The Feilding Star SATURDAY, APRIL 28, 1888. The Bank of New Zealand.

Feilding Star, Volume IX, Issue 115, 28 April 1888, Page 2

The Feilding Star SATURDAY, APRIL 28, 1888. The Bank of New Zealand.

The half-yearly meeting of shareholders of the Bank was. held in-Auck-land on ; Thursday last.' The* net .profit, for, the; half s £0/7-54, tb^ which?. ha'sV'to' be" added balance ■fr^m|; ( me y talf^yy^r;.e^^e*d'_3oth Sep- 1 '&m.be : rj of £^$8^ a 0 0f £66,861, .;Wliiblil^haß= apprbpriated as folloWei. ' ' IKvide'nd at the rate! 6f "7 j^er' cbiit'.'per annuni, £35,000 ; ..carried . forward, f2svßfel ! .;:i!Xh6; Gfafirwatifin moving tfee-, 1 adoption i: of ,tne" repbtt, said :-^- --" lief erring* 'to tfie^barance-^hielt now in your hands I wpul,d remark/ . wiih- : bu^*uft^ -gr^ce^ that 'linger the head' of deposits and/ other .liabilities there is a decrease f dfl£9Pofboo/ but this is almost entirely due to^'iterns coming under the designation of other liabilities^ 'andis^of acasual^cfiaracter and without significance. In the deposits proper there is a decrease of £64,000;-ivrhich upon & total of over £to,oQoyOoof requite immaterial. The items, coin and cash balance at> bankers, and money-at short call the Lon•donj *how the rospeotable total of ,£2,400,000. ; This is £800,000 lees than at ouc last balance, when the amount was exceptionally high. The reduction is in a large measure ac;counted foriby an increase.of £500,000 securities >held London. I now uome finally to an important item of pronTvrKich"apart from" the deduqtion for ba44|!fets J £apaic)uiitß. t tioiJes4,oJ)o- r by no means so satisfactory a figure -as jua ■hmrg-nb&Bn~"Ußed~~toT"^The shrinkagOjin Qur:prpfits_jof is an indicatlbn'of f e*tent to which the bank's power" is crippled _. by the accumulation of advances an^ securities frbW^which intereat^'cannot properly be taken to -'profit, and which, 'ieverihel^a, we have felt reludtant to realise-- at the serious sacrifice which would '-entailed ia the preselitVdeprMsed'sta^e^o^ values.'' With regards theWaliKation of certain assets the Chairman ai .cdmftHttee'dfisbareholders should be appointed to confeV'/bE ib»iis'sb|ect. . Jijia^i^ice^iLiiisitli^iifproposed, That Mr John Mclean ">'i (of Otago), M!r Buckley (of Ohristchurch), Mr Wja.'pia. ;JoHNBTOw* (of Wellington), Colbxck (of Auckland), and the mover,, as a shareholders' committee. Mr, BoAKDMAir sec6iided, ; "anil - the motion' was carried jgjthQßt.dessen^ [ We feel assured this reports will' jhavef as!most beneficial leffect'bn the , jcredit of the Colony at BJome/ jand will be of great service to Guinness people in the Colony, as it will go far to restore thatieeling f pf^m^t^4 confidence without co'm.mSisce "^s. paratysejd.; • The directors and shareholders are to. be congratulated on the' plucky and abdveboard plan they have 3 adopted^ to show the actual 1 position of ' the bank in 1 regard to certain assets held as securities for advances ho longer capable of paying interest. The gen- « tlein^n chosen are p'robab)y thef best 'to''be found in the Colony, being; of large experi6nce»not only in banking, but commercial; matters, besides being in perfectly .independent circumstances. We feel quite certain the bank : has yet a long term of prosperity before it. », i i'- i : ;.,• ;•;■■::• :k--l^