BANK OF NEW ZEALAD.—HALFYEARLY MEETING.

New Zealand Herald, Volume XVIII, Issue 6064, 25 April 1881, Page 3

BANK OF NEW ZEALAD.—HALFYEARLY MEETING.

Tuk half-yearly meeting of shareholders was held on Thursday in the chief ottice, Queen-street, —the Hon. James Williamson in the chair. The Ge.vkkal Ma.s'Agkr (Mr. D. L. Murdoch) read the notice convening the meeting and the miuutes of the previous general meeting, also the report and balance-sheet, as follows :— The Thirty-ninth Keport of the Directors of the Bank of New Zealand, to the JLilf-Yearly General Meeting of the- Proprietors, hchl at the banking-house,. : Auckland, on Thursday, "Jlst April, li>Sl The Directors have pleasure in submitting to Sharej holders tiie following Bepurt and Balance-sheet for the ' half-year ended iUst March. I The Net Profit, -'it that date, nfter ample ! appropriation for all known had or | doubtful debts, aad in reduction of | Bank Premises and i-'urnituro Acj counts amounts to .. .. ..£70,401 0 0 |* To which lias to be added— Balance from Half-yeai ended 30th I September, ISSO .. .. .. 23,337 0 0 Giving a total, available for division, | of £•.*>,SOI 3 0 3 The following appropriation of wliich is j now recommended— To Payment of PiviI dend at the rate of 10 per cent, per annum £".0,000 0 0 To Bonus of 5s per share, equal to n per cent, per annum .. 25,000 0 0 To Balance carried to Profit and Loss New Account .. .. 2i,501 1G 3 £*>9,301 10 3 Tho Dividend and Bonus will be payable at Head OlHco, Auckland, t j-morrow (Friday), 22nd inst., and at Uranclies on receipt of advice. For the .Board of directors. .lamks Williamson, Chairman. Aggregate P.alance-shret of the Bank of Now Zealand at the Mlat March, ISSI, including London Oifice at :Ust January, IS3I. Dr. Liabilities. & s. d. Capital .. .. .. .. 1,000,000 0 0 Reserve Fund f»55 t OOO 0 0 Notes in Circulation .. .. .. 473,233 0 0 Bills Payable in v.irculation .. .. l,Sr«"),ol4 1(J 11 Deposits and other Liabilities .. 7,*J'J2,405 10 1 Balance of Profit and Loss .. .. 1)9,S01 id 3 £11,0J5,455 3 3 Or. Asskts. £ s. d j Coin and Cash Balances at Bankers.. 1,732,533 33 0 Money on .Short Call in .. 075,000 0 O Bullion on llaiul and in Transitu .. 230,053 15 0 Government Securities .. .. 240,513 15 0 Bills tteceivable and Securities in London , .. 2,033,015 15 1 Bills Discounted, and other Debts due to the Bank 6,700,416 10 f> Landed Property, Bank Premises, &c. 225,00 L 5 0 £11,095,455 3 3 rF.OFIT AND I.OSH ACCOl.'h'T. Dr. £ s. d. To Dividend on 100,000 shares, of £10 each, at rate of 10 per cent, per annum .. .. .. .. fiO.OOO 0 0 To Bonus at rato of 5s per share, equal to 5 per cent, per annum.. 25,000 0 0 To Balancc carried to Profit and Loss New Account .. .. .. 24,50) 10 3 £00,8)1 10 3 Cr. £, s. d. By Balauce from half-year ended 30th Sept., ISSO .. \. .. .. 23,337 0 9 By Net Profit for half-year ended 31st March, 1831 70,401 9 0 £09,501 10 3 .RESERVE FU>*T>. Dr .■£ s. d To Balauce 555,000 0 0 £555,000 0 0 By Balancc from half-year ended 30th Sept., ISSO 555,000 0 0 £555.000 0 0 We hereby certify that we have examined the Accounts of the Bank of New Zealand for the Half-year ended 31st March, 13S1. and that we have counted the Cash Balances and examined the Bills and other Securities held at the Head Otlicc. and compared the Returns of the Branches with tiie Stateinentsinthc foregoing Balance-sheet, and have found the same to be correct. (Sign C d) ALt-AHK-TAYtOn, j. Attdito „ The Chairman", in moving the adoption of the report said :—Gentlemen, —The report and balance-sheet wliich have just been read, beyond affording evidence of the continued success of our operations, do not, as compared with previous statements, present any features so marked is to call for more than mere passing notice. Tho principal difference in the figures in the balancesheet will be observed in the amount of bills payable in circulation 011 the one side, and in bills receivable and securities in London 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 poi-ir.:? of the year, the past six months, comprehending the wool uoa-snn. when our remittances are much increased. The bills in circulation, representing the current outstanding lulls or. London and elsewhere, have naturally been considerably swollen by sale of exchange, to provide payment 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 lie 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 increase, but our profits have been more than maintained, and that under the heavy taxation of the past year, towards I 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 nil 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 ur w 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 incrcasins-, settlement (both North and South) vapidly 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. .T. Stone said.: I rise to second the adoption of this report and balance-shect. 1 neeti only repeat the words that have fallen from tiie Chairman, and congratulate the shareholders 011 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 lield for emigration, 'rile salubrity of its climate, its vast mineral resources, and its wheat and woolproducing capabilities have attracted general attention. Almost every week - the arrival of grain ships in Knglaml from the colony [luring the grain season must also tell our friends that we occupy, and shall in all probability, continue to occupy, a permanent position as 011 c of the large grainproducing countries of the world. That is already admitted as regards the South. As regards ourselves, in the Xortliern part of the colony, tliafc lias not been so wqll 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 becomc patent to observation. I remember, many years ago, being told by a 1 gentleman in Wellington, somewhat sneeringly, as I thought, "O yes, I daresay your scoria land around Auckland will produce grass." I rcjoicc to think it does produce grass, but it is well alile 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 greit wheat-producing qualities of a large proportion of land in the North Island have as yet scarcely been tapped. I believe it will pay the settlers well to grow whtat. Hitherto sett!' rs have not grown wheat, because they could invest their money more easily in other ways. I know of a gentleman who came hero some timu 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 colonics are jiiissi ng away, and, with our Chairman, I entertain the hope that settlement may soor. be largely increased. This is scarcely the piaco to touch 011 polities, but I am tempted by the remark of "the Chairman, that tho finance of the colony had been put on a satisfactory footing, to express a hope that it may 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 givo to it. I have much pleasure in seconding the adoption of the report and balance-sheet. The rcport and balanec-sheet were adopted unanimously. A Shareholder : I would ask the directors liow soon the £6,79G,416 19s 5d in bills

discounted, and other debts due to the bank, would be available, suppose a time of pressure should arise? The Gkseral M.yn'agkr : I am permitted by the Chairman.to answer tin: question. 1 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 •xeutlcman means to ask whether there, is any large amount locked up in lands, I may state that there is practically uot' a thousand—we do not have any business of that sort. Mr. R. M. Scott moved a vote of thanks to the directors and oilicers 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 L'Ott' with' extraordinary success; 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 stall' of officers, such a gratifying result could not have been brought about. Mr. P. Co.misk.ev seconded the motion, which was carried unanimously. The Chairman : I have little to say in reply for the honour j'on have done me. On many occasions 1 have me.; the shareholders from the commencement to the present time. I am very glad and very proud to say that we have always ni-it the shareholders in such a \\ ay as was satisfactory to ourselves and to them. This institution his been one of the great successes of New Zealand. It originated in this town. I niiy 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 I'oard 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. ill'. D. L. .Murdoch (General Manager) returned thanks for the staff. He said In the name of the start' 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 stalf—efforts which I need scarcely assure you wdl 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.