BANK OF NEW ZEALAND.

Evening Post, Volume XXVIII, Issue 104, 29 October 1884, Page 2

BANK OF NEW ZEALAND.

IBT TBLEQBAPn.J [UNITED PKKSS ASSOCIATION.I Auckland, 23th October. At the Bank of Now Zealand meeting to-day, Dr. Campbell, chairman of directors, in moving the adoption of the report and balance-sheet, said : —Gentlemen, you aro all more or less intimately acquainted with the condition of business thronghout Now Zealand, and the inflnonoca which for tho past three years have prejudicially affected it. These nave been so often romarked on from thia chair that I need not weary you with any repetition, but it affords me much gratification to be able to notice symptoms of returning prosperity. Vory considerable relief has been effected by the reduction of merchants' stock throughout the colony. The rapid and reliable communication established with England by diroot steamers will tend much not only to prevont any fnturo glut, but generally to economise capital. An appreciable rooovery has taken place both in the demand for and tho price of wool, and tho futuro prospects of the market appear favourable. Frozen mutton, which, up to a very recent period, left it open to doubt whether tho export might not have to be discontinued— at all events for a time— has lately attained a position in tho London market which seems to ensure a fair return to growers; and most encouraging accounts have been received of probablo future markets fur New Zealand tinned meat and dairy produce. Tho prospects for wheat growers aronotof so assured a oharacter. The high average of harvests in America and England, and tho rapidly increasing supplies being obtained from India leave little hope of remunerative prices for the coming season, but it is understood that a considerably diminished area is under this crop, farmers having given more attention to grazing and the growth of other cereals, for which there is a better market. New Zealand being the chief field of operation for this bank, and onr share of its bnsine&s being bo large, wo have naturally felt the influence of tho past depression, and until a more marked recovery takes place wo have thought it bott-r to make provision for possible losaos on a more than average Hoale rather than make further present additions to tho reserve. I trust, however, that such oaution will not long bo necessary, and that a portion at least of what is now provided for possible contingencies may yet be returned to profit. Notwithstanding tho influences to which I havo alluded, and tho general fall in tho value of money, we ara enabled to moot you with the very satisfactory report and balance-sheet which have just beeu read. The speaker then proceeded toanalyso the roport and balancesheet, of which ho moved the adoption. Sir F. Whitaker said that ho had muoh pleasuro and satisfaction in seconding the motion for tho adoption, of tho report and balance-sheet. Tlio proprietors could not feel otherwise than gratified with the balancesheet when they looked, back on tho stato of affairs which had existed for somo time past. In reference to different commercial prospects of the country, he was glad to see that such a depression as apparently had existed was passing away, and that the bank was increasing its busineas, while- being at the same time able to promptly meet any demand whioh should be made on it. Its position was one of great strength, and it was quite capable of carrying on a much greater business than it transacted at prcsont. Ho had muoh pleasure in seconding tho motion. Tho resolution was put and carried. William Innes Taylor, the only candidate for the vacancy in the directorate, was declarod duly elected. Messrs. J. L. Wilson and A. K. Taylor were appointed auditors. Mr. 0. J Stone moved, and Mr. A. Board tnan seconded, a vote of thanks to tho directors and ollioora, whiph was carried, and acknowledged by tho chairman and general manager, Mr. I). L. Murdoch. __^________