BANK OF NEW ZEALAND.

Hawera Star, Volume XLV, 19 June 1925, Page 5

BANK OF NEW ZEALAND.

- O ; . ANNUAL MEETING

WELLINGTON. June 19. The annual meeting of shaiehoiders. of the Rank of New Zealand was held to-day, the chairman of directors, Sir George Elliot presiding. ' , ' i n the course of his address the chairman said the issue or the new capital, visj., 375,U00 preference “B’ : shares and 750,009 ordinary shares oi £1 each which was contemplated last year, has been successfully,, carried through. ' Unfortunately, a small- number oc shareholders neglected either 'to take up the shares to which they were .entitled, or to dispose of their “rights' before April 1. and, as the directors were afraid there might have been some misunderstanding i n the matter, they decided to extend until the 30th of June the period in which the option to purchase" or dispose of the shares might lie exercised. So far, 743,447 ordinary shares have been applied for. Shares. not Nipplied for by 30th June and the fractional shares, -will lie offered by tender to holders of ordinary shares on the register on the 10th July next. . The profit earned from the ordinary operations of the Bank for the past year amounts to £819,285. Our deposits fit the balance date totalled £30,079,282, as compared with £30,501,719 in 1924—a decrease of £422,437. Deposits from the public showed a satisfactory increase, but Government deposits are £1,923,093 less than in the previous year. Of the increase by the public, amounting to £1.500,566. about half is on fixed, .deposit and the other half is in current account balances. This increase may be regarded as satisfactory. It reflects to some degree the prosperity experienced by our farmer customers during tlie past year. Advances amount to £19,329,186, as compared with £18,787,100 at 31st March, 1924. It might perhaps, have been expected that the causes which brought about the increase in our deposits would have led to a shrinkage in our advances, but this has not been the case. While many old advances have been paid off or materially reduced, fresh advances made during the year bring .the total no to a slightly higher level than it stood at' a year ago. Jt will he noted, however, that deposits exceed advances by a larger amount now than they did twelve months ago.