HOPEFUL ADDRESS BY THE CHAIRMAN.

Hawera & Normanby Star, Volume XLII, Issue 7382, 7 February 1902, Page 3

HOPEFUL ADDRESS BY THE CHAIRMAN.

(PKE PRESS ASSOCIATION.)

Wellington, February 7. half-yearly meeting of the Bank of New Zealand was held to-day. There was only a small attendance. The chairman, Mr F. C. De Malet, explained that the meeting was held merely to comply with the requirements of the Act, and that no accounts would be presented* He assured the meeting without hesitation that, compared with the figures of the corresponding period twelve months back, there is a satisfactory increase in the volume of business, and that the profits for tha half-year had been fully maintained. There was no reason to suppose that the current halfyear would prove less satisfactory, though in the matter of deposits it is only reasonable that with less money coming to the colony by reason of the low price of borne of our chief products, the current acoounts may not show as well as at March last. However, it was useless to prophecy as the actual figures would be laid before the annual meeting. The abnormal condition of the wool market required serious consideration, and it behoved the bank to carry on business with caution. He pointed out that the industries of this colony varied, and it was rarely that all products of this colony were depressed at one and the same time. "When one is depressed, some other important one is the reverse, for instance, the dairy industry. He said that despite the present condition of the wool market, clients of the Bank were in a better position to withstand the depression of that market than they were a year back. They have experienced a few years of prosperity, and no doubt have profited by the experience gained. Moreover, the reduced value of money has been in their favour. He had referred particularly to wool as one of the staple products of the colony, and the Bank had been entrusted with the disposal of a considerable proportion of that valuable item of export.

Tbe Chairman announced that Mr M. Kennedy had been re-eleoted as direotor without oppoaition. In a letter ' thanking the shareholders, he referred to the anomaly existing in respect to the election of directors. He said that under the constitution, directors or officers were not empowered to exercise proxies, therefore, while there were shareholders in England, Australia, and New Zealand, the election of directors practically rested with shareholders resident in Wellington, and explained that where a direotor obtained proxies, he had to secure the services of a friend who was < a shareholder to attend the meeting and exercise the vote. This was an anomaly which ought to be remedied in future legislation, and he suggested some such system as was adopted by the A.M.P. Society, where proxies were sent to the Society through the post office. He referred to previous elections, and asked.' whether certain candidates were satisfied that proxies had been exercised as desired. Then again, those sending proxies demanded advice as to the sale or purchase of shares, and he could, as direotor, only reply, quoting what the Legislature had decided should, under certain conditions, be done with the profits. He gave his opinion (which he said was a non-committal one) that if the earnings of the bank for the current year and next six months were maintained there should be a dividend, and he would cast his vote in iavour pf it. The meeting then closed.