vi *ti. '' a f L'Jllll.T.i: on the fi.-nr.". oi Helve : month* ag ■ I ",n and i-i-h balan.v, .it '■ | hanker*, un.l l.uTi.in. t orlh.-r an. .mil to L'l.s.'T.'.JJ. ns against C1..'177.15-'i at M ,;.-;. :tl. I'll 1 M..nev at -' ..-t .-nl!. iii love: iitneiit seetii it tes. and other -. ■ uriitie- in London, together amount to . C0.1.'1T./Miii. an in-Teasc ■■• L'''.oJ|S a« , '.-i,input.-! with twelve months a C .i. I | A- compare I -.v it!, the tig iri-i of a f in- ago. b.lls .IK-.- 'iinte! are less I.v 1' Cii.l.'iT.S. and now stand nt Ll.lSil.CS. Other advanc- t Cln 1M!.',707l show an ; | increase nf t'.-|. e .'..' IS a nitiiral move i tn.'tit in vi.-.v ~t' ni al lit.inal capital .. re- .nr.-cs. i The hank premises in Wellington, being . now inadequate for the business, it has i lie.m d'-cided to place another slurry on t the building, and to enlarg" the hanking eh un her by taking in prartially the "hole of the space on Ihe ground floor I'ROI'IT AND LOSS. J, The net profits for tho year, after n ' making all iicecsiiUy appropriations. i ' amount to Ltli.lsii. am compared with , L.TOS.-lfiO at :!l-t \lar.h, mil. The dis- - tritjiit mi to shareholders will amount Io £229.4.V.l lor the year, nnd of Ihe p ' balance remaining it is proposed to . tran.-ier £54.4ti4 to i\e Reserve 1-' md, I , and to carry forward £37,170. '

I STAFF | Pefrrring tr, the staff. Mr. Rean-rli.-.ni;. stated that the numncrs ..f the staff applying for leave ~f nb-ence, to enable lh«-m to join llie New Zealand Expeditionary Force, were largely in excess of those which it ha 1 been found 1 possible to spare. Th • bank's bii-ine,-s i- -lira that it could not be r.irrie.l on by the employment of casual hands. The number who had none to the front, or were in traimna now totals I'll. To colonial r.flirers half pay is bring allowed, and they re, rive in addition their military pay. To the London men the hank is allowing fall pay. as their military pay is on a lower -rale. To set free still more men it bad nowbeen decided to encase a limited number of women clerks whose services, it is considered, .-an be satisfactorily j utilised in certain departments of the. I work. In recognition of the pood services of

' the staff'during the year, the board ■ had attain paid them a bonus of five per cent, on salaries. Dnrincr the year, steps to extend the | benefits derivable by the stall from the Ofliecrs' I'rovident Association have !»-r-n taken, and carried to a euecea.-fltl conclusion. j T.i serine the additional benefits de--1 t-ired. the oflirer- have increased their | contribution* to the fund by 1} ]ier I cent, of their salaries, an.l the board I has increased the bank'- contribution jby a further 2 per cent, of rialariefi. 'this makes the stair's contribution .'l| ' per .ent. ou salaries und the hank's 7.J per cent.. Ixdnr. you will observe, ju-l double that of the -tafT. [Other matters referred to in Mr. Boaurhamp's a.i.lress are rcport-d in another part of to-day's issue.]