BANK OF NEW ZEALAND HALFYEARLY MEETING.

New Zealand Herald, Volume XI, Issue 4045, 29 October 1874, Page 3

BANK OF NEW ZEALAND HALFYEARLY MEETING.

The half-yearly general meeting ef the shareholders of the Bank of. New Zealand was held in the board-room, on the 21st Oct. About twenty shareholders were present. C. J. Taylor, Esq.,,occupied the chair, and read the advertisement convening the meeting. Mr. D. L. Murdoch then read the minutes of the previous meeting, which were confirmed, and afterwards the following report and balance-sheet: — Twenty-sixth Report of the Directors of the Ha;ik of New Zealand, to the Half-yearly General Meeting of the Proprietors, held at the Banking-house, Auckland, on "Wedaesday, the 21st October. 1374. The Directors have pleasure in congratulating Shareholders on the continued success of the ISank's operations, as evidenced in the following report and balance-sheet:— The net profit at 30th September, after making ample appropriation for all bid and doubtful dependencies, and for reduction of. Bank premises and furniture accounts, amounts to .. £45,703 16 10 To which has to be added — Balance of undivided profit at 31st .March, 1874. £12/202 9 5

Making a total available for division , 5 of XuS>9lC G 3 The following appropriation of wliich is now recommended— To payment of dividend at the rate of 10 per cent, per annum £30,000 0 0 To bonus, of ss. per share, equal to 5 per cent, per,annum ..£15,000 0. 0« To balance carried to profit and loss new account .. .. £13,916 G. 3 £58,910 C 3 The dividend and bonus will be. payable at head office, Auckland, on Friday, the 23rd October, and at brunches on receipt of advice. For the Board of Directors. CHARI.e3- J. Taylor, Chairman. Aggregate Balance-shcet of the Bank of New Zealand at 30th September, 1874, including London Office at 30tli June. 187-1. Dr. £ s. d Bank ;jtock .. ... ... .. 000,000 0 0 iicscryo Funil .. .. .. .. 180,000 0 0 Notes in circulation .. .. .. 4*21,158 0 0 Bills in circulation ... .. .. 1,233,847 10 1 Deposits and other liabilities .. .. 4,254,340 14 3 uaiunpft of profit and loss account at March 31st, 1574 .. .. .. 13,212 9 5 Net profit for half-year 45,703 10 10 £0,745,2ti2 10 7 Cr. £ s . d. Coin and cash balances .. .. 459,452 14 9 Bullion on hand and in transitu .. 374,351 10 5 Government securities .. ~ .. 300.000 0, 0 i''otes and tills of other banks .. 4,012 10 3 Landed property 25,500 A 0 Bank premises, furniture, and stationery 72,197 17 4 lusuranc© account . .. .. 2,4G1 1 S Bills receivable, bills discounted, and other debts due to the bank .. 5,510,250 12 2 £6,748,252 10 7 PROFIT AND Loas ACCOUNT. Dr. .£ S. ,1. To dividend at the rate of 10 per cent. per annum • 30,000 0 0 To bonus of 5s per share, equal to 5 per ccnt 15,000 0 0 To balance carried to profit and loss* "newaccount" .. .. ... 13.916 G 3 £55,91G 6 3 Cr. £ s . d. By balanco of profit and loss at 31st March, 1574 13,212 9 5 By net profit for half-year, after writing off bad debts .. .. 45,703 16 10 £53,916 G 3 RESERVE FUND. Dr. £ s. d. To balance .. .. .. .. ISO,OOO 0 0 £180,000 0 0 Cr. £ p. d. By balance from last statement .. 180,000 0 0 £180,000 0 0 The Chairman said, in moving the adoption of the report which has just been read, it is no small satisfaction to me to have only matters of a congratulatory character to which to refer. When I bad the pleasure to occupy this chair at our last meeting, the prospects of business appeared to warrant me in holding out a hope of the result of this half-year's operations being more satisfactory than the previous one, and I am glad to point to the report which has just been read as evidence that I was not wrong in my anticipations. "We have had, on the whole, a very satisfactory half-year; business, as shewn in the balance-sheet, has been well maintained, and rates, though considerably lower than in Australia, have not been disturbed, and have yielded a fair return on the Bank's operations. Although we must reckon on fluctuations in business, I see nothing to prevent a continuance of at least as favourable results ; but this is a matter which rests very much in shareholders' own hands, as it is in no small degree to their support and iniluence that we are indebted for the position the Bank occujiies. With the assistance of shareholders, and the same support from the public, which the Bank is ever ready to reciprocate with liberal dealing, its position may not only be maintained but improved, and with improvement we may i reasonably look for increased profits. During ! the half-year there has been ample outlet for money, and the Bank's resources have I been very actively employed. I understand | that, although the import trade of the colony lias continued heavy,andtlie demand for goods has been seriously aft'ected by the unusually severe weather, which has given us this year at least four months of winter, the prospects of the season are reckoned fairly satisfactory. We know that the population is steadily and largely increasing ; that public works are being vigorously prosecuted ; and the local market for staple products is well maintained ; and though there has been a depreciation in the value, of wheat in the English market, it has been more than counterbalanced by the continued liigli prices of the more important export wool. Although there are not wanting elements in our future prospccts to suggest great caution, I think we have ample ground for hope and confidence in the future of the colony. Jt now only remains forme to move, " That the report and balance-sheet, as read, be adopted, and circulated among the shareholders." Dr. Campbell seconded the adoption of the report, which motion was carried unanimously. The Chairman said that the next business before the meeting was the election of a director in the place of himself, who retired from the Board. The only gentleman who was a candidate for the office was Mr. •lames Williamson, aud he therefore declared him elccted. The next business was the election of an auditor in the place of Mr. James "Watt. Mr. J.vs. Robertson proposed, and Mr. G. P. Pierce seconded, that Mr. C. J. Taylor be clccted auditor. Carried unanimously. Mr. W. I. Taylor said : There being no other business business before the meeting, 1 bog leave to move a vote of thanks to the directors and officers of the bank for their services during the past year, and at the same time to congratulate the shareholders on the continued prosperity and success of the institution. The Chairman, on behalf of the directors, said that it was a source of great satisfaction to receive the vote of thanks. It was a very great pleasure to them to forward as far as possible the interests of the bank and shareholders.

Mr. D. L. Murdoch said : Gentlemen, on behalf of the staff, I have much pleasure in returning our thanks for the vote which has just been pasted. I assure you that nothing will be wanting on our part to endeavour to advance the interests of the institution. There is one matter which has occurred to me on which the chairman has not touched, and which I Slunk due to the Board to mention, that has particular reference to tliis vote of thanks. It is that during the halfyear the Board felt justified in according to the staff a bonus of 10 per cent, on their salaries, a course which I need not say lias been most welcome to the staff, and has had a most beneficial effect. Welcome as your periodical votes of thanks undoubtedly are, the 10 per cent, vote has no doubt appealed more directly to their feelings, and 1 anticipate the best results therefrom, and hope the future of the bank will warrant a repitition of the action.