THE BANK OF NEW ZEALAND.

Press, Volume XLV, Issue 7187, 24 October 1888, Page 5

THE BANK OF NEW ZEALAND.

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AUCKLAND, October 23.

The Herald says :—" The pubhc will, WO believe, feel that there has lately been somewhat of a surfeit of excitement of Bank meetings, and in the interests of the Bank it is well that these meetings are over. Yesterday was the ordinary half yearly meeting, and the business on the. paper was transacted and completed in a most satisfactory manner. The figures of- the balance-sheet were as favorable as could be expected, considering the position which the i ank has occupied of late. The balance from the half year ended 31st >■ arch, 1888, amounted to £23,861 8s 3d, while the. net profit for the half year ended 29th September, 1888, amounted to ,£32,607 2s 5d- The dividend on 10,000 shares of £7 each at the rate of 7 per cent, per annum absorbs £24,500, and the balance carried forward now stands at £33,968 10s Bd. The President of the Bu.uk, in moving the adoption pf the report, stated concisely the position of the Institution, showing* that the Bank had to be made strong in reserves of cash, even if it sacrificed something of earning power. The Directors might have paid a larger dividend, but decided rather tb hold money. Considering how easily the state of affairs might have been much worse, we can only congratulate shareholders that it is so good, and more especially that it is good with a prospect of better."

[PBOM ANOTHKB CORBESPO2TDKNT.3

AUCKLAND, October 23.

Mr Heeketh and Mr Richmond have given a legal opinion supporting Mr Law's reading of clause 118 at the Bank meeting yesterday. They also support the .contention advanced by Mr Law in a letter to the Star that Mr Buckley's appointment as Director is invalid, consequently the proceedings at the recent three special meetings are irregular.

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October 23.

The late manager of the Adelaide branch of the Bank of New Zealand, Mr HenryLaw, writes a long letter to the Btar in reference to hiß connection with the Bank He denies the assertion in the Committee's report that the money of the Bank had been squandered in Adelaide, and attri. buted the losses of that branch to the unparalleled depression existing from 1883 to 1886. Mr Law also refers at considerable length to clause 118 of the deed of settlement, about which some discussion arose at Monday's meeting, and contends that that clause makes it incumbent that the Bank should go, into liquidation upon it appearing that losses have been sustained equal to one-half the capital, and that it can only be resuscitated at the next halfyearly meeting by a vote of three-fourths of the actual paid-np capital.