BANK OF NEW ZEALAND.

Evening Star, Issue 13001, 21 December 1906, Page 6

BANK OF NEW ZEALAND.

o WELLINGTON, December 21. The half-yearly meeting of shareholders of. the Bant of New Zealand was held to-day.' The chairman of directors (Mr F. De C. Malei) said it was not customary to submit a balance-sheet at this meeting, but shareholders would be pleased to know that the business of the Bank showed a very satisfactory i increase under all heads. The profits for" the bail-year ended September last were greater than those ' for trie corresponding period last year. It was his pleasing duty to announce thai an important epoch in the history of the Bank was reached on the 17th host., when the Assets Realisation Board was dissolved- The amount of debentures issued by the Board outstanding on that date was £455,000. These : h#d since been cancelled, and the remamhag assets of the Board pass to and vest in the Bank under the Act of 1805. With a view to removing every obstacle in the way of payment to shareholders of some better rctnrnby way of dividend, and of building up a strong reserve fund, the directors .bad ■. given considerable consideration and thought to' the affaW*of the Assets Beaßsa-, tkrn Board, and took advantage of clause 2T7 of the Act of 1905 to request the Board to transfer to tbe Bank all raortgag'es, contracts, and other securities for binds sold and taken in exchange of debentures -for a corresponding sum. The amount of these mortgages, i'<r . on *lst July last.was £371,410, and this gum. wrUi accrued "interest (£5,061.}, was paid over to the Board hj» the form of its own debentures, thus reducing outstanding debentures from £855,000; to £485,000. The total properties of the Bealrsation Board were varoed by the YstaerrGeneral on 31st July last at £510,085. Liabilities at the same time ware £489.561, showing a surplus of £20,424. Aj»rt e^ects^ur^onj^fjjtujs^jjtoj^

peels of the IBank from the shareholders' point of view, the extinguishment of the Assets Board also covers the discharge of a contingent Babilityof £2,630,285 incurred by the.country in 1895. He congratulated the shareholders of the Bank and the country on the satisfactory completion of the transaction. The profits' of the Bank for the balf-year justified the passing; of a dividend of 5 per cent. Should a further 5 per cent, be paid ordinary eharcboidefs for the next half-year, mat-trig 10 percent, for: the year, the payment to preference shareholders will be 2£ per cent, additional to the 5 per cent, now paid.. Reference was made to the change in tie managership and the .appointment of ISx Oallender as general manager. The directors bad every confidence in the manageinent..beirig efficiently and safely conducted. 'Mr "W. Watson, director, in retaraing thanks for his re-election, congratulated the shareholders and the Govairment on the position attained. The futore of the Book was as promising as that of any bant m the world. Mr -Martin Kennedy, another- director, sad that thanks were due to the Assets Board for judicious management. Mr Beaochamp, also a director, hoped l that shareholders would be content with moderate profit*, and build up a reserve, and so make the Bank the strongest in Australasia, , A vote of thanks was carried to the directors and staff.