NATIONAL BANK OF NEW ZEALAND.

New Zealand Herald, Volume XXVIII, Issue 8669, 11 September 1891, Page 6

NATIONAL BANK OF NEW ZEALAND.

[from our. own CO R l' 0d E XT. ] London", August S. Two meetings of the shareholders of this Bank were held 011 the 27th ultimo, at Winchester House, Old Broad-street, the first being a special meeting to confirm the resolution passed on the 29 th lilt., and the second the nineteenth half-yearly meeting, to receive the report of the directors and transact the ordinary business of such assemblies. Mr. K. B. Hoare, M.P., who presided, in opening the first meeting, said t hat an informal committee, consisting of large shareholders, had been sitting at the bank and giving a great deal of time to flic business of the Bank since the last meeting. The report of that committee'had been before the shareholders for some time, and the only remark he had to make upon it was that it ssrongly urged upon the shareholders to accept the policy indicated by the Board and set out in the following resolution, the confirmation of which he moved: "/That the capital of the company he reduced from £1,900,(XX), divided into 100,000 shares of £9 each, being the shares already issued, and 101), shares of £10 each, being the shares unissued, to £1.750,000, divided into JOO,OOO shares of £7 10s each, being the shares already issued, and 100,000 shares of £10 each, being the shares unissued, and that such reduction be effected by _ cancelling capital which has been lost or is unrepresented by available assets to the extent of £1 10s per share upon each of the. 100,000 shares which have been issued and are now outstanding,' and by reducing the nominal amount of such shares from £9 to £7 10s. Air. Morgan seconded the motion, which was carried unanimously. On the motion of the Chairman, a vote of thanks was accorded to Sir J. Clarice Lawrence and the other members of the informal committee, who had reported upon the condition of the Bank. The ordinary /general meeting was then held. The report presented to the shareholders showed that the gross profits for the year, together with £177!) Its Id brought forward on March 31, 1890, after deducting interest on deposits, amounted to £03,155 15a Id. From this had to be deducted expenses at head offices and branches, £42,4130 2s 7<l, and rebate on bills £277!) 19s 3d, leaving a net available balance of £19,945 13s 3d. A sum of £6250 had already been paid by way of interim dividend, hut the directors regretted that they were unable to propose a further dividend, and the balance of £13,695 13s 3d was carried to contingent reserve fund. The Chairman, in moving the adoption of the report, said that all the figures were gone into at the last meeting, and those stated now were substantially the same, with the exception of a foot-note to the capital account by the auditors, which ran as follows "Of this figure, the gross amount of accounts for which the directors have thought it desirable to make special provision against loss is £402,416." Mr. Morgan seconded the motion, which was carried. Answering a shareholder, the Chairman said _ that the directors undertook to give in their resignation at the expiration of the proper term of notice. He did not believe, however, that the Board, as recommended by the committee, would work. After some discussion as to the future construction of the Board, Mr. Hoare, M.P., and Mr. C. Morgan, the retiring directors, were re-elected. The retiring auditors having also been re-elected, the meeting closed with a vote of thanks to the chairman.