BANK OF NEW ZEALAND.

New Zealand Herald, Volume XXI, Issue 7161, 29 October 1884, Page 6

BANK OF NEW ZEALAND.

The half-yearly general meeting of shareholders was held at the Banking-house, Queen-street, yesterday, at noon—Dr. J. L. Campbell, chairman of directors, in the chair. The General Manager (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, a3 follows: — Forty-sixth Report of the Directors of the Bank of New Zealand to the Half-yearly General Meeting of the Proprietors, held at the Ranking-house, Auckland, on Tuesday, the 2Sth October, 1854. The result of the operations of the past half-year enable the Directors to meet Shareholders with the following report The Net Profit for the half-year ended 30th September, after full appropriation for all known bad and doubtfnl debts, and in reduction of Bank Premises and Furniture Accounts, amounts to £82,688 17 3 To which has to be added — Balance from half-year ended 31st March, 18S4 .. 13,405 0 4 Giving a total, available for division, of £95,033 17 7 Which it is proposed to appropriate as follows: — To Payment of Dividend at the rate of 10 per cent, per annum £50,000 0 0 To Bonus of 5s per share, equal to 5 per cent, per annum .• 25,000 0 0 To Balance carried to Profit and Loss New Account .. .. 21,093 17 7 £90,093 17 7 The Dividend and Bonus will bo payable at the Head Office, Auckland, to-morrow (Wednesday), the 29th instant, and at Branches on receipt of advice. For the Board of Directors. J. Logan Campbell, Chairman. Aggregate Balance-sheet of the Bank of New Zealand at 30th September, 1884, including London Office at 31st July, 1831. Dr. Liabilities. £ s. d. Capital paid-up 1,000 000 0 0 Reserve Fund .. 625,000 0 0 Notes in Circulation 51u,383 0 0 Bills Payable in Circulation .. .. 1,411,477 0 7 jbopoaits and other Liabilities.. .. 10,490,813 4 1 Balance or Profit and Loss .. .. 96,093 17 7 £14,133,707 2 3 Cr. Assets. £ s. d. Coin and Cash Balances at Bankers.. 1,050,541 9 0 Money on Short Call in London .. 658,023 310 Bullion on hand and in transit .. 159.25G 3 G Government Securities .. .. 800,042 1 9 Bills Receivable and Securities in London 1,604,122 . 3 0 Bills Discounted, and other Debts due to the Bank 9,528,758 12 10 Landed Property, Bank Premises, &C. 237,023 8 4 £14,133,767 2 3 Pbofit and Loss Account. 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 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 21,093 17 7 £06,093 17 7 Cr. £ s. d. By Balance from Half-year ended 31st March, 1884 .. .. .. 13,405 0 4 By Net Profit for Half-year ended SOth September, 18S4 .. .. 82,688 17 3 £96,093 17 7 Reserve Fuxb. m „ P r * £ 3 - d - To Balance 625,000 0 0 Cr. By Balance from last Half-year .. 625,000 0 0 We hereby certify that we have examined the Accounts of the Bank of New Zealand for the half-year ended 31st March, 18S4, and that we have counted the Cash Balances and examined the Bills and other Securities held at tfte Head Office, and comparod the Returns of the Branches with the statements in the foregoing Balance-sheet, and have found the same to be correct. Wit. Innes Taylor, 7 . ... (Signed) j L Wilson, } Auditors.

. The Chairman said Gentlemen, —You are all more or less intimately acquainted with the condition of business throughout New Zealand, and the influences which, for the past three years, have prejudicially affected it. These have so often been remarked on from this chair that I need not weary y ; OU with any repetition; but it affords me much gratification to be able to notice symptoms of returning prosperity. Very considerable relief has been effected by the reduction of merchants' stocks throughout the colony, and the more rapid and reliable communication established with England by direct steamers will tend much, not only to prevent any future glut, but generally to economize capital. Appreciable recovery has taken place both in the demand for and price of wool, and the future prospects of the market appear favourable. Frozen mutton, which up to a very recent period left it open to doubt whether the export might not have to be discontinued, at all events for a time, has lately attained a position in the London market which seems to ensure a fair return to growers, and most encouraging accounts have been received of the probable future markets for New Zealand tinned meats and dairy produce. The prospects for wheat growers are not of so assured

a character. The high average of the harvests in America and England, and the rapidly-increasing supplies being obtained from India, leave little hope of remunerative prices for the coming season, but; it is understood that a considerably diminished area id under this crop, farmers haviug given more attention to grazing and the growth of other cereals, for which there is a better market. New Zealand being the chief field of operation for this Bank, and our share of its business being bo large, we have naturally felt the influence of the past depression, aud until a more marked recovery takes place we have thought it better to make provision for possible losses on a more than average scale rather than make further additions to reserve. I trust, however, that such caution will not long be necessary, and that portion at least of what is now provided for possible contingencies may yet be returned to profit. Nothwithstanding the influence to which 1 have alluded, and the general fall in the value of money, we are enabled to meet you with the very satisfactory report and balancesheet which have just been read, and after paying our usual dividend and bonus, to open the new half-year with the respectable balance of £21,093 17s 7d, a result which, under the circumstances, will, 1 am sure, commend itself to shareholders. As compared with last balance-sheet there is little room for comment on the figures put before you to-day. It will be seen that in poiut of resources our position is a strong one, and we are ready at any time to take advantage of any opening which offers for more active business. The coin and equivalents show an increa&e of over £150,000, while our advances of all kinds exhibit a slight decrease. The circulation, in sympathy with inactive business, shows slight contraction; bills payable, which indicate the volume of this Bank's exchange transactions are, as is usual at this season of the year, at their lowest point, while deposits and other liabilities are higher by more than half-a-million. The available balance of profit and loss is better by £8000 than in last report, due partly to increased profit and partly to the larger balance carried forward from last half-year. With an expression of confidence that before we again meet a very marked improvement in general business will have been experienced in the colony, 1 beg to move the adoption of the report and balance-sheet.

Sir Frederick Whitaker said: I havo much pleasure and satisfaction in seconding the adoption of the report and balance sheet. You have heard them read, and you must be gratified, looking at the state of affairs which has existed for some time past in reference to the different commercial prospects of the country. But I am glad to say that the depression which has hitherto apparently to a certain extent existed is now showing indications of passing away, and I have no doubt the Bank, which has always been ready to avail itself of fair opportunities for promoting and increasing its business will be able to meet any demands upon it. Its position is one of great strength, and it is quite capable of carrying on all the business which it has, and more. The object of the directors has been to do a safe business rather than to do a large one with, it might be, a certain degree of want of safety in it. The consequence of this has been that the Bank is in such a position that whatever openings may present themselves for tho extension of its business it will be thoroughly able to take advantage of them. The accounts placed before you are something like those for some years past, with little modifications. The balance-sheet cannot be otherwise than satisfactory to the shareholders, and I have, therefore, much pleasure in seconding the adoption of the report and balance-sheet. The motion was carried unanimously, THE ELECTION Off DIRECTOR. The Chaibman said the .next business was the election of a director in the room of Mr, J. 0. Firtb, who retired by rotation. There was only one candidate, Mr. William Inneß Taylor, and he had much pleasure In moving that that gentleman bs elected. I

Mr. J. C. Fiara seconded the motion,' which was carried unanimously. ELECTION OF AUDITORS. On the motion of Mr. G. P. Piebce, seconded by Mr. J. Batger, Messrs. J. L. Wilson and A. K. Taylor were elected auditors. THANKS. Mr. J. C. Stone said : I beg to propose a vote of thanks to the directors and officers of the Bank. I do so with the greatest pleasure. Having been honoured in the past with a seat at this Board I can bear testimony to the deep interest taken in the affairs of the Bank by every member of the Board,and I feel they are entitled to your cordial thanks. Also, with reference to the staff; having bad an opportunity of becoming acquainted with most of the branches both in this colony and the Australian colonies, I can speak in the highest terms of every member of your staff. They are worthy of the confidence of this Bank, and entitled to our vote of thanks. I have, therefore, much pleasure in proposing a vote of thanks to the directors and officers. Mr. Boardman said : I have much pleasure in seconding the proposition made, and I think the shareholders generally will feel that such a vote as this is not merely one of the ordinary formal sort of affairs. I believe the shareholders have cause to be proud of the directors, for this fact, that they can always rely upon their dividends being about the same, and people who have invested in shares, not for speculative purposes, but to secure a fair return for their capital, feel that they can always calculate ou having a certain sum for their investments. That is a matter of great moment. The management of this Bank now is of such importance that it is not confined to the shareholders by any means. This is the forty-sixth report, and the Bank is now in a very different position to that which it occupied when its first or second report was issued. It has permeated throughout every part of the colony, to say nothing of its outside extensions ; and the public generally are quite as much, if not more, interested in the good management of this bank as the shareholders themselves. It would be a public calamity it this Bank were mismanaged ; but I have no fear of that. The management which has produced this result will produce similar results, and I have no doubt that those who live to see the forty-sixth report from this day will find it as safe and well devised for the shareholders and colony at large. With these few remarks I beg cordially to second the proposi. tion.

The motion having been carried unanimously, The Lhairman briefly returned thanks on behalf of the directors. Mr. Murdoch, in returning thanks on behalf of the officials, said : Gentlemen, — When I remind you that for over twenty years, and twice in every year, it has been my privilege to acknowledge such a vote as you have now passed, it will not be expected that should be much variety in the expressions I use in returning thanks. I trust you will be content with my repeating what 1 have so often already said—that we thank you very much for your vote, that we highly appreciate it, and that if it required any further incentive to use increased efforts to maintain the high position of the Sank, your generous recognition of our services would supply it. I have much pleasure in thanking you. THE BUILDING IMPROVEMENTS. Mr. Howabd drew attention to the fact that since the last half-yearly general meeting extensive and important improvements had been made in the banking-house, and he remarked that the directors who had initiated them were certainly, deserving of great praise and credit. He was sure that the thanks of the proprietary as well as the public at large would be given to those gentlemen for supplying such great facilities for conducting their banking business. To the Chairman personally it must be a source of great pleasure and pride, associated as he had been from the inception of this Bank to the present, a period of 23 years, the anniversary of which was kept a few days ago. He trusted that the Chairman would be long spared and those gentlemen with whom he had been associated for so many years, to preside over the shareholders of such a noble structure. The scroll minutes of the meeting having been read, the proceedings terminated.