BANK OF NEW ZEALAND.

Evening Post, Volume LXVIII, Issue 139, 9 December 1904, Page 5

BANK OF NEW ZEALAND.

HALF-YEARLY MEETING. The half-yearly meeting of the sliaresholders of the Bank of New Zealand was held at noon to-day. Mr. F. de 'C. Malet, President, was in the chair, and there wna a small attendance or shareholder. PRESIDENT'S SPEEGH. The Chairman said: — "Gentlemen,— As you are aware our half-yearly meeting, which for many years past has been held in the month of February, is now to be convened in December. There was not perhaps the same object in expediting the half-yearly meeting as there was in bringing the annual meeting nearer to the date of the balance, seeing that our proceedings at this meeting are more or less of a formal nature. They are now even more &o, as the election " of directors will not in future taken place in the room, but will be by ballot in Uie form prescribed by the Act. Our only business therefore is quickly disposed of to-day. Mr. Wm. Watson notified you at the last meeting that he Mas standing for re-election as Director; he has given the necessary notice in terms of tb& Deed of Settlement and the Bylaws for the conduct of the election, and there being no other candidate I have pleasure to announce him duly elected. While we have no figures to present to you oa this occasion, you will naturally expect some indication from me as to how the Bank's affairs are progressing. I can only tell you that the figures for the past half-j'ear are quite satisfactory, as sbowa continued improvement, and that everything has 'been running smoothly. The only marked incident which has occurred in banking circles has been the heavy fall in London exchange rates, wlrica must necessarily affect the profits of a>ll banks, unless those responsible for the present unsatisfactory conditions find it advisable to retrace their steps, "During the half-year the East Coast Native Trust Lands' Board has continued to make satisfactory reductions in our assets in liquidation account by further disposals of East Coast lands", and, with the progress now being made in the realisation of these estates this dependency should soon disappear from the books of the Bank. W© have also satisfactorily disposed of a few of the old assets taken over under the heading of the Bank of N.Z. Estates Co. Assets in. Liquidation, and since closing the books on the 31st March last this account has been reduced by no less a sum than. £111,000, th-e balance at September standing at about £82,000. This item in the balance-sheet at 31st March, 1897, stood at £580,065. You will understand that I am here referring to the remnants of the business not passed over to the Assets Realisation Board ; the liquidation referred to has no reference to estates in the hands of that Board. "The question of realising shares forfeited lo the Bank by reason of non-pay-ment of calls made in the past has been occupying the attention of the Board, and since we last met several lote have been disposed of satisfactorily by auction at the various centres. It was then decided to iuvite tenders for a parcel of 6000 shares, with the result that the whole number was allotted at the good average price of £5 Bs, thus yielding £10,000 foe addition to reserve fund. The prices obtained, together with the fact that there was a large over-subscription, induced the Board to deal with another lot in a similar manner, and thus meet an unsatisfied popular demand. Tenders have therefore ■ been invited for an additional 3000 shares. In respect of the proposed sale of the 3000 shares for which Jbenders have been invited, the Board has fixed a reserve price. The directors, after dealing with, any tenders that' may be received for these shares, will determine what course of action they will adopt in dealing with the balance of the forfeited shares in the hands of the' Bank. "1 take this opportunity to congratulate the Right Hon. the Colonial Treasurer and the colony on the successful flotation of the recent loan in London, which is an indication of an improvement in the money market, and evidence of the confidence reposed in the colony of New Zealand. During the past half-year our General Manager has paid a visit to the London Branch, and we are pleased to welcome him here among us to-day. His coming into touch with the London directors ond the London staff, cannot but be beneficial to the general interests of the Bank. Speaking for myself and all my colleagues, I may say that we fully recognise the very efficient manner in whicn Mr. Michie, the Acting-General Manager, carried out the duties 'of the office during the absence of Mr. Macintosh. You ivill also be glad to see here to-day Mr. Martin Kennedy, one of the directors, who returned to the colony last month from a visit to the Old Country. Whilst, in London, Mr. Kennedy attended the meetings of the London ' Board." OTHER MATTERS. Mr. William Watson said he desired to take the opportunity of thanking the shareholders for their, renewal of confidence in him as a director. Whatever the market value of their shares might be he felt sure that under the good man, • agement and safeguards the Bank now had, the intrinsic value of the shares would continue to incft&se. Mr. Kebbell asked the reason for postponing tho vote for receiving tender's for shares. He thought the shareholder! would like to know. The Chairman said representations were made to the authorities of the Bank as to extending; the time, and it was extended accordingly. Mr. Kebbell said it was very peculiar .that notwithstanding some very material reason this postponement should have taken place. It was generally thought that they wanted to have the Chairman's speech made public, so that the prico of shares might be increased by a shilling or two. That was the general opinion amongst the shareholders. There was one other question he wished to ask. What amount was tho Bank likely to lose though the reduction in the rates of exchange. The Chairman said he did not wish to question the wisdom of answering the question, but apart from that he really could not answer it. Mr. Kebbell could understand that it was hardly possible /to form an estimate yet. It would depend a good deal on tho year's transactions. There were many elements that had to be considered, and it would bo almost impossible to give an idea at present. Mr. Kebbell thought it might be about £25,000 in the twelve months. It must make a very large difference to the profits of the Bank. Mr. H. Beauchamp said Mr. Kebbell must recognise that it would be impos. sible for the Executive of the Bank to foretell what the Bank was likely to lose owing to the reduction "of rates. Tliere was, of course, this aspect of the case, that with the increase in business that the Bank hoped to get, there might be nothing like the loss that somo people contemplated. It all depended on the question whether, by tho reduction in the rates of exchange, tho Banks were ijoing to get a substantial increase of ousiness, that had been done by in«stitu» tions outside Banks. He emphatically assured the shareholders that the Board had no ulterior motive whatever in enlarging the time for the receipt of tendars for shares. Representations were made to the Bank that they were likoly [to get more tenders if tfae^ extended the

time for a fortnight, and as it -was their duty as directors to get the best possible price, they naturally acceded to the representations and enlarged the time for a fortnight. Mr. Weston saw no necessity for "bulling" the shares of the bank. Anyone ■who examined the balance-sheet and compared it with the Union Bank and the Bank of Aubti-aliisia must be satisfied with the position which the ln.-uUition held. For instance,' the paid-up rupit tl of the Union Bank was ±51,500,000, the reserve fund £1,025,000, and the 11U profits £246,5-11. The capital of the bank of Australasia was £1,600,000, the reserve fund £1,160,000, and the proht £302,532, while the capital (inscribed stock) of the Bank of !Xew Zealand was. £2,000,000, the share capital paid up £431,713, and the annual profits, including the interest paid on guaranteed stock, which is equivalent to capital, £292,803. As he had said, he saw no reason for "bulling" the shares, and he snv no reason why in three years" time they should not be getting a dividend of 3 per cent., and bis able to put by £100,000 to the reserve fund. Mr. T.\ W. M'Kenzie expressed Inmeelf well satisfied with the business done, and he thought the directois had acted in the best interests of the bank throughout. If they got more for the shureh fey extending 1 the time for tendering they bad done the right thing, because all money wade upon the shaies went to increase the shareholders' profits. He moved that the Board of Directors and the staff be thanked for the very efficient manner in which they had conducted the business of the bank during the last six months. Mr. Weston seconded ,the motion, •which was put and carried. The Chairman, in returning thanks, «.aid it was always satisfactory to know that what had been done met with the . approval of the shareholders. With regaid to Mi". KebbeH's question, the representations were made in the first instance to the General Manager, who was, of coarse, tie chief executive officer of the bamfe, and the proper person to approach in fcbis matter. Mr. Macintosh communicated with the directors, and ascertained froreb them that there was no objection. With regard to the sale of shares and the extension of time, his own view was that any occasion which might "be taken advantage of to secure the best prices for. the property of tho bank should be oDen to acceptance, and he said enssnhaticaJly that it was the business of the directors to take advantage of any occasion which in their judgment •would result in returning the best profit to the bank. >» Dr. Newman: What about the next 11,000 ? The Chairman said he had referred- to that in his speech. In the future the directors would bo guided by the light of the experience they had gained. To tell the meeting what they contemplated doing would, he should say, be stepping Over the line of prudence. Dr. Kewman : Thank you, &ir. (Laughter.) The meeting then concluded.

Shortly after six o'clock last evening ■ome boys set lire to a hoarding' erected at the comer of Lower Cuba and Victoria streets. The outbreak was tuppressed with little difficulty! There are forty factoiy lists still to come in in connection with Hospital Sunday subscriptions. A cheque for £5 5s was received from the Gas Company, and £5 10a was collected in the 'Union Com- 1 pany's repairing yard. Other donations: Allan Smith ss, Andrews and Manthel 9%, P.P.V. 2s 6d. The total collected to date is £250, on-which.ji, Governmeitt subsidy is payable- at the rate of 24s in the £. The first clause of the report of the Committee of the Education Board on Secondary Education, published yesterday, should have read : "That in the opinion of this Committee, a High School v required for the- City of Wellington," not "a- District High School," as printed. We have received from Mr. Wicks, Secretary -of tiie local Centre, a. copy of the October issue of the Academic Gazette, tlie official organ of the Trinity College of Music. The publication . contains a large quantity of reading of interest to students, including an address delivered by the Warden, Dr. E. 11. Turpin, on "Artistic Ideality, 1 ' the full test of one of the Queen Victoria, lectured, entitled "Music in Speech, Drama, and Song," delivered by. Mr. Albert Drinkw ater. M.A., and a full li.st of % the examination results at all the centres? Mr. 'Wicks announces that he has a few copies of the Gazette for sale. ' Tiie keeper at the Cape Palliaer Lighthouse writes to nay that a stray carrier pigeon is Hying about the station. On the ling attached to the bird's leg are the following letters «tud figures: — "N.Z.P.C., 034, 96." A united religious service ib to be held in the Town Hall next Sunday evening, under the direction of the Cotuicil of Churches. Brief addresses are to be given by the Revs. Dr. Gibb (President), P. W. Fairclough, and J. IV Glasson. A choii composed of members of church choirs throughout the city is to lead the Binging, under Mr. Maiighan Burnett's baton. The choir nnd ushers are to enter by the Mercer-street doors, the ground floor is to be opened for the public at 7.15 p.m., qnd the gallery is to be reeerrecl foi 1 people who have been attending chuvck services. Mr. R. H. Mas>on, news of whose death vrus received by, cable meibsage from Hotiduras yesterday, was well known in tbtt Wellington and llawkea Bay district*. He was a son of the late T. Mason, lately deceased, of the Hutt, one of Wellington's? earliest settlers, aud was 47 years of age. Mr. Mason (telegraphs our Gisborne correspondent) married in 1884 a daughter of the late Mr. Freeman Jacksou, of Wanganui. For some years he followed sheepfarnmig at To A utc, fl.iwkes B.vy, and afterwards went to the Klondyke goldfields, where, in company with Mr. Gilpin, of Hjrarkes Bay, lie succeeded ii. pc-ggmg out a very payable claim, which was flouted in London at a good figure, and resulted in considerable profit to Mr, Mason. On returning to Sew Zealand he entered into business in Gisborne, but afterwards visited America, and waa engaged 111 gold and silver mining at the time of his death. The committee of the Swifts Amateur Swimming Club hug made final arrangements for its sixth annual carnival to be held at Tts Aro Baths to-morrow afternoon at 2.30 o'clock/ Excellent entries have been received, and many new departures have been modo in order to assure a comfortable and enjoyable entertainment. For the coveted ladies' bracelet there are 40 entries, for the 3O3'ds <fosh handicap 33 entries, nnd for the -150 yds inter-club handicap 16 entries. Everything points to an interesting afternoon's sport. The Lower Hutb Bowling and Lawn Tennis Club will open its grounds for the season on Saturday afternoon, when it is anticipated there will be a large gathering of bowlers and tennis pfeyers from the city and suburban clubs. The Minister in charge of Hospitals, Asylums*, and Charitable Aid Institutions (Hon. W. Hall-Jones) is preparing umended regulations for the management of the asylums, and proposes to bring them into operation on Ist January. Jupp's Brass Band will play selections on the Petone show grounds an Sunday afternoon. A collection will be made in »id of the Wellington Hospital.