BANK OF NSW ZEALAND.

New Zealand Herald, Volume I, Issue 301, 29 October 1864, Page 5

BANK OF NSW ZEALAND.

The usual half yearly meeting of thin Bank w: held at the Banking House, in Queen-street Mr. James "Williamson-, President, occupied tli chair. The Secretary fend the minutes of the la> half-yearly meeting held 28th of April, ISCwhich were confirmed. The Secretary then read tin* sixth report r. foilnvs : Sixth Hei'ouT of the Directors of the Paxk o jfKvv Zealand, to the Halt-yearly Goner, fleeting- of Ibe l'roprietors, held at the Baiikin lioii.se, Auckland, on Friday; the 28th day ( th'tober, ISG-1. The Directors have to lay before the Proprietoi the following statement of the affairs of the Bank i at 30th of September last, and while congratulatin them on the increase of business, and geuerally sui cessful manner in which it has been conducted, the havejto express their regret that the monetary an Commercial crisis Which has experience daring the past six months, aiitlaii intlisfcrobt advtliic at Dunedin, hare elitailed losses much greater tjia imiy again be reasonably looked for; and but fc which the protits would have been greater tha during any other previous half-year.' Ample provi won lias been made for jill bad and doubtful depen doncies, some portion of which may yet be veto -ered. " " : £ S. ( Tho net profit for the half-year after providing for all Bad and Doubtful Debts, and making considerable reductions in Bank Premises and Furniture Accounts, amoiuits to c2,'2d5 14 II To which is to be added — Undivided balance from last half. >' ear 2,2">9 17 11 Making a total available for Division of - - - 34,f>00 12 "With tho addition now to be made to tl e Reserve Fund, it will amount to £10 >,000. being in excess of 2.3 per cent '('the paid up capital of the Bank. The Di.-eetors therefore, recommend the toilow : ng appropriation of tho above protits:— To payment of Dividend at the rate of 10 per cent per annum - - 15,231 1G 0 ~ Bonus equal to 5 percent per annum 9,11-5 IS 0 Addition to Reserve Fund - - 5,000 0 0 Balance carried to Front and Loss new account - - 2,207 IS f) £3-1,555 12 0 The Dividend and Bonus wit be payable at Head Oti;c\ on luesday, the Ist proximo, and at the Br;,ncho- on receipt of advice. F»r the Board of Directors. James Williamson, President. BALANCE SHEET OF THE HAXK OF >BW ZBALiNT>, For the Half-year ending 30th September, including London Office Balance at 30th June, IStji. C " Dr ' £ s. d. To Paid up Capital ... 392,61-1 0 0 " Reserve Fund - - . 95'ouu 0 U " Notes in Circulation - - 303,467 0 0 " Bills in Circulation - - 2-4 i,<jq ). 12 (; " Deposits - 1,323*039 8 7 Balance due to other Banks - 1)9,3-13 1 s " Balnme of Profit ai d Loss Account at 31st March, 1564 2.259 17 11 " Net Profit for Half-year - 32.2i)5 14 10 £2,518 ; 953 15 G r. • , . Gi! " *• d. U> oin una Bullion - 372,094- 3 i) Government i-'eiuritics - . 350,000 0 0 Landed Property - . . 17,-142 710 " Bank Premises, Furniture, and .Stationery - - . 29,649 10 3 Balance due by other Banks - 142.676 16 6 " Jfotes of other Banks - - 1,150 13 7 " Balance due by Colonial Go- ,< - n .„ v T !n,e " Ls " * - 201,431 2 1 Bills .Receivable, and all other Advances- - . . 1,344 533 1 6 £2,SIS,'JSS 15 6 riiOFIT AXT> LOSS ACCOUNT. £ s. d. To Increase of Reserve Fund - 5,000 0 0 " Dividend at the rate of 10 per cent, per annum - . 18,231 16 0 bonus at 2} per cent, for Half- „ . - veiir " - " - 9,115 18 0 Amount carried to Profit and Loss " Sen- Aut-ount" - 2,207 IS 9 .£34,535 12 9 •b Cb. £ s d By Balance of Profit at 31st March, 1861 - 2 25) 17 11 J*et Profit for Half-year - - 32,-95 14 10 £34,255 12 9 KESEHVE FUND. Dlt. £ g. c l. To Balance 100,000 0 0 £ ICO,OOO 0 0 t? T> Clt. £ s. d By Balance from last statement - 95,000 0 0 •Amount transferred Irom Profits of past llali'-year - 5,000 0 0 £100,000 0 0 Audited. Signed { HPT' \>. C. AY ir.sox. Tin; Cjiairmax said: In rising to propose the adoption of the report I feel that I can s;iv very . , than the report itself expresses. J can however congratulate the proprietory on the success of the hank—oil its gradual increase of lUMness as well as a verv- large increase in the Jeposits It is true that this is the first in our } early meetings that we have had to write J" a considerable amount of bad debts ; but we must bear in minrl that portions of this colony ■is tor instance in the southern parts of JN'ew tlnvfi' l )arlicularl }' Invereargill, has passed li-ivl 1 i L CI '- V cl '' s ' s —and any losses we «r.„ii 0 ! x-en in connection with the all le ?' n .^ I '. ts ' " l tll « colony. It is evident to tint ' .' S i K - hljr gratifying to myself, to see H-ilf',.?. J, . l!ilu^ si * i- s x '-> steadily progressing. "00, l - ( .r U ,l te s ] ' !llf > ar ' if gentlemen will be our lm 1 "°" • tota ' s > the increase of expect Tr ' 1 !l ' S ' dS - "■'- hllv ' J n,, y ri « !lt t0 Mund • myseji satisfied that we are in a Position H 'f" "n present moment—in a results tl, • ° a T y us 011 to I>ilr greater before i) un ythmg that lias yet been brought. r " ecfll, g s - 11 only recptires the wived -m ! 0 A IS I " ana S' ;!non1 ' ifc ]l;ls hitherto relo 1,,,..;,'' 1 ,confidence that ] la s hitlierfro.u the P ° SOd ' ly UiC ) )übliy in t]li « institution I liroiv, o , o | ril,lle , ,K ' o, . ,K -' llt ' illlri it !S therefore tliat Printed ' , i a<l °Ptiori of tins report, that it be tors. ' " tlrcll laled amongst the jiropriea&o^r?;, 0n ' EN se( ' onde<l tbe motion for the \i 1 t]le _rej:ot't. Plaiiuo S:l , icl t,iat 11(3 ""ished to ex--0 itliLwliv .'."f 1 7°- t S reasonofhis retiring them, (or hV °" 'P- wtis not, he could assure •'"■'•omit 1,-iri i'"' lnt^L 'bted to the banlc, or that his t '"' Mhi'l,' 1 . The reason was the direefov- . received from two of tlinirman and h" 6 WiiS t,lc present 's arose out ~ni° '- er ' r ' T]lomils Uussell. , A '" !vlaiul n ° 10r ' lla 11011 the Bank of of which'l 'ormation of that SQ« rnc , he I llad become a shareholder, it ' C 6~ m ia t to take am* part in

8 the promotion of a -new- bant, tlie public might n be induced to think that there liad been some a disagreement among the directors. He did not see why, as a man of business, lie should not have done as he pleased, and have put his money, lis gentlemen would see, was done in • ?i ° r J )a the frorld, til any institution he • thought jirOpei'; J l owcvcr, td s.atisfy the direeit?' std it iii. the, piiptirs—and , altll °t gn there slppcareti to lie plenty rif i-dom L ?v - , cr an^8 > l»c had announced the fact that ' ptuik wiis formed, he did not intend to take part 111 the directorship of it. Notwithstandmg this, and itict that there <f-cr6 some 01 the directors wlio tvere also themselves t' in the Bank ot Auckland,when he came down to d the iioard tho same as usual he found ameeting S convened to consider whether he (Mr. IS T atlian) should be admitted as a director—much to his snrprifc. He wis a.sfoiiisJted, and did not • know the lneauing of it. One o'f the directors said, -'You ought, to sell out of this bank = because of your connection with the Dank of Auckland. He (Mr. .Nathan) said he did not I see wjiy lie should do anything of tlie kind : lie £ had 500 sliiirts 111 ll\e Dank of Auckland, and lie meant to keep them. One word, however, II brought oil afiolher. and lie sent in his resigna- -- tion. I hat beiiig itoiie, lie mount, however, to 1 come forward this time and give thirty, day's notice, but; the Chairman had informed him that it should have been a notice of thirl.v clear days. He was anxious that proprietors should understand .that he : had ;not retired because he was indebted to it, for he never had .his bills discounted there or indeed in i\e~ Zealand, but solely on account of the insult he had received and which ho had explained. ) The On aliim ax : Defore not icing what lias fallen from Mr. 1 will, if you please, put. the resolution lor the adoption of the report. llie motion was put and carried unanimously. 1 t-HAiMian" :In answer to tlie accusation brought by j\lr. JS'athau against myself, and another member ot the .Board, 1 may S; 1 y that, he has not specified what the insult was that had been offered to him. 1 will. 11 owever. state to the meeting what T said to Mr. NaUiini: It was this—"l told _ Mr. IS'nthnn that while he held a seat at this Board I did not. think it was 111 the interest, of the proprietory of tjiis Brink that he should appear as the promoter of another instittition o( the same kiiid. I did not think that the shareholders or the public would have confidence in a man having a seat at this .Board who was the promoter of an iustilution which must be considered as a rival institution ; and that, his course was. as a man of business, to resign his seat as a director ot the Isew Zealand Bank." 'Ihe CriAiiiMAi; announced that the nt'xi business was to elect by ballot thfee directors— two in the room of .Mr O'Neill and Mr. David Nathan, resigned, and one in the place of Mr. Cr. B. Oweti. who retired by rotation. 011 the motion of Mr. G. B. Owf.n, seconded by Mr. Tayi.oi:. .Mr. James O'Neill and .Mr. Stark were nominated scrutineers. The On.viUMAX said that the next business would be the election of auditors. It-was usual tor the director, retiring by rotation, to be elected as one of tlie auditors. On the motion of Mr. James O'Neit.l. Mr. G-. B. Owen was elected, and Mr. W. C. Wilson re-elected, auditors tor the ensuing year. Ihe seiutineers announced that, the three gentlemen who were returned directors by the ballot were Messrs. Henderson, Browning, and Buc-l.iand. i[i-:xpki:son thanked the shareholders present for the confidence they placed in him by electing him as a director. Colonel .\lort,o said that, before the meeting separated, it was desirable that some explanation should be given by the directors upon a subject that was very much discussed out of doors. He had heard that there had been some uneasiness, but in that uneasiness he did not himself participate, having the greatest confidence in the directors. Still it would be desirable that there should be some explanation as to the large advances which were made to the Colonial Government by the bank as to their repayment and security. He thought it desirable that the directors should avail themselves of the | present occasion to explain the matter, so that, the bank might not encounter any doubt as to its position in the public mind. Hie Ch.vikm.vx: I have great pleasure 111 answering the question put bj- the 11011. and gallant proprietor, and I beg to thank him myself for the confidence he has expressed. I think there is no want of confidence in'the Bank, at, all events, there is hone in the present meeting. Bv the late advices from London, I am enabled to state that the Crown agents were prepaied to pay oil all the liabilities of the Government to this bank. Mr. Macfai!T,.\.\e proposed a vote of thanks to the Directors, the Inspector, the Manager, and officers generally of the bank, for the manner in which they had conducted the ail'airs of the bank during the past six months. With respect to tlie information they had received that some lossesJhad been made, he was not surprised. Ihe surprise was that the losses sustained Were so few. I'.very kind of business must be prepared to encounter losses, and a bankingbnsiiiess ■must be equally prepared to encounter loss. The one only remarkable thing was, considering Ihe large amount of business done at the chief ollice and at the numerous branches throughout the colony, that the loss had not been greater. Pie had. therefore, much pleasure in moving a vote of thanks to the officers for the efficient ivav in which they had been able to transact tho business of the bank for the last six months. Mr. O'lS'kill seconded the motion. The Chairman returned thanks on behalf of himself, his brother-directors, the Inspector, Manager, and other ollicers of the bank, for the kind manner in which the proprietors had by their vote recognised their endeavours t.o contribute to tiie prosperity of the institution. 'ihe meeting then .separated. I