BANK OF NEW ZEALAND HALFYEARLY MEETING.

New Zealand Times, Volume XXXVI, Issue 6272, 19 May 1881, Page 3

BANK OF NEW ZEALAND HALFYEARLY MEETING.

AoCKUtsD, April SI. The Bank of New Zealand’s half-yearly meeting was held to-day. The report shows— Net profit, £78,401 i balance from last halfyear, £23,337 ; total for division, £99,801. Of this a dividend and bonus of 15 per cent, absorbed £75,000, leaving a balance to carry to the profit and loss account of £24,801. The half-yearly meeting was held ta-clay. James Williamson, chairman of the Board of Directors, presided. In moving the adoption of the report and balanoe-eneet, he said “The report and balance-sheet which have just been read, beyond affording evidence of the continued success of our operations, do not, as compared with previous statements, present any features so marked asto call for more than mere passing notice. The principal difference in figures in the balance-sheet will be observed in “the amount of bills payable, and in the circulation on one side, and in bills receivable and securities in London on the other, the latter item being swollen over a million, partly bv more profitable investment of about £770,000, which at -the date of last statement was on short call in London, and the balance being due to more active exchange operations of the period of the year during the past six months, comprehending the wool season, ■when our remittances are much increased. Bills in circulation, representing current outstanding bills on London _ and elsewhere, have naturally been considerably incerased by the sale of exchange to provide payment for these remittances. It will be observed that our resources remain ahundantlyample for every contingency and while not disposed to encourage or foster speculative business, we are fully prepared to take advantage of any opportunity likely to increase legitimate transactions. It will not be expected with so large an amount of bank s resources invested in securities affording a narrow margin of profit, that the result of the past half-year’s operations can show any material increase, but our profits have been more than maintained, and that under the heavy taxation of the past year, towards which this bank has contributed nearly £17,000. 1 am odad, however, to congratulate shareholders on our ability to maintain our usual dividend and to carry forward such an amount as practically to ensure continuance of like return for the next half year. I will only add one word of congratulation to shareholders on the improved and improving condition of the colony. Public finance appears now to have attained stable and healthy condition, and with continued prudence we may reasonably hope to see tbeoreditofNew Zealand second to none of the Australasian colonies. Trade is gradually but surely progressing population fast increasing, settlement (both North and South) rapidly extending, and we have been favored with a most beautiful season in both pastoral and agricultural pursuits. C. J. Stone seconded the motion, which was carried. One of the proprietors asked for some explanation with regard to the item bills discounted and other debts due to the Bank, £6,796,416 19s. 3d. He wished to know if it would bo available within a reasonable time in case a financial crisis occurred. Mr. Murdoch. The chairman permits me to answer the question. This amount of £6,796,416 19s. sd. is invested in the ordinary operations of the bank A large proportion of it is on very short dated bills. There is no doubt ordinary accommodation ia granted to customers by overdraft, but if the gentleman wants to know if such a large amount is locked up in the bank transactions, I may say that there ia not £IOOO invested in that way ; we do not go into land operations at all.” A vote of thanks was passed to the directors and officers.