BANK OF NEW ZEALAND.

New Zealand Herald, Volume XXI, Issue 7002, 26 April 1884, Page 6

BANK OF NEW ZEALAND.

HAIiF-YEAELY MEETING. Thk half-yearly general meeting of sharer holders was held at the Banking-house, Queen-street, yesterday, at noon—the Hon. James Williamson in the chair. The General Manages (Mr. D. L. Mardoob) read the advertisement calling the meeting, also the minutes of the last halfyearly general meeting, and the report and balance-aieet, as follows :— Forty-ftfth Report of the Director* of the Bank of New Zealand to the Half-yearly General Meeting of the Proprietors, held at the Banking-house, Auckland, on Friday, the 25th April, 1884. The operations of the past half-year enable the Directors to lay before Shareholders, the following result:— ■ , .',-.' ;■ • . The Net Profit for the half-year ended . 3'Ut Harch, after full appropriation for all known bad and doubtful debts; aad in reduction of Bank Pre- ': mlses and Furniture Accounts, amounts to .. .. .. .. £79,50*10 0 To which has to be added— Balance from half-year ended SOth September, 1883 .. .. .. 8980 10 4 Giving a total, available for division, Of ...-.: _ _ £88,405 O 4 Which it Is proposed to appropriate as follows :—'■'"• To Payment of DM- - dend at the rate of 10 per cent, per annum £50,000 9 0 To .Bonus of 5s per share, equal to 5 per cent- per annum .. 25,000 0 0 'To Balance carried to Profit aad Loss New Account .. .. 13,405 0 i £83,w v 4 The Dividend and Bonus will be payable at the Bead Office, Auckland, to-morrow (Saturday), the 26th Inst., and at Branohes on receipt of advice. , For tha Board of Directors. James Williamson, President. Aggregate Balance-sheet of the Bank of New Zealand at Slst March, 1884, including- London Office at 81st January, ISB4. • . Dr. Liabilities. £ s. d. Capital paid-up - .. 1,000 000 0 0 Reserve Fund .. 625,000 0 0 Notes in Circulation .. . ... .. 511,816 0 0 Bills Payable in Circulation .. .. 1,951,309 6 7 Deposits and other Liabilities.. .. 9,853,799 17 11 Balance of Profit and Loss .. .. 88,405 0 4 £14,030,130 4 10 Cr. Assets. £ e. d. Coin and Cash Balances at Bankers.. 1,070,670 16 0 Money on Short Call In London .. ' 760,007 0 O Bullion on hand and in transit .. 140,002 13 3 Uovornment Securities .. .. 581,716 8 9 Bills Beceivable and Securities in London 1,640,014 7 5 Bills Discounted, and other Debts due to the Bank 9,567,542 7 11 Landed Property, Bank . Premises, &c ... 280,176 116 £14,030,130 4 10 PBOrrr and loss account. Dr. . £ s. d. To Dividend on 3.00,000 shares of £10 each, at rate of 10 por cent, per annum 50,000 0 0 To Bonus at the rate of 5s per share, equal to 5 per cent, per annum .. 25,000 0 0 To Balance carried to Profit and Less New Account 18,405 0 4 £88,405 0 4 Cr. £ s. d. By Balance from Half-year ended 30th September, 1883 _ .. 8,900 10 4 By Net Profit for Half-year ended 31st March, 1884 79,504.10 0 £88,405 0 4 RESERVE FONB. Br. £ s. d. To Balance — .. .. - ■ 625,000 0 0. Or. By Balance from last Half-year .. 625,1)96.0 O We hereby certify that we have examined the Accounts of the Bank of New Zealand for the half-year ended 31st March, 1884. and that we have counted the Cash Balances and examined the Bills and other Securities held at tne Head Office, and compared the Returns of the Branches with the Statements in the foregoing Balance-sheet, and have found the same to be correct.(Signed) } Andito "-

The Chairman said : Gentlemen, —It is again my pleasing duty to submit for your approval and adoption the report and balance-sheet whioh have just been read. Notwithstanding the unfavourable influences (to which I will hereafter refer) under whioh business has been carried on during the past six months, we are to put before you a statement of profit which, though not propor-tionately-aa good 38 some whioh have preceded it, will, I am sure, be considered satisfactory. We are able to maintain our dividend and bonus, and to carry forward the respectable balance of £13,405 0a 4d with which to commence the new half-year. Had we been intent on the mere swelling of our profit and loss account, it would have been a very easy matter to do so by raising bur advance rates'; but, recognising ' the difficulties with whioh traders generally have had to contend, we have oonsiderad it better policy not to increase rates beyond what affords a reasonable margin of • profit, as we fully recognise that the prosperity of the Bank depends on that of its customer*, and, in the existing oondition of business, we do not consider transactions will bear heavier rates than those now current. With a view to lower lending rates, we would gladly have aided in the reduction of deposit rates, but have been forced to maintain them at the level of those current in Australia, where there has been considerable pressure for money, and there appears at present little prospect of an early relaxation. The figures in the balance-sheet present some noteworthy features. There is a slight contraction in the circulation, attributable to the general absence of activity in the retail trade of the colony. Exchange transactions, under the heading "Bills Payable in Circulation," show, as is customary at the corresponding season of the year, a considerable increase on the balance as exhibited in last, statement. There has been an increase of over a million in deposits and other liabilities, due, in some measure, to the operations of the Government account. The immediately available resources of the Bank, as exhibited in the first five items on the credit side, continue ample for every requirement. The bills discounted and other debts due to the Bank show an increase about equivalent to that in deposits, and the landed property and Bank premises have been increased by £12,000, cuiefly due to the necessary alterations at head <'ffice, and to fitting up premises at Adelaide, where the Bank is now in operation, and with promising prospects. As far as the business of New Zealand is concerned, we are still contending with the result of past over-import-ing, our stocks, as a rule, being yet much too heavy, but the break long since applied is fast telling, and it may reasonably be anticipated that importers will soon be relieved of the extra weight they have for some time been oarrying. The prioes of wheat and wool are exceptionally low, and, in addition, agriculturists have had. the further disadvantage of a partially unpropitious season, which will render the general average of farming operations throughout the colon; unfavourable. As.against these discouraging features, we notice the' rapid development of the export trade in frozen meat, which is becoming an important factor in the transactions of the colony, and we have, further, the establishment of numerous dairy factories, . which ?in their operations give fair promise of being a 'permanent benefit to farmers. A considerable amount of capital continues to flow to the. colony, onr population is rapidly, increasing, and full employment is obtainable for every class of labour and at highly remunera tive rates. Amid some discouragements, therefore, we . are not without good ground for having full faith in the future of the colony. Seasons whioh have now been persistently adverse for three years are not likely to continue so; the staple products of tho oolony, wool and wheat, having almost reaohed a price equivalent to cost of production, any change is likely to be for the. better, and refrigeration and dairy factories, it may reasonably be hoped, will materially enhance the income from land, and so increase its value and the prosperity of its occupants.. The general outlook at present suggests oaution, and we are duly exercising it, but at the same, time we are extending a liberal support to every deserving industry, confident that such continued policy will conduce to the best interests of both the Bank and its valued customers. With these remarks, I beg to move the adoption of the report and balancesheet as read. Mr. Samuel Bbownino seconded the motion for the adoption of the report and balance-sheet. Carried unanimously. THANKS. Mr. Joseph Howard said : It affords me much pleasure, gentlemen, and I am sure you will join with me in proposing a hearty vote of thanks < to the Directors, General Manager, and all other officers of the Bank, for their oare and watchfulness over the affairs of this institution. The able address from the President, and the statement of aacounta laid before us.by the General Mana- . ger, which I hold in my hand, are very satis- > factory indeed, indicating the wonderful strides which the Bank is making; and if it

progresses in the same manner in the future that-it has done in the past, then I say it will be wonderful.- In my opiniorj, the care and attention required from the Directors in times of prosperity, are quite as great as in periods of depression. With'these few re-' marks, I beg to propose a cordial and hearty vote of thanks to the Directors, General Manager, and officers of the B*nk.

The Rev. W... Shirley Bakes had great pleasure in seconding the motion. . He was sure the balance-sheet presented to shareholders must be satisfactory to all. Carried unanimously. The Chaibmait. said : I hive very great pleasure in thanking you for the vote"whichhas just been accorded. It may be thought tbat it has been so frequently accorded that importance is not attached to it. I assure you this is not the feeling of myself and my brother direotors at all. We hope that as, long as we are spared and continue to have the conduct of affairs here that we will be entitled to a aimilar vote to that whioh has just been passed. At all events shareholders may feel- confident the endeavour of the ! Board will be to merit that. (Cheers.) - .. Mr. D. L. Murdoch (General Manager) said :—lt affords me very great'pleasure, as the mouthpiece of the staff, to return you our grateful thanks for the appreciative vote with whioh you have just favoured us ; and on this, the occasion of our first meeting in the new Board-room—for the discomfort of whioh some apology is due to you—l may be allowed to hope that as many favonrable reports will be presented to you in it as have been in the room,we have just vacated.. (Cheer's.) At all .'events, you .'may rest assured that the best'efforts of the staff - will be directed to produce such a result: and, though it would be most unreasonable to expect the course of the business of the Bank to be one' of unbroken sunshine, I have too great faith in the elasticity of the colony to believe that any depression frem which we are at present suffering can' be more than temporary, and all the more, as it can be distinctly traced to causes as pointed to in the Chairman's speech, which, it may reasonably be expected, will soon pass away. The business of the head office during the last six months has been conducted under very great discomfort, both to the public and to the staff, but I trust that long before we again meet the alterations will be completed, and that you will acknowledge that the arrangements are-convenient, and that we have a banking homo second to none in any of the' colonies. (Hear, bear.) I have again very muoh pleasure in'thanking you for your vote. (Cheers.) The t rough minutes ware then read, and the meeting separated.