BANK OF NEW ZEALAND.

New Zealand Herald, Volume XVIII, Issue 6062, 22 April 1881, Page 6

BANK OF NEW ZEALAND.

The half-yearly meeting of shareholders was held yesterday in the chief office, Queen-street, —the Hon. James Williamson in the chair. The General Manager (Mr. D. L. Murdoch) read the notice convening the meeting and the minutes of the previous general. meeting, also the report and bal.inee-sheet, as follows :— The Thirty -ninth Heport of the Directors of the Bank of New Zealand, to the Half-Yearly General Meeting of the Proprietors, hold at the Banking-house, Auckland, on Thursday, 21st April, ISSIJ The Directors have pleasure in submitting to Shareholders the following Report and Balance-sheet for the half-year ended 31st March. The Net Profit, at that date, after ample appropriation for all known bad or doubtful debts, and in reduction of Bank Premises and Furniture Accounts amounts to £76,404 9 0 To which has to be added— Balance from ir-.1.'-roar ended 30th September, 1580 23,337 6 9 Giving a total, available for division, of £00,801 16 3 The following appropriation of which is now recommended— To Payment of Dividend at the rate of 10 per cent, per annum £50,000 0 0 To Bonus of 53 per share, equal to 5 per cent, per annum .. 25,000 0 0 To Balance carried to Profit and Loss Ifew Account .. .. 24,801 16 3 £00,801 10 3 Tie Dividend and Bonus will be payable at Head Office, Auckland, to-morrow (tMday), 22nd inst., and at Branches on receipt of advice. For the Board of Directors. Jambs 'Williamson', Chairman. Aggregate Balance-sheet of the Bank of New Zealand at the 31st March, 1881, including London Office at 31st January, 18S1. Dr. Liabilities. & s. d. Capital 1,000,000 0 0 Reserve Fund 555,000 0 0 Notes in Circulation 473,233 0 0 Bills Payable in Circulation .. .. 1,875,014 16 11 Deposits and other Liabilities .. 7,1*92,405 10 1 Balance of Profit and Loss .. .. 09,801 1C 3 £11,095,455 3 3 Cr. Assets. £ e. d Coin and Cash Balances at Bankers.. 1,732,833 13 0 Money on Short Call in London .. (i<5.900 0 0 Bullion on Hand and in Transitu .. 430,083 15 9 Government Securities .. .. 246,513 15 0 BUlsßeceivableandSecurities in London - .. 2,055,615 15 1 Bills Discounted, and ether Debts due to the Bank 0,790,416 19 5 Landed Proporty, Bank Premises, &c. 225,091 5 0 £11,095,455 3 3 PROFIT AND LOSS ACCOUST. Dr. £ s. d. To Dividend on 100,000 shares, of £10 each, at rate of 10 per cent, per annum 50,000 0 0 To Bonus at rate of 5s por share, equal to 5 per ceat. per annum.. 25,000 0 0 To Balance carried to Profit and Loss New Account .. .. .. 24,801 16 3 £99,801 16 3 "Cr. £ ». d. By Balance from half-year ended 30th Sept., ISSO 23,337 0 0 By Net Profit for half-year ended 31st March, 1831.. 76,404 9 6 £99,801 10 3 BESZRTE FOSD. Dr £ s. d To Balance 555,000 0 0 £555,000 0 0 By Balance from half-year ended 30th Sept., 1880 555,000 0 0 £555.000 0 0 %Vo hereby certify that we have examined the Accounts of the Bank of Now Zealand for the Half-year ended 31st Murch, 1831, and that wo have counted the Cash Balances and examined the Bills and other Securities held at the Head Office, and compared the Returns of the Branches with tha Statements in the foregoing Balance-sheet, and have found the same to be correct. (Signed) /^Jj^*^™ o,, '} Auditors. The Chairman, in. moving the adoption of the report said :—Gentlemen, —The report and balance-sheet which have just been read, beyoud affording evidence of the continued success of our operations, do not, as compared with previous statements, present any features so marked as to call for more than mere passing notice. The principal difference in the figures in the balancesheet will be observed in the amount of bills payable in circulation on the one side, and in bills receivable and securities in London i on the- other—the latter item being swollen over a million,- partly by the more profitable investment of about £770,000 of money, which, at date of last statement, was on short call in London, and the balance being due to the more active exchange operations of the period of the year, the past six months, . comprehending the wool season, when our remittance axe much increased. The bills in circulation, representing the current outstanding bills on London and elsewhere, have naturally been considerably I swollen by sale of exchange, to provide payI ment for these, remittances. It will be ob- | served that our resources remain abundantly ample for every contingency, and, while not disposed to encourage or foster speculative business, we are fully prepared to take advantage of any opportunity largely to increase legitimate transactions. It will not be expected, with so large an amount of the bank's resources invested in securities affording a narrow margin of profit, that the result of the past half-year's operations can show any material, but our profits have been more than maintained, and that under the heavy taxation of. the past year, towards 'which this bank has contributed nearly £17.000. I am glad, however, to congratulate shareholders on our ability to maintain our usual dividend, and to carry forward such an amount as practically ensures the continuance of a like return for next halfyear. I will only add one word more of congratulation to shareholders on the improved and improving condition of the colony. Public finance appears now to have attained a stable and healthy condition, and, with continued prudence, we may reasonably hope to see the credit of New Zealand second to none of the Australasian colonies. Trade is gradually but surely progressing, population fast increasing, settlement (both North and South) rapidly extending, and we have been favoured with a most bountiful season, in both pastoral and agricultural pursuits. With these few remarks; I beg to move the adoption of the report and balancesheet as read. Mr. C. J. Stone said : I rise to second the adoption of this report and balance-sheet. I need • only repeat the words that have fallen from the Chairman, and congratulate the shareholders on the improved and improving condition of the colony. I think we are getting something better known at Home and to the world than we have been in the past. Our colony is admitted to be a fine field for emigration. The salubrity of its climate, its vast mineral resources, and it 3 wheat and woolproducing capabilities have attracted general attentiou. Almost every week the arrival of grain ships iu England from the colony during the grain season must also tell our friends that we occupy, and shall in all probability, continue to occupy, a permanent position as one of the large grainproducing countries of the world. That is already admitted as regards the South. As regards ourselves, in the Northern part of the colony, that has not been so well known or admitted. I think, however, that the portion of the colony which more immediately concerns us is becoming more the object of attention, and that its great advantages have become patent to observation. I remember, many years ago, being told by a gentleman in Wellington, somewhat sneer-1

I ingly, as I thought, "O yes, I daresay your ' scoria land around Auckland -will produce grass." I rejoice to think it does produce grass, but it is well able to produce grain and beef as well. It produces the finest wool, in large quantity and in a very short time. I believe there will be in this province of Auckland a large area of wheat-producing lands. I believe the great wheat-producing qualities of a large proportion of land in the North Island have as yet scarcely been tapped. I beliere it will pay the settlers well to grow wheat. Hitherto settlers have not grown wheat, because they could invest their money more easily in other ways. I know of a gentleman who came here some time ago, and finding that he could so profitably invest his money here, he contented himself with working hard on two acres of land while he invested his money beneficially in other ways. The difficulties of the colonies are passing away, and, with i our Chairman, I entertain the hope that settlement may soon be largely increased. This is scarcely the place to touch on politics, but I am tempted by the remark of the Chairman, that the finance of the colony having been put on a satisfactory footing, he expressed a hope that it might so continue. I hope that, as a legislator, our Chairman will use his position and opportunities to secure so desirable a result, so that the colony of New Zealand may maintain the position which its climate, its mineral resources, and its fertile land give to it. I have much pleasure to second the report and balance-sheet. The report and balance-sheet were adopted unanimously. A Shareholder : I would ask the directors how soon the £6,796,416 19s od in bills discounted, and other debts due to the bank, would be available, time of pressure should arise? The General Manaqer : lam permitted by the Chairman to answer the question. I may state that the sum is invested in the ordinary operations of a bank, a proportion of it in very short-dated bills, some in the ordinary accommodation to customers by way of overdraft; but if the gentleman means to ask whether there is any large amount locked up in lands, I may state that there is practically not a thousand—we do not have any business of that sort. Mr. R. M. Scott moved a vote of thanks to the directors and officers of the Bank, for their services during the past half-year. The direction contained considerable financial talent, and had conducted the institution successfully from its commencement until cow with extraordinary success j for that the thanks of the shareholders were due. With regard to the officers, unless the exertions of the directors were aided by a first-class staff of officers, such a gratifying result could 'notjiave been brought about. Mr. P. Comiskev seconded the motion, which was carried unanimously. The Chairman : I have little to say'in reply for the honour you have done me. On many occasions I have met the shareholders from the commencement to the present time. I am very glad and very proud to say that we have always met the shareholders in such a way as was satisfactory to ourselves and to them. This institution has been one of the great successes of New Zealand. It originated in this town. I may say, as I have said before, that I was the originator. But we have all of us large interests in the concern; that is a good guarantee to the shareholders. , I think I have said that there is not a director at this Board who has not done his best to promote the interests of the shareholders. I think I can answer for it that such care and forethought will continue for the future. Mr. D. L. MußDOcn (General Manager) returned. thanks for the sitaff. He said -. In the name of the staff I have to return you my best thanks for the vote you have just passed. It is always encouraging to. have one's exertions appreciated,, and we accept your vote, not as a mere empty compliment, but as the genuine expression of the value, ' you attach to the continued efforts of the staff—efforts which I need scarcely assure I you will be continued in the interests of an : institution of which we are so justly proud.! I again thank you sincerely for your vote. | This concluded the business. The rough | minutes were read, and the meeting separated.