BANK OF NEW ZEALAND.

New Zealand Herald, Volume I, Issue 302, 31 October 1864, Page 6

BANK OF NEW ZEALAND.

The usual haif yearly meeting of this Bank war, laeld at the Banking House, in Queen-street: -M.r. James Williamson, President, occupied the chair. _. The Secretary read the minutes of the last halt-yearly meeting held 28th of April, 18G4, which were confirmed. follows SCCrCtary lctL rea d the sixth report as Sixih Report of the Directors of tho Bank or t0 - the Half-yearly General Meetingxif the 1 roprietors, held at the Bankinc ' OS-fIBM ' ° U th ° " Sth da * havo to lay before the Proprietors l S SSta^ mentoftho am,irs of «>o Bank as jit 30th of September last, and white congratulating them on the increase of business, and generally sue eessiul manner in which it has been conducted thov haveito express their regret that tho monetary and commercial crisis which Southland lias experienced dunng- the past six months, and an indiscreet advance •at Dunedin, have entailed losses much greater than may again be reasonably looked for, and but l'o'r .-which the profits would have beon greater than during any other previous half-year. Ample provision has been made for all bad and doubtful dependencies, some portion of which may yet bo recoveied. , £ g # The net profit for the lialf-year after i providing for all Bad and Doubtful Debts, and making considerable reductions in Bank Premises and Furniture Accounts, amounts to 32,295 14 10 To which is to bo added— Undivided balance from last half- I J' ear ----- 2,259 17 11 j Making a total available for Division of - - : 34,555 12 9 |

"With the addition now to bo made to tho Reserve Fund, it will amount to £100,000, being in cxcess of 25 per centof the paid up capital of tho Hunk. The Directors thereforo. recommend tlio following appropriation of the above profits:— To payment of Dividend at the rato of 10 per cent per annum - - 18,231 16 0 „ Bonus equal to 5 per cent per annum 9,115 18 0 ~ Addition to Keservo Fund - - 5,0G0 0 0 „ Balance curried to Profit and Loss new account - - 2,207 IS 9 . £34,555 12 9 The Dividend and Bonus wil he payable at Head Oflice, on Tuesday, the Ist proximo, and at the Branches on receipt of advice. 1<"» r tho Board of Directors. Jamks Wii.li,uison, j President. BATANCE SHEET OF THE HANK OF NEW ZEALAND, For tlio Half-year ending 30th September, including London O thee Balance at 30th June, ISGI-. Dit. ;ti s. d. To Paid up Capital - 392,6 M 0 0 " Keserve Fund ... 93,000 0 0 " Notes in Circulation - - 333,-1(57 0 0 " Bills in Circulation - - 210,0(5-4 12 (5 " Deposits ... . 1,323,030 8 7 " Balance due to other Banks - iilJjiM.i 1 8 " Balance of Profit and Loss Aecouut at 31st March, ISGi 2,259 17 11 " Net Profit for Half-year - 32,205 14 10 £2,515.953 15 G Ch. £ s. d. By Coin and Bullion - 372,09-1 3 9 " Government Securities - - 350,000 0 O * " Landed Property - - - 17,'142 710 " Bank Premises, Furniture, ami Stationery - - - 29.G19 10 3 " Balance due by other Banks - 142,(576 16 G " Notes of other Banks - - 1,150 13 7 " Balance due by Colonial Governments - - - 261,431 2 1 " Bills Receivable, and all other Advances - 1,314,539 1 G £2,518,988 15 6 riiOi'lT AND LOSS ACCOUNT. Da. £ s. d. To Increase of Reserve Fund - 5,000 0 0 " Dividend at tho rale of 10 per cent, per mmuin - - 18,231 16 0 " Bonus at 2 J per cent, for Halfyear - - - - 9,115 18 0 " Amount carricd to Profit and Loss "New Account" - 2,207 18 9 | £34,655 12 9 j ' Cb. - £ s. d. By Balance of Profit at 31st March, ! 1864 - 2.259 17 11 " Net Profit for Half-year - - 32,295 14 10 £34,255 12 9 BKSEIIVE rUNI>. Da. £ s. d. To Balance 100,000 0 0 £100,000 0 0 Cn. £ s. d.' By Balance from last statement - 95,000 0 0 " Amount transferred from Profits of past Half-year . g qqq q q £100,000 0 0 Audited. Signed ( Wai.ton, ° ( W. c. WILSON.

The CiiAiiiMAjf said: Ih rising to propose the adoption of the report I feel that I can say verv little more 'than the report itself expresses. I can however congratulate the proprietory uii the success of Ihc bank—on its gradual increase ol business as well as a very large increase in the deposits. It is true that this is the first in our half yearly meetings that We have had to write of! a considerable ulnount of bad debts ; but we must bear ill inind that portions of this colony —as for instance in the southern parts of ]New Zealand, particularly Jiivcrcargill, has passed through a very trying crisis—and any losses we have had have been in connection 'with the southern parts of the colony. It is evident to all,'as it i,- highly gratifying to myself, to see that our business is so steadily progressin" Half year ft Iter half year, if gentlemen will be good enough to look to totals, the increase of our business is as great as we have any right to expect. I feel myself satisfied that we are in a sound position at Jhe present nromenl—in a position that will curry Us on to far greater results than anything that has vet been brought before these meetings. It. only requires the same .judicious management it has hitherto received, and the same confidence that has hitherto been reposed by the public in this institution from the commencement, and it is therefore that I propose the adoption of this report, that it be printed aud circulated amongst the proprietors.

Mr. G-. B. Owen seconded the motion for the adoption of the report.

Mr. David said that lie wished to explain to the shareholders the reason of his retirhur from ihe directorship. It. was not, he could assure them, lor being indebted to tlio bank, or thai his account had been overdrawn. The reason was the insult which he had received from two of the directors—one of whom was (he present, Chairman, nnd the oilier, Mr. Thomas .'Russell JLlus arose out of the formation of the Bank of Auckland. During the formation of that uunk, ol wlucii lie had become a shareholder it was suggested to him that to take any purt'in the promotion of a new bank, the public might be induced to think that there had been sonic disagreement among the directors. He did not see why, as a man of business, he should not nave done as he pleased, and have put, his

money, as gentlemen would see, was done in other parts of the world, in any institution he thought proper. However, to satisfy the direetors, they might see it in the papers—and although there appeared to be plenty of room tor other banks, he had announced the fact tlia' after that bank was formed, he did not intend to take part iu the directorship- of it. Notwithstanding Ibis, and the fact that there were some of the directors who were also themselves in the Bank of Auckland,when he came clown to the Board tho same as usual he found ameetinu convened to consider whether he (Mr. Kathan) should bo admitted as a director— much to his surprise. He was astonished, and did not

know the meaning of it. One of the directorsaul, "You ought to sell out of this bank because of your connection with tho Bank of Auckland." He (Mr. Nathan) said he did not see why he should do anything of tho kind : he bad 500 shares in the Bank of Auckland and he meant to -keep them. One word, however brought on another, and he sent in his resignation. That-being done, he meant, howevci r to come forward this tmie and give thirty day's notice, but the Chairman had informed him that it should have been a notice of thirty clear days. He was anxious that proprietors should understand that he had not retired because he was indebted to it, for lie never had his bill, discounted there or indeed in iVew Zealand' but solely on account of Ihe insult he had re!l w hieh he had explained, f 11 Before noticing what lias fallen from Mr. Nathan, I will, if you please put the resolution ior the adoption of the report. 1 "■ The motion was put and carried unanimouslv , the Chaimian :In answer to the accusation brought by- Mr. IS atlian against myself, and

another member of the Board, I may say that he has not specified what the insult was that had been offered to him. I will, however, state to the meeting what I said to Mr. Nathan. It was this —" I told Mr. Nathan that while he hekl a seat at this Board 1 did not think it was in the interest of the proprietory of this Bank that he should appear as the promoter of another institution of tho same kind. I did not think that the shareholders or tliO public would have confidence in a man having a seat at this Board who was the promoter of an institution 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 of the New Zealand Bank."

Tho CirAiKMAN announced that the next business was to elect by ballot three directors— two in the room of Mr. O'Neill and Mr. "David Nathan, resigned, and one in the place of Mr. G. B. Owen, who retired by rotation.

On the motion of Mr. G. B. Owen, seconded by Mr. Taylok, Mr. James O'Neill and Mr. Stark were nominated scrutineers.

The Chairman said that the next business woidd be the election of auditors. It wits usual for the director, retiring by rotalioU, to be elected as one of the auditors.

On (lie motion of Mr. Jamks O'Nkill, Mr. G. B. Owen was elected, and Mr. W. C. Wilson re-elected, auditors for the ensuing year. The sciutincers announced that tho three gentlemen who wen? returned directors by the ballot were Messrs. Henderson, Browning, and Buckland.

Mr. JI KN'DUiisox thanked the shareholders present for tho confidence they placed in him by electing him as a director. Colonel Mould said that, before the meeting separated, it was desirable that some explanation should be given by the directors upon a subject that was veiy much discussed out of doors. JLe had heard that there had beeh some uneasiness, but in that uneasiness he did not himself participate, having llie 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 if. 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. 'the Chaihman : I have great pleasure in answering ihe ijuestion put by the lion, nnd 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 none in the present meeting. By the late advices from London, I am enabled to state that the Crown agents were prepared to pay oil' all the liabilities of the Government to this bank.

Mr. .M aoi'ahlaxk proposed a vote of thanks to the Directors, the Inspector, the Matiairer, and officers generally of (lie bank, for (lie manner iti winch [lie}' had conducted the affairs of the bank during the past six months. Witii respect to the in formation they had received that some losses had been made, he was not surprised. The surprise was that the losses sustained, were so few. livery kind of business must be prepared to encounter losses, and a bankingbusiness must be equally prepared to encounter loss. The one only remarkable thing was, considering the large amount of business done at the chief oflice and at the numerous branches throughout the colony, that the loss had not been greater. He had, therefore, much, pleasure in moving a vote of thanks to the officers for the etlicient way in which they had been able to transact the business of the bank for the la'si si?: months. Mr. O'Niui.T. seconded the motion. The CjiaiUaian returned thanks on behalf of himself, his brother-directors, the Inspector, Manager, and other officers of the bank, for the kind manner in which the proprietors had bv their vote recognised their endeavours to contribute to the prosperity of the institution. 'Ihe meeting then separated. —Octobcr 2U.

AUCKLAND AND DEIIJiY EATLWAY., "\V i-; are able to inform our readers that the progress ol this undertaking is now so far towards consummation that it may be expected to be an accomplished fact in n. short time, inasmuch as the line has bvcii competed for I-}' thirteen tenderers lor works, and seven forfeneing, and that the Commissioners have decided upon accepting the lowest of the tenders for works, namely, that ol M r. G. Blandford, whose estimate for the works amounts to £80,000, in round numbers ; ihe others being respectively £100,(;'!0, ,-C12'.).000, £]'10,000, £Mr,,(X,t). and £Mti,i;<;o. These .several estimates include the fencing with the works on the railway proper; for the fencing, separate, there were tenders varying from £9,000 to .614,000 ; but between the lowest tender for works and the next (here exists a difference of £JO,iiOO; the fencing will, therefore, go with the lowest tenderer, that of Air. G. Blandford, who was formerly engineer to the City Board. This estimate, certainly, is low. and the Province ljiav congratulate itself on the small cost of so sinportant. a work, jjesides which the Commissioners have wisely reserved the power of substituting 01 . altering the nature of the works, and will thus have it in their power to lessen the expense of the line by some £18,000. Ihe line will not differ in its route, materially. u*oni thill laid down 'oti original Parfiameutary plan, but the gradient and curves have been much improved ; and the whole work, from Auckland to Drury, including the branch to C. is now estimated to cost- a Jess sum than i'l 50,000 ; this amount includes the works, fencing, permanent way, and rolling stock of i sufficient capacity to meet the requirements for a lengthened.pe'i'io'd, and the purchase nfhivul wit.: stations erected thereon, Thv station, for the lime being, will be of a character suited to the means, rather thio. of a grand scale. Jt mav _>e anticipated that the work will be commenced in a fow weeks, and at several points along the "'.V.' ont -:°' 1,1 ol 'der to allow fire embankments snllicicnt time to consolidate, and be in a fit state to receive (Impermanent rails, which, with locomotives and other things, have already been ordered from England. We may add that the sleepers are now being prepared, and there is ! every prospect of (he line being opened for trallic by the time named in the specification, namely, eighteen lnoutlus. Jhe reports, in lull, have been submitted to his Honor tne Superintendent, and, ->\ c have no doubt, that, when presented to the Council, hey will be printed lor the information of the louse, and open fo the public-, when we shall take the opportunity of laying them before our leaders.—Octobcr } i.