BANK OF NEW ZEALAND

Auckland Star, Volume XLVIII, Issue 148, 22 June 1917, Page 6

BANK OF NEW ZEALAND

ANNUAL MEETING. (By Telegraph.--Press Association.) WELLINGTON, this day. The annual meeting of the Bank of New Zealand took place to-day, Mr. H. Beauchamp, chairman of directors, presiding. [ n moving the adoption of the report and balance-sheet, he stated that the year's results were very satisfactory. With tho addition of £72.858 now made the reserve fund would stand at £2,135,000. The note circulation bad increased by £697,502. and has reached a total of " £2,560.325. The deposits (£29.052,7011), which include free, fixed, and Government deposits, exhibit an increase of £5,496,114 on the previous year's figures. Coin and cash balances are more by £421,137, and now stand at £5.914,979. Money at call and short notice. Government securities and other securities in London, stand al £11.476,002 —an increase of £2.740.027 for the year. The funds received by the Hank in London in connection with the sale of the Dominion's produce have been in excess of the amounts required for the financing of imports to New Zealand, and to meet drawings from this end, and, moreover, owing to prompt payment by the Imperial Government under the commandeering scheme, have come to account iv London much earlier than under ordinary circumstances would have been Ihe case. The bnnk's surplus funds in London arc profitably employed, principally by investment in short-dated British Government securities, and are readily available when required. Investments in the Dominion stand at £.1,289,111. an increase of 11,9:25,911, due to the taking up of £2,1)00,000 of the Dominion's 1916 war loan. Hills discounted show mi increase' of £97.085. and other advances an increase of £3,504.634. as compared with the figured of twelve months ago. The net profits for the year, after paving interest on guaranteed stock and making all necessary appropriations, amount to £305,489. as compared with £285,800 al March 31. 191(1. The directors now propose to pay a further dividend of li per cent and bonus of .'I per <vnt on ordinary and " H " preference shares (making 15 per cent for the year), and a further I per cent on -A" preference shares I making 10 per cent for tbe year). The distribution to shareholders will therefore amount to £237,500 for tbe year. The amount to be carried forward (£11135), ii considerably larger than usual. In view of tbe uncertainties regarding taxation, the Board considered it advisable to retain a substantial portion of the year's profits in this form. I may mention that "rates and taxes" for the vcar under review amounted to £198,051, an increase of £60,95."! as compared with the previous year—mainly due to note tax on our larger circulation, and to increased income taxes. Mr. I. 11. Upton and Mr. Be.itiehamp, who wen- the retiring Government nominees at March 31 last, have been reappointed for another term. Mr. R. W. Kane was the only condidate for the vacancy in the shareholders' representation, and was therefore declared duly elected. Mr. Beauchamp congratulated shareholders upon liming secured so efficient a representative. Mr. R. \V. Kane seconded the adoption of the report, and in doing so stated that his present term of office extends only for the unexpired period of the late Mr. Kennedy's appointment, namely, to 31st March next, but it was his intention to offer himself for re-election.