MEETINGS.

New Zealand Herald, Volume XXI, Issue 7003, 28 April 1884, Page 1 (Supplement)

MEETINGS.

BANK OF NEW ZEALAND. The half-yearly general meetiog of nbareholders was u eld. at the Banking-bouse, Queen-street, on April 25, at noon—the Hon. James Williamson in the chair. The General Majtagek (Mr. D. L. Murdoch) read the advertisement calling the meeting, also the minutes of the last halfyearly general meeting, and the report and balance-sheet, as follows : — Forty-fifth Report of the Directors 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, 18S4. 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 31st March, after full appropriation for all known bad and doubtful debts, and in reduction of Bank Premises and Furniture Accounts, amounts to £79,604 10 0 To which has to be added— Balance from half-year ended 30th September, 1883 8 900 10 4 Giving a total, available for division, of. .. ... - .. £33,405 0 4 Which it is proposed to appropriate as follows: — To' Payment' of Dividend at the rate of 10 ■ - • ' per cent, per annum £30,000 0 0 To Bonus at 5s per share, equal to 5 per cent, per annum .. 25,000 0 0 To Halance carried to Profit and Loss New Account .. .. 13,405 0 4 — £88,485 0 i The Dividend and Bonus will be payable at the Head Office,' Auckland, to-morrow (Saturday), tho 26th inst., I and at Branches on receipt of advice. For the Board of Directors. James "Williamson, President. Aggregate Balance-sheet of tho Bank of New Zealand at 31st March, 1884, including London Office at 31st January, 1884.' ' Dr. Liabilities. £' s. d. Capital paid-up 1,000 000 0 0 Reserve Fund .. 625,000 0 0 Notes in Circulation 511,610 0 0 Bills Payable in Circulation .. .. 1,951,309 6 7 Depositsandother Liabilities,. .. 9,853,799 17 11 Balance of Profit and Loss .. .. 88,405 0 4 £14,030,130 4 10 Cr. Assets. & s. d. Coin and Cash Balances at Bankers.. 1,070,670 16 0 Money on Short Call in Londen .. 760,007 0 0 on band and in transit .. 140,002 13 3 Government Securities .. .. 581,716 8 9 Bills Bsceivable and Securities in London.. .. '.. .. .. 1,640,014 7 6 Bills Discounted, and other Debts due to the Bank. .. .. .. 9,557,542 7 11 Landed Property, Bank Premises, &c. .. .. 280,176 11 6 £14,030,130 410 PROFIT AND LOSS ACCOUNT. Dr. £ B. d. To Dividend on 100,000 sbarss ot £10 each, at rate of 10 per cent, per annum .. .. .. .. -- .50,000 0 0 To Bonns at the rate of 5s per share, equal to 5 per cent., per annum .'. 25,000 0 0 To Balance carried to Profit and Loss New Account.. ... .. 13,405 0 4 . £88,405 0 4 Cr. " £ s. d. By Balance from Half-year ended SOth September, 18S3 _ 8,900 10 4 By Net Profit for Half-year ended 81tt.March, ,18S4 . ... . 79,504 10, 0 £88,405 0 4

. BESEEVE TUSB. Dr. ' ; & 8. d. To Balance. „ 625,000 0 0 Cr. By Balance from last Half-year .. 625,000 , 0 0 . Wo hereby certify that we hare' examined the Accounts of the Bank of New Zealand for the half-year ended 31st March, 1881. and that we bars counted the Cash Balances and examined the Bills and other Securities held at the Head Office, and compared the Keturns.of the Branches with the Statements In the foregoing Balance-sheet, and bave found the same to be correct. (Signed) r^& T^ TLOE '} Auditor, The Chairman said: Gentlemen,—lt is again my pleasing duty to submit for your approval and adoption the report and balance-sheet which have just been read. Notwithstanding the unfavourable influences (to which I will hereafter refer) under which business has been carried on daring the past six months, we are to put before you a statement of profit which, though not proportionately as good as some which have preceded it, will, I am sure, be considered satisfactory. We are able to maintain oar dividend and bonus, and to carry forward the respectable balance of £13,405 0s 4d with which to commence the new half-year. Had we been intent on the mere swelling of onr profit and loss account, it would have been a very easy matter to do so by raising our advance rates ; but, recognising the difficulties with which traders generally have had to contend, we have considered it better policy not to increase rates beyond what affords a reasons,bio margin of profit, as we fully recognise that the prosperity of the Bank depends on that of its customers, and, in the existing condition 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 rbe 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 oustomary 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 Borne 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 bdls discounted and other debts due to the Bank show an inorease about equivalent to that in deposits, and the landed property and Bank premiers have been increased by £12,000, chiefly due to the necessary alterations at bead office, 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 maoh 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 j for some time been carrying. The prices of wheat and wool are exceptionally low, and, in addition, agriculturists have had the further disadvantage of a partially unpropitious aeaion, which will render the general average of farming operations throughout the colony 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, our population is rapidly increasing, and full employment is obtainable for every class of labour and at highly remunerative 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 oontinue soj the staple products of the colony, wool and wheat, having almoßt reached 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 it 3 value and the prosperity of its oocupants. The general outlook fit present.suggests caution, and we are dnly 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 Browning seconded the motion for the adoption of the report and balance-sheet. Carried unanimously. THANKS. Mr. Joseph Howaed said : It affords me much pleasure, gentlemen, and I am sore 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 accounts laid before us by the General Manager, which I hold in my hand, are very satisfactory 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 opinion, the care and attention required from the Directors in times of prosperity, are quite as great as in periods of depression. With these few remarks, I beg to propose a cordial and hearty vote of thanks to the Directors, General Manager, and officers of the Bank. The Rev. W. Shirley Baker had great pleasure in seconding the motion. He was sure the balance-sheet presented to shareholders must be satisfactory to all.

Carried unanimously. The Chairman said: I have very great pleasure in thanking you for the vote whioh has just been accorded. It may be thought that 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 directors 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 similar vote to that which 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 It 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 oocasion of our first meeting in the new Board-room —for the discomfort of which some apology is due to you—l may be allowed to hope that as many favourable reports will be presented to you in it as have been in the room we have just vacated. (Cheers.) 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 fram whioh we are at present suffering can be more than temporary, and all the more, as it can bs 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 conduoted under very great discomfort, both to the public [ and to the staff, but I trust that long before we again meet the alteratieas will be completed, and that you will acknowledge that "the arrangements are convenient, and that we have a banking house second to none in any of the colonies. (Hear, hear.) I have again very much pleasure in thanking you for your vote. (Cheers.) The rough minutes 'were then read, and the meeting separated.