BANK OF NEW ZEALAND.

Northern Advocate, 9 December 1910, Page 5

BANK OF NEW ZEALAND.

INTERIM DIVIDEND OF SIX PER

CENT,

TRADE PROSPECTS IMPROVED

WELLINGTON, Dec. 9

In his address at the half-yearly meeting of the Bank of New Zealand to-day, Mr Beauchamp, the chairman, said that Mr Watson was the only, candidate for the Board, and he declared him re-elected. The profits for the half-year, though affected by diminution on the earning power through the redaction of advances to customers in New Zealand had on the whole been satisfactory and an interim dividend of six per cent, would be declared on ordinary and preferential shares. After 42 years' service, Mr Baxter the manager in London, had retired., and had been succeeded by Mr Alex Kay. An assistant manager, with colonial experience, would also be appointed. The main portion of Mr Beauchamp's address was davoted to trade 1 rospects, which he considered were vastly improved, though people were still disposed rather to leave thenmoney in the banks than to invest it themselves. He anticipated that borrowing in the London market would be more difficult, as investors wera looking for higher rates of interest. In moving a vote of thanks to the chairman of directors and the staff, Mr Martin Kennedy said that a fifteen per cent, dividend was in sight. They were often told that when that figure v-as approached the shareholders would not be satisfied. It would not do to hold out hopes to shareholders that an increase would be made beyond that figure, at least for a long time to come. Personally, before he would seek for an increase beyond fifteen per cent., he would have the reserves strengthened to such an extent that no exception could be taken.

The vote of thanks was passed and the meeting finished.