COMMERCIAL.

Evening Star, Issue 4893, 6 November 1878, Page 3

COMMERCIAL.

The amount of revenue received at the CustomV^'SSi, on frooda c,earttl tw S d»y *"» «'UBU nptloa was l«l,68i ISs 9d. Mr IlßintY Drivbk (on behalf of the N. Z. L. and M. A. Co. Limited) reports for the week endhv November 0 : The foUowing fat stock came forward at t!ie j'ards to-day:—ll4 head cattle, 18 calves, 750 sheep, and 358 lt,inb:i. *' Fat Cattle.—Although only a moderate supply was v-rded, we have to report another fall in valuo of fully 2s Od per 1001b, owing to the trade bavin? made purchased ] r.vately. Best pens of bullocks brought from Ll4 to Ll7 5s ; do. cows, L 0 10s to Lis or coual to 37s 6J per for prime r.eef, and ios for'mediui>i We sold 45 hea4 at above prices on awsou"f. of M'-s's-s Thomson, Wallace, and Shand. -—-.. - . Fat Calves.-These were all sold at from 10a to "-■- according to size and quality. '■ Kilt Sheep.—Tho vory small supply caused a rise of fully 2s to 2s 6d perhead for shorn sheep. Bust crossbred* realised 15s to 20s shorn, and 17sOd to 23a in the wool, or equal to to Id per lb for prime mutton. We spula very prime lot at top prices ou account of Mrßowdana.

Fat Lambs.—Although the. number, forward was a large one, competition was brisk, .and all sold at from 83 to 12s Cd. - Store Stock.—ln this class of stock nothing of importance, whatever, is doing. BANK OF NEW ZEALAND. The ordinary half-yearly general meeting of the proprietors was hold jester lav in the bank buildings Queen street, Auckland—Dr Campbell in the chair/ The General Manager (Mr D. L Murdoch) read the advertisement convoivng the meeting, the minutes of the previous half-yearly general meeting, and of the special meeting held afterwards <m the same da}-; also the report and balance-sheet as follows : -- Thirty-fourth Report ok thk Directors of this Dank op ■ New Zealand, to ihk Half-yearly General Meeting of the Proprietors, iirld at tub Banking-house, Auckland, on Tuesday, 29ni October, 1378. The Directors have again to congratulate shareholders on tho favorable result of another half-\ car's operations. The net profit at 30th September, after making very full appropriations for all bad and doubtful dependencies, and in reduction of Bank premises and furniture, amounts to £33 289 5 3 To which has to be added— • • > Balance of undivided profit at 31st March, 1878 £1,933 3 9 Making a total available for division of £38,203 9 0 The following appropriation of which is now recommended— To payment of dividend at the rate of 10 per cent, per annum .. £36,250 0 0 To bonus of 5s per Bhare, equal to 5 per cent per annum .. £13,125 0 0 To proposed increase to reserve fund.. .. £25,000 0 0 To balance carried to profit and loss newaccount .. .. £B,SBB 9 0 The dividend and bonus will be payable at the head office, Auckland, on Thursday, the 31st October, and at the branches on receipt of advice. For the Board of D'rcotora J. Logan Cami bei/., President. Aggregate Balance-sheet of tjie Bank of New Zealand at 30th Septkmbf.r, IS7B, including London Office at 31st July, 1878 : Dr. £ 8 . d. Bank Stock 725,000 0 9 Reserve Fund 825,000 0 0 Notes in cii culation 454.556 0 0 Bills payable in circulation .. ~ 1,795,108 3 1 Deposits and other liabilities .. .. 8,130,117 15 6 Balance of profit and loss at March 81, „ , 1878 .. 4,983 3 9 Net profit for half-year 83,230 5 3

£11,554,375 7 7 Cr. £ a. c'.« Coin and cash balances .. .. 857,085 6 0 Bullion on hand and in transitu .. 815,403 3 0 Government securities 569,9 : J5 6 1 Bills receivable, and securities in London 1,505,103 1 8 Landed property, Bank premises, furniture, &c 133,801 15 o Bills discounted, and other debts duo to the Bank 5.172,890 15 1 £11,554,375 7 7 PROFIT AED LOSS ACCOUNT. m Dr £ 8- d. To c ividend at the rate of 10 peT cent. per annum 36,250 0 0 To bonus of 5s per share .. .. 18,125 0 0 To proposed increase to reserve fund 25,000 0 0 To balanco carried to profit and loss, "new account" 8,888 9 0

£88,263 9 0 Cl\ £ g(] By balance of profit and loss at 30th September, 1873 83,280 5 3 By balance from last half-year ~ 4,983 3 9 £58,203 0 0 RESERVE FUND. r - £ s d To balance .. .. ~ ~ 350,000 6 6 £350,000 0 0 Cr - £ s. d. By balance from last statement .. 325,000 0 0 By proposed addition 25,000 0 0 Audited. S:?oSr E '}^ dito -

The Chairman-, in moving the adoption cf the report and balance-sheet, said :-GenUomen, it now devrives upon me to move the adoption of the report which you nave juat heard read—a report, I am sure, of which you may be justly proud, ns it gives evldcnpo. li"to:''v of the continued and Increasing confidence in your institution, but also of the strong position it has attained and the profitable use made of its large resources, lhe most noticeable feature in the present balancesheet is the very satisfactory jncro» S Q under tho h ea d of deposits and other liabilities, and the corresponding lncrcaso in advances-two items which very coifclusively prove that we have been able to do something more thau hold our own against tho active competition of other banks. It will be seen that tile directors reeomm-nd the uonHtiUed inures of the feeerve fund-a policy which we consider Is'but a just acktio ledmient of the oonfl'o"- by the Pk„„» V" l " e Uil!ik , : a " d tnu iii our buhuieefcheet have now attained such dimensions that we conOder it only right that the capital of the bank should also have a substantial incrcCk e, As t hftve to deal wi'h this subject hereafter, I shall not further allude to it at present W hen I last addressed you from this chair 1 called attention to circumstances which would probably conduce to the continued high offers by our foreign rivals for New Zealand deposits, and although their action duniur tlw Past half-year ha§ oGSiI w^£ d ln * lls d lam pleaded to think it has not been attcndesl with any appreciable success in T* 1 / rom the C0,0,, - v - Tho ba "'« which are locally interested have, with our elves. been ready to meet any such action on tlm ptirl of «\tr opponents; and nmoh as m deprocato tlla existing A M*l.y hloh - ar ,° to narrow enterprise, uS,J? fu P* 1 *? 1 from it 3 onMnary channels, so long as the policy is pursued by others, we have no other course than to follow in wtedeftw*- twtU» well-being of tho Colony It may b s h.nM there will soon be a return to wise? <mm\i J and you may rest 2!SK ♦ eq " a! rear^'to c °-°Perate with other C?Ji '?. rotur « l and more prudent praetto. Business cnroughciit the Colony dilfln» the tln«l.< r , h^ib^ n ? *ceediitgl : y m\n m f» ; Msilßi'olh J di,i^ ra w-i d^lo^f. Ht w » ll " orto unproductive £SS *&£'»* tH ? eonlmu e« inflow of capital and SKSfe. ~ * 00 * d (rround for believing that the Bleadj progress of the Colony will be continuous, and tnat there will bo ample scope for the profitable cmpipyment of tho lar«e resources of the bank. After ft winter of unusual severity, the Southern finftiouof tho Colony has recently b««n Visited by disastrous ?rtL.» U ui M B0 a PProximatiou can be made to H, st damil ?e. though there is reason to believe Individual lossed will not be excessive. While sympathising with the sufferers, we have such confidence in wie recuperative power of the Colony as to believe that this misfortune will not appreciably affuut the rapid progress of the Southern districts. With these remarks I have the pleasure to move the adoption of the report and balance-sheet, which have boon rend Mr Jamkh Watts seconded tho motion for the adoption ot the report. He said he hid recently had i>n opportunity of bearing in the other Colonies the opinion entertained of the position of the Bunk of New Zealand. The necessity for opening in Australia Was proved at a time like this, when the directors were compel.ed to take tho dcfons".ve measures referred to by ti- j chairman. Tae motion was put and carried unanimou-dy. DiRECTons. Mr Captain J. Stone was nominatad to fill the place 01 the Hon. James Williamson upon his resignation • and to the seat vacated by Mr BrWing, who ret"" i SL, , : otatlon > ll> e directors nomm.itwi'the Hon. J. Williamson upon his return to the Clonv.-Co-i----nrn'.cd. *

AtTfIJORS. P T nt Pn,!!l ot l? nof U J J " P - 1,,EM8 . seconded by Mr Lu ! ' B '? le f^ B Samnel Bwwnlngand Benjamin rooks were elected auditors.

m , „ INCREASE OF CAPITAti. r,,^' C ?»?**** V* Gam i>h*\\) then said : Gentle- ? -M" ~ ay P revloU! » roniavks I alluded to the desiralnbty of a substantial increase of the paicl-o. cr.pkal in , K.™ l u Sl - eClal general »«*elin- hold on 20th Ju.y I*7o, authority was taken for the increase of the bank's capital from LSCO.COO to Ll.ooo 0W un ler certain restrictions as to issue of new shares w" r.' which was that, unless otherwise ordered by an oniU nar, genera meeting, not more than 10.000 shares months .-t least should elapse between anv two l.tscares were thon issued, and it was not until the laV . f January, 1870, that tho directors folt warrant -d -i mr-Kuig a further issue of 10,000 shares, which hj, the next year was followed by a partial ssue of " r'no & fOF " urchase of thcVlne 3 of tL'm Banking and Commercial Companv, leaving the cani'al as it ,w stands in our balance-sheet At lh o i>lr ihomasi Ruasoll, m proposing the doubling Of the bank's capital, quoted figures to show the proyrcss ot the Colony from the time tho bank had been originated, and thus remarked •-" If the Colony has made this progress durin- the past nine years m the face of a disastrous bed war hmtinnearly the whole period of the ti.nc-awar that ,as retar. Ed its progress and repelled wealth and population from its shores-is it too much to expect to much to hope, that the Colo-.iy yvill make' greate? sir.dea in the next nine years?" Those nine vcarsMvc Justified ih-j hope a ,..| expectation then expressed h.puutioii has already nearly doub'ed, and the deposits of this bank alone are donlil.i r, 0 kir-o-mt t Vi, hold by the united fcinks „f the Col my. In viewnf tho lajgely mercas u;» business of the hunk, voir directors consider that tho time Ins now arrive 1 wJicu the full authority you committed to them in IS7O Bhouid be exercised, and the capitr.l made ti.oon r,-,n lo ebwt thia in one is me your authority is require;! vul I feel sure you will fully endorse tho opinion of'tho hank by granting this authority. It ij ,„ jt intended to nuke the isssio at .mce; we propose that payment shall n-jtbcask C! r.eforotlie .dose of the pr'soMt ha'year, on 31st Marcl . 1879 ; h;t, if ,-,.,., a utho"iM> it u,< rfnll during the lu '.-year, issue letters o!anient affording s' archolde -s tho opportunity, as on ; >. f.,- mi >' r -ccasion, of making payment in anticipation of tint (late, whi.rh payment will hear interest at the nt« of C. per wiit,j>pr annum. ll«oent reports pheed you wdliully assure yoa of our ability to pay a dividend on the inerwed capital, even without tho aid of the incn-.o«dea-ning power with which that capital wil fiiniifh us, i nd, wltli n pai 1 up r. ipitnl of a mil ion Wirt our reserve fund | nuriHS „i \,y the pre...'.., to liave a right to expect on the new issue, this bank will occupy a positioi second to none in the Oolomcrt I nave, therefore, much pleasure in proposing, " That this meeting nuthorises the oireetor<, nt ihrir (M=c.-e. turn, to issue 27,500 shares, of £lO each, at .sicli premium as the director-) consider equitable ; an I <!vit such shares ba first oiYercd to shnreholders-im-nicnt of tho lt .erca.:o.l capital not to be cvllod up pi-i„r to 31st Maruh, H7:)." i Mr FißTii : I rise to seem I the proposi ion whi-h oa; oeen made by ; ho Chairr. an of t;,,, Boi-d of Dire- • tors. I ha-.-e rwliv --yry ).- t ]„ to adl t . th. lu M \ rtsitemnnt wh.clj Iws her-, bi ,hnitiva to • -u Ivf-ic {.rusident «f ih'« meetir.,- )f, i..., ,|,ovij the I u-<ui.:>s : t tho bode U of gaMtm.. -ii».n ■»-» aatic i< Mixtmif-i uy resou'Aei of coin! m-igi.:; ide an ■' jt i,. is appeire. I to the dtrc.-iors tint, looking to tho -r..,t prospentj of this Colony, to the .sound hasis no')., which that prosperity is foiuided-namciv 'the bounteousi gifts with which Nature has endowed this country, m Its climato and tho fertility of its eoil-

; there Js op:m to thorn tl>3 opportunity of laying thi solid an 1 sure foundations, not only of this institution QUtof the .rdeof tho Colony, and promoting th< welfare of its people.by iucreasiiiij and even multiplying their available r source?. Looking to the t:Ut Ins been rnado d iriug the period which the cha'r man Ins just rev.eu-L-d, 1 think th?re is every reasoi to expect tint, if the shareholders put the hank in ; position to take advantage of the advance which maj he a:it <.i ; iated t take p'ace during tin next ten years t.ierc cai be little dmbt that it will occupy, relatively a; pre end ic:it a i oiiiion .V. the end of the second die CA.dc as it does nt the e'ose of the first. The influx o oapial to the C-lony ha 3 lately been large, and I se< no reason to dou'it any cassation of a~continuo.l acces sion of mate, i •,! wjalth which is so beneficial. Heavi nsses have, as we aro all aware, been made bj hnghsh investors in foreign bond'. These losses have turned the aUention of capita ists to the 010-.iies as s hold foi ihvesttuen'; and the success of c /cry vontun rithisfM ej:ijn jrives promise that large amounts o: -nglis.i cipila! wi.l be from tinn to time invested ir t.us country. In view of these two circumstances theprogrcsj tf the C-lony and its popularity at Home the directors consider that it is the proper thing foi the th~reho!ders to do-to authorise th?m to avai; themselves of tho powers conferred upon them at the halt-yearly meeting held in IS7O, so that the bank may be in a position to avail it3elf of ali occvsions to increase our local resources, and tc increase the prosperity of the shareholders a( tho same time that it assists in developing the resources of the country. Should the proprietors agree to authorise the step proposed to be taken, the capital of the bank will then amount to £1,000,000, and ijts reserve fund will approach somewhere near to £700,000 within the year. The.-e figures arc of such magnitude and represent so vast an amount of resources thus placed at the disjwsal of your directors, that it will enable them to maintain that pre-eminence among the banking institutions of the Colony which they hold at present, and which—there is no reason to the contrary-may be expected to continue. I have therefore great pleasure in seconding the proposal which has been made by Dr Campbell. The motion was put and carried unanimously. Mr Goodkkllow moved, and Mr J. T. Thomson seconded, a vote of thanks to the directors and officers. The Chairman returned thanks on behalf of tho directors. Mr D. L. Murdoch : I don't know that I need repeat now what has been so often repeated—that our best efforts are yours, and our continued efforts will be cxtr ed in favor of an institution of which we aro all to vs'ly proud. The rough minutes were read, and the business of the meeting was concluded.