The Bank of New Zealand.

Hastings Standard, Issue 256, 25 February 1897, Page 3

The Bank of New Zealand.

THE HALF-YEARLY MEETING. [BY Telegraph.] (I\i I'trxx A*-v'riati<>n.) Wet.t.ingtox, This day. At the half-yearly meeting of the Dank of New Zealand, Mr Watson, president, said the present meeting is called merely for the purpose of complying with the Bank's Deed Settlement Act. The bii-iix -- of the Bank is going on smoothly, and, so far as he knew, successfully. Since the payment of the Estate Company's debentures in June last, the finances of the Bank have been in a good working condition, and consequently the income for nine months out of the twelve ending :-41st March, 1897, will have participated in the altered and improved condition of things. The profits therefore to be ascertained after the balance of 81 st March, 1897, will afford a fair, although not complete indication of what the bank may be expected to do in future. I say not complete, because the fixed deposits bearing high rates of interest have yet to run ctF, whilst lower rates already rule for advances. The Auckland Agricultural Company has already been put into liquidation, and measures are now being taken to liquidate the Bank of New Zealand Estate Company, also, by these means, we e\j* ct to eti'ert a saving of at least i' 2"/00 per annum. The money invested in trading concerns is being gradually lessened and the largest of these trading concerns has. during the present half year been arranged to be sold, whil-t we are in treaty for the sale of one or two others. No effort has been spared to get rid of them without, however, undue sacrifice, beyond a few trifling amounts. We are not aware of any bad debts ha\ in<.' lx < u increased during the half-\i ar and we believe trade generally to U' -mn !• r and banking :n tL. tolony to he conducted on a much safer basis if less profitable, for the moment than what was formerly the case.