The Bank of New Zealand

Inangahua Times, Volume XXV, Issue 1526, 11 August 1899, Page 2

The Bank of New Zealand

By Telegraph— Press Association Wellington Aug 10 At the annual meeting of the shareholders of the Bank of New Zealand this afternoon, Mr J. R. Blair, (chairman of directors), after reviewing the balance-sheet in detail, said the year had been a prosperous one with the Bank, and he thought he woujd be quite justified in saying that the coming year would be an improvement on the last. The bank had made certain economies, which would exhibit themselves in next year's balance-sheet. The present position was a satisfactory one, except that the shareholders were not drawing dividends, but it must be remembered that the in jreased prosperity of the Bank went 'o strengthen their position. It was hard to say when dividends would be paid. The development of the gold industry in the colony had been beneficial to the Bank. Low prices had ruled for produce, bnt this had to be compen- i sated for by a bountiful harvest, and it must also beborne in'mind that the people, as a- whole, benefited by low prices. The development whictrwas undoubted beneficial effect on New I Zealand trade, The reduction ofi freights must tend to stimulate the i prosperity of the colony, and in this increased prosperity the Bank must participate. He was sorry he . could not say when a dividend would be forthcoming, but the shareholders had a reasonable hope of ultimately getting one if the Bank continued to prosper as it had been doing. The Bank was now in every sense " The Bank of New Zealand." He moved the adoption of the report and balance-sheet, and Mr H. Beauchamp seconded it. Mr Kebb'e said he could not see the necessity for two Boards, one Assets Board and A.B. N. Z. Board. He would be quite satisfied if the latter administered both institutions, as it would have the money. Mr Blair said this would not assist the Bank. Mr T. W. McKenzie said no doubt the Assets Board was the weak spot of the Bank on account, of its heavy expenses. It would have been better if the Government had taken over the realisation of assets, because the Board was very slow in realising on i the properties. The Lands for Settlement Act had been against them in this endeavor, and the Board should be made to sell more of the properties without actually lorcing the sale. He complimented the chairman upon his very full, clear, and correct statement | of the Bank's position Mr Blair said the Bank directors had absolutely no control over the ' States in the matter of the Asset* Board. He sympathised with Mr ; McKpnzie's view, and thought if some tasis could be arranged for finality, it would be better for the Bank. ' Mr Watson explain d how the ' Assets Board came to be formed by [ the Legislative. If the Bank took I. over these assets again they would have to be responsible for the deficiencies, The Lands for Settlement Act had done a lot to retard the sale of the properties, The motion for the adoption of the report and balance sheet was agreed to. Mr E, W. McKenzie moved a hearty vote of thanks to the directors, General Manager, and staff, for the efficient manner they had carried on the business of the Bank. . He said, they had done good work. He referred to the question of economy, and although he was not in favor of small salaries, he thought some of the high salaried men should be looked to in regard to a reduction. Mr Coffey seconded the motion. He thought the directors were doing their ; very best, and they had the fullest j cenfidence of the shareholders throughout the colony, The motion was carried unanimously, and Mr Blair briefly returned i thanks,'

i Mr Martin Kennedy said there was , an impression that the £50,00 C a yeas i paid to the Assets Board avos a serious tax on the Bank, but he wished to point out that the Bank got interest i on something like so the Assets arrangement was really a benem to the Bank of something like twenty or thirty thousand: pounds annually. It would be. a'good thing i for the Bank if the colony would say we will let you have the debentures and keep the assets." The Bank could tfaen go on fairly and freely. ff Ml j B eauchamp said what would attord the Bank the greatest possible release from certain large landed estates which could be taken up by the Cioyerninentforclase settlement. He believed the Government could be persuaded to do this. This terminated the business.