BANK OF NEW ZEALAND.

New Zealand Mail, Issue 662, 31 October 1884, Page 2 (Supplement)

BANK OF NEW ZEALAND.

(UNITED PRESS ASSOCIATION.) Auckland, October 28,

The half-yearly meeting of the Bank of New Zealand was held to-day, Dr Campbell presiding. The profits available for division amount to £96,083, out of which the usual dividend and bonus of 15 per cent, per annum was declared, leaving £21,003 to be carried forward. Generally the figures in the report do not differ materially from those of the preceding half year, the most noticeable being an increase of over £600,000 in deposits and other liabilities, which are shown at £10,490,813. Coin and cash balances, money at short call, and Government securities amount in all to £2,514,606, being somewhat the same items six months ago. Dr. Campbell, chairman of directors, in moving the adoption of the report and balancesheet, said :—Gentlemen —yon 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 been so often remarked on from this chair, _ that I need not weary you with any repetition, but it affords one much gratification to be able to notice symptoms of returning prosperity. "Very considerable relief has been effected by the reduction of merchants’ stock throughout the colony. The rapid and reliable communication established with England by direct steamers will tend much not only to prevent any future glut, but generally to economise capital. An appreciable recovery has taken place both in the demand for and the price of wool, and the future prospects of the market appear favorable. 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 probable future markets for New Zealand tinned meat and dairy produce, The prospects for wheat-growers are not of so assured a character. The high average of 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 is under this crop, farmers having 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 so large, we have naturally felt the influence of the past depression, and until a more marked recovery takes place we kave thought it better to make provision for possible losses on a more than average scale rather than make further present additions to the reserve. I trust, however, that such caution will not long be necessary, and that a portion at least of what is now provided for possible contingencies may, yet be returned to profit. Notwithstanding the influences to which I have alluded, and the general fall in value of money, we are enabled to meat you with the very satisfactory report and balance-sheet which have just been read. After paying our usual dividend and bonus we open the new half-year with the respectable balance of £21,093 17s 7d—a result which under the circumstances will, I am sure, commend itself to shareholders. As compared with the last balance-sheet, there is little room for comment on the figures put before you to-day. It will be seenthat in point of resources our position is a strong a 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 increase of over £150,000, while our advances of all kinds exhibit a slight decrease. The circulation, in sympathy with inactive business, shows a slight contraction. In bills pay able, which indicate the volumes 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 £BOOO than in the last report, due partly to increased profit and partly to a larger balance carried forward from the 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, I beg to move the adoption of the report and balance-sheet. Sir F. Whitaker said that he had much pleasure and satisfaction in seconding the motion for the adoption of the report and balance-sheet. The proprietors could not feel otherwise than gratified with the balance-sheet when they looked back on the state of affairs which had existed for some time past. In reference to different commercial prospects of the country, he was glad to see that such a depression as apparently had existed was passing away, and that the bank was increasing its business, while being at the same time able to promptly meet auy demand which should be made on it. Its position was one of great strength, and it was quite capable of carrying 'on a much greater business than it transacted at present. The object of the directors had always been to do a safe business rather than an adventurous one, and as a consequence of this judicious policy they were ready to take advantage of whatever openings for business from time to time presented themselves. The accounts, with some slight modifications, were those of previous years, and the balance, as he had previously remarked, could hardly prove otherwise than satisfactory to the proprietors. With these remarks he had much pleasure in seconding the motion. The resolution was put and carried. William Innes Taylor, the only candidate for the vacancy in the directorate, was declared duly elected. Messrs J. L. Wilson and A. K. Taylor were appointed auditors. Mr G. J. Stone moved, and Mr A. Boardman seconded, a vote of thanks to the directors and officers, which was carried, and acknowledged by the chairman and general manager, Mr D. L, Murdoch.