BANK OF NEW ZEALAND.

Daily Telegraph (Napier), Issue 3225, 31 October 1881, Page 3

BANK OF NEW ZEALAND.

The half-yearly general meeting of shareholders was held yesterday, — the Hon. James Williamson in the chair. The General Manager read the advertisement calling the meeting, also the minutes of the last half-yearly general meeting, and the report and balance sheet as follows : ,Ihe Fortieth Beporfc of the Directors of the Bank of New Zealand, to the Half-Yearly General Meeting of the Proprietors, held at the Banking-house, Auckland, on Wednesday, 26th October, 1881. The Directors congratulate Shareholders on the result of the past half-year's operations/as exhibited in the following Eeport and Balance-sheet. The net profit for the HalfYear ended 30th September, after ample appropriations for all known bad or doubtful debts, and in reduction of Bank Premises and Furniture Accounts amounts to £73,943 2 4 To which has to be added— Balance from Half-Tear ended 31st March, 1881... 24,80116 3 • Giving a total, available for division, of „. ...£98,744 13.7 The following appropriation of which is now recom- -. :■;• mended— „ To payment of Dividend at the rate of 10 per cent. ; per annum £50,000 0 0 To Bonus of 6s per share, ' 'equal to 5 percent, per - annum "... 25,000 0 0 To Balance carried to Profit and Loss New Account ... 23,74418 7 — —£98,74418 7 : The Dividend and Bonus will be payable at Head Office, Auckland, to-morrow, ; (Thursday), 27th inst., and at Branches on receipt of advice. Eor the Board of Direofcors. James WniiiAMSow, Chairman. Aggregate Balance-sheefc of the Bank of New Zealand at 30th September, 1881, including London Office afc 31sfc July, 1881. . Liabiiitibs. . ~" Dr; £ s. d. Capital ... ... ... 1,000,000 0 0 ; ' !Res'erv"e Euhd ... ... 555,000 0 0 Notes in Circulation ... 469,035 0 0 Bills Payable in Circulation ... 2,051,098 5 10 t Deposits and other Lia- , , bilities ... 7,624.141 5 9 ;J : ; Balance of Profit and Loss 98,744 18 7 . . , .. £11,798,019 10 2 [. . Assets. . Or. £ s. d. Coin and Cash Balances ... .at Bankers. ... ... 973,495 8 8 Money on short call in London ... ... 934,290 12 6 Bullion on Hand and in transit... ... ... 161,611 16 0 Government Securities... 273,371 4 2 • Bills Eeceivable and Se« curitieß in London ... 1,926,606 7 2 Bills Discounted and other Debts due to tho ,„/.. Bank. 7,296,209 2 6 Landed Property, Bank Premises, &c.... ... 232,434 19 2 £11,798,019 10 2 Profit and Loss Account. Dr. £ s. d. To Dividend on 100,000 shares, of £10 each, at rate of 10 per cent, per annum ... 50,000 0 O To Bonus afc rate of 5s - per share, equal to 5 per cent, per annum ... 25,000 0 0 To. Balance carried to Profit and Loss New Account ... ~, 23,744 18 7 £98,744 18 8 Or. £ s. d. By Balance from HalfYear ended 31st March, 1881 24,801 16 3 By Net Profit for HalfYear ended '30th Sept., 1881 73,943 2 4 £98,744 18 7 Eeserve Fund. Dr. £ s. d. To Balance ... ~. 555,000 0 0 Cr. £555,000 0 0 By Balance from HalfYear ended 31st March, 1881 ... 555,000 0 0 £555,000 O 0' We hereby certify thafc we have examined the Accounts of the Bank of New Zealand for the Half-year ended 30th September, 1881, and that we have counted the Cash Balances and examined the Bills and other Securities held afc the Head Office, and compared the Returns of the Branches with the Statements in the foregoing Balance-sheet, and have found the same to be correct. (Signed) AlmK. Taysob, ) Auditor9i G. B. Owen, ) The Chairman in moving the adoption of the report and balance-sheet, said : —Before formally moving the adoption of the report and balance-sheet, which have just been read, it devolves upon me very shortly to remark on the results they embody—results which I feel sure must be as gratifying to you as they are to the Board of Directors. During the half-year just past, which embraces the most stagnant portion of the year, banking profits generally have been adversely affected by the continued plethora of money and consequent low rates, but the large measure of support which the Bank enjoys enables us to-day to meet you with a report which is the best evidence of the continued success of our operations. Glancing afc the figures in the balance-sheet, the - note circulation remains practically the same aa in previous statement; bills payable are ■ increased £176,000. In ordinary course this account at this period of the year should be considerably lower, —its present con- . difcion is wholly due to operations on Government, account;. Deposits and other liabilities show a decrease of £360,000, also due to fluctuations in public accounts," the private deposits being somewhat in excess of those of last halfyear. The coin and equivalents are considerably reduced, but the advances are

porporfcionately Increased, showing that to that eifceht the resources' Of tile Bank are more actively employed than at the. last balance period, but this greater activity 1 does not sensibly affect the profits now to be dealt with, — the benefit will be experienced during the half-year now current. The balance of profit and loss is about the same as in last statement, which considering the circumstances to which I have previously alluded, will, I trust, be considered amply satisfactory. We see no reason to anticipate a worse result in the future. Commevce is gradually returning to its wonted activity, local industries are springing up. around us; a specially favourable season promises exceptionally good results to the agricultural and pastoral I interests, and the marked attention now I drawn to this colony as a field for capital and skilled labour points to the < probability of our largely benefiting from the migration of the better class of English farmers, who, we are led to believe, will in large numbers seek a home in these' colonies. I have much pleasure in moving the adoption of the report and balance-sheet. Mr J. C. Firth said, in seconding the motion : There is hardly anything left for me to say in seconding this resolution. The short speech made by the Chairman embraces every point that can be interesting to the shareholders in an institution like this. Money has been cheap, and in such case bankers are not able to present reports so highly favorable, in the shape of dividend, as, under other circumstances, they could submit to the half-yearly meeting. But I recognise, and I am sure every shareholder present must recognise, the fact that while cheap money is hot so advantageous to bankers, it assists in the development and progress of every form of industry, and, as ne*v industries are established, will ultimately strengthen the position of institutions such as this. We may therefore, I think, congratulate ourselves on the favourable prospects that art - afc present opening for this colony. The very favourable season we are now having, the fair rates we are getting for our staples, wool and grain, the increase that appears to be general in the yield of gold, are all facts favorable to the future prosperity of this institution, of the colony at large, and of this community. I have, therefore, much pleasure in seconding the motion for the adoption of the report and balance-sheet. The motion was-put, and carried unanimously. Questions having been invited and none being forthcoming, the meeting proceeded to the election of directors and auditors. ELECTION OF DIREOTOB3. The meeting proceeded to the election of two directors, in the room of Mr Whitaker, who retires, and of Dr Campbell, who retired to proceed to England, but on his return was eligible for re-election. Mr G. B. Owen was elected in the room of Mr Whitaker; Dr. Campbell was reelected. ATOITOBS. On the motion of Mr A. K. Taylor, seconded by Mr F. Battley, Messrs. George P. Pierce and Benjamin Tonks were elected auditors. The Eev. Shirley Baker proposed a cordial vote of thanks to the Directory and Officers of the Bank, which he thought they were fully entitled to after the satisfactory report that had been submitted to the shareholders. , Mr Abraham Boardman seconded the motion, which was put, and carried unanimously. The Chairman: I thank the shareholders for their vote of thanks. While I am on my feet I may as well state that I feel on the present occasion the same satisfaction which I have had the pleasure of feeling on many former occasions, that we have so far succeeded in promoting the prosperity of the Bank, and the shareholders in it. Ifc has been the endeavour of your directors to advance your interests to the best of their ability. I. think I may say the directors now see the way before them as clearly as they have seen it afc any other period, to continued prosperity. The shareholders may rely on continued exertions on the part of the directors to promote the advancement of this institution. Mr D. L. Murdoch : I have much pleasure, on behalf of the staff, to return thanks to the shareholders for their vote. I can only renew, on their part and for myself, the pledges we have so often given you thafc no effort will be wanting to. promote the interests of the Bank. This concluded the business c£ the meeting.