COMMERCIAL.

Grey River Argus, Volume XXXI, Issue 5344, 14 November 1885, Page 2

COMMERCIAL.

BANK OF NEW ZEALAND. HALF-YEARLY MEETING. The half-yearly meeting of the proprietors of the. Bank of New Zealand was held in the Banking house, Queen street, at noon, on Thursday, 29-h October. The Hon. James Williamson, M.L.C., President of the Board of Directors, occupied the chair. Mr D. L. Murdoch (General Manager), -read the advertisement convening the meeting, and the minutes of the last halfyearly general meeting, which were confirmed, and signed by the Chairman. He also read the forty-eighth report and balance-sheet as follows : — Forty-eighth report of the directors OK THE BANK OF NEW ZEALAND, to the Half-yearly General Meeting of the proprietors, held at the Banking-house, Auckland, on Thursday, the 29th October 1885. The Directors, in again meeting Shareholders, submit the result of the half-year's operations as follows : — The Net Profit for the halfyear ended. 30th September," after full appropriation for all known bad and doubtful ' "* debts, and in. reduction of Banlc premises awl furniture apcoiftnts^ ampunj to «. £76,960 19 4 . To whJcit has to he added — Balance from half-year ended 31st March, 1885 .. 25,14118 4 Giving a total available for division of ... ...,£102,10217 8 Which }t is proposed to appropriate as follows : — To Payment ofDividend at the rate of .10 per I cent per annum ... £50000 o o To Bonus of 5s per share equal to 5 per cent per annum ... 25,000 o o To Balance carried to Profit aud Loss New Account . 27,102 17 8 ■ mi £102,102 17 8 The dividend and bonus will be payable at

the Head Office, Auckland, on Friday, the 30th inst., and at branches on receipt of advice. v For the Board of Directors, James Williamson, President. Aggregate Balance-sheet of the Bank of New Zealand, at 30th September, 1885, including London Office at 31st July, 1885 :— Liabilities. *

We hereby certify that we have examined the ' Accounts of the Bank of New Zealand for the Half-year ended 30th September, 1885, and that, -we have counted the Cash Balances and examined the Bills and other Securities held at the Head Office, and compared the Return of the Branches with the statements in the foregoing Balance-sheet, and have found the same to be correct. (Signed), J. L. Wilson, A. K. Taylor, •■■■•■ -\ Auditors. The Chairman, in moving the adoption of theHrinport and balance-sheet, said : Gentlemen, — It will no doubt be a satisfacti on to you, as it is to the Board of Directors, to find that notwitbntanding the longcon'inued depression which has been experienced through ut the colonies, and which has more or less prevailed throughout the world, we are enabled to meet you with such a satisfactory report and balance-sheet as has ju^t been read. It would be unreasonable to expect, and futile for ub to pretend, that, occupying the position we do in transacting so large a share of the business of this and the adjoining colonies, we could pass through such an exceptionally severe depression without encurring our share of losses ; but unless the depression becomes more pronounced, which we may reasonably hope will not prove the case, the provision we have been enabled to make out of profits should amply cover any deficiency. We have thought it well, however, in view of possibilities, instead of otherwise appropriating the very considerable balance of profit and loss, to continue to carry forward in the meantime, that, in case of need, it may be available, without disturbing our usual and long continued dividend. We see no reason to adopt a pessimist view of the future, for although we are suffering now from a range of prices such as had not been experienced ?n the present generation, the factors for effecting a recovery are so numerous, and the fluctuations of trade so rapid, that r lief from one source or another may be looked for at no distant date. In the case of nearly all our colonial products, stocks on hand have rarely been lighter, and any li'rle revival in. trade must necessarily enhance future values. The who^ f nbric of commerce is based on land and its products, and as soon as our farmers and graziers obtain profitable prices, other brannhes of trade will quickly recover buoyancy, and the business of the Bank will not be slow to feel the effect. Menntime, we are not disposed to aggravate m-itrera by unduly restricting accommodation, believing that we best serve the interests of the colony and the Bank by affording a liberal assistance to genuine an/) legitimate business. At the same time, the policy of the Board at pre«ent favors the extension of our business in the other colonies rather than in New Zealand, which, meantime, dops not offer so pood a field for extension. The figures in the balance-sheet, as contrasted with the previous one, call for little remark. The liabilities remain practically the -same, and the assets, while exhibiting a more active employment of our resources, show ample provision for maintenance of the Bank's position. With these remarks, I beg to move the adoption of the report and balance-sheet Mr J. C. Firth seconded the adoption of the report and balance she«t, a- d in his remarkß expressed a confident hope that brighter times were not far distant. The General Manager (Mr.- Murdoch) said that as he would naturally be supposed to be more conversant with fignres than the members of the Board, he might just make one or two remarks with regard to the statement laid before them that day. It had been long apparent to the Board that the large and increasing resources and operations of the Bank necessitated in the Bank's interest a wider field than New Zealand offers, and with this view in mind, many years ago they oppned in Sydney. They afterwards opened in Newcastle, then in Melbourne, and more recently in Adelaide ; and looking at the large amount of the assets of the Rank— viz., £14.8 n o.oop-rit wai obvious that it could not be fully employed in New Zealand. But when he told them that

they had over 1\ millions sterling of the assets of the Bank employed in Australia, and when they reckoned this in addition to what was held in London and the colony in coin and its equivalents — viz., about 4 millions sterling alone — they had over 6 millions sterling not represented in New Zealand, or if represented, represented only in coin. He offered these remarks, not in the least doubting the thorough stability of this colony, but for the benefit of absent shareholders, who might not know the circumstances under and the extent to which they were trading with these 14 millions sterling. The motion was then put and carried. DIRECTOR. The time having arrived when the Hon. James Williamson was called on by the rules and laws of the Bank to retire from the Board, it became necessary to elect a successor to fill the vacancy. Hon. James Williamson, the retiring director, proposed, as suitable to fill such vacancy, Mr Wm. Scott Wilson. Sir Frederick Whitaker seconded the motion, which was carried unanimously. AUDITORS. The election of two auditors was next iv order, and resulted in Mr A. K. Taylor and Mr Robert Rose being elected unopposed, on the motion of Messrs J. Nancarrow and F. L. Prime. VOTE OF THANKS. Mr P. Comiskey proposed, and Mr Joseph L. Wilson seconded, a vote of thanks to the directors, manager, and officers of the Bank, which was carried. The Chairman for the Directors, and the General Manager for the staff, briefly returned thanks for the vote, and the meeting ended.

Dr. £ s. -d 7 Capital paid-up 1,000,000 o o Reserve Fund 625,000 o o Notes in Circulation ... 544,310 o 0 Bills Payable in Circulation 1,748,253 7 3 Deposits and other Liabilities ... 10,807,895 4 o Balance of Profit and Loss 102,102 17 8 £14,827,561 8 11 Assets. ■ Cr. £ s. d Coin and Cash Balances at Bankers ... 1,052,884 10 o Money on Short Call in London 813,317 o o Bullion on hand, and in transit ... 233,663 13 o Government Securities .. 730,288 7 2 Bills receivable and Securities in London 1.071,332 6 7 Bills Discounted and other Debts due to the Bank 10,598,300 15 4 Landed property, Bank premises, &c 327,774 16 0 ■ _________ _ £14,827,561 8 n Profit and Loss Account. Dr. £ s. d. To Dividend on 100,000 shares, of £10 each, at the rate of 10 per cent per annum 50,000 o 0 To Bonus at rate of 5s per share, equal to 5 per cent per annum 25,000 o o To Balance carried to Profit and Loss, New Account 27,102 17 8 £102,102 17 8 Cr. £ s. d. By Balance from Half-year ended 31st March, 1885 25,14.1 18 4 By Net Profit for Half-year ended 30th September, 1885 76,960 19 4 £102,102 17 8 Reserve Fund. Dr. £ s. d. To Balance 625,000 0 o Cr. £ s. d. By Balance from last Halfyear 625,000 0 o