BANK OF NEW ZEALAND

New Zealand Times, Volume LXXIV, Issue 4883, 7 February 1903, Page 7

BANK OF NEW ZEALAND

HALF-Y MARLY MEETING,

Yesterday, the iniif-yearly general nicotine of shareholders of the Bank of Ziaiand v,as hold lit i in; Ijuaitl-1-OUill, Laudßou quay. .Mr F. do C. Maid (chairman) preside<l, and Idio other directors ijrc.sont were ;’^i r ,/uiuos i’runild'gad, Messrs fdilno, Ifonnody and Watson. Tlio chairman delivered the following address: —Von have boon reminded at previous gatherings of .shareholders at lids time of year Unit our February nicotines arc. to a largo extent, formal, and it is. perhaps more so on tins occasion as, tin l one dmy of importance,Urn election of a director Lo represent the inti rest of shareholders is • mcontested.

as the director already ill oiiiC'' —-M r ’William Watson—is the only gent lenian nominated for the position. flowcver, I think it Ijy no means an undesirable circumstance that our deed ot sell. lenient, while net. providing lor liie production of any accounts at I his meetin'.;, nevertheless neee.sltales its liein;; held. It affords ns Urn opportniutv or reviewin'; our surreiiufUri'.;s, and of forming some idea fn;m tue i'e,.idts of the ha!f-vear (puling on the 30Ui September, as to what the working for Urn twelve months is likely to produce; and here, without piling into details, hd: me say 'that the six months ended 30 oh ■Sep!ember last have been extremely fii'. oura.ble from a banking point of view, arid I have no reason to doubt but ( bat. at I be 3l'st .March next we shall be able lo exhibit as satisfactory a lia lance-sheet as on last occasion. These remarks are, of course, wtbjoct to the contingencies always liable to arise in (ho working of so large an institution as tlnx Bank of New Zealand, but, to date, everything points good year being completed with the close of next month. V.ben we met m February last wo bad to deplore the very iiufavmiral ic condition of the wool market, Since then as yon aro iiwa.ro our chief staph' of the colony has Tandy improved in value as compared with twelve moiilbs ago. a, condition of t hings which is a mat t er for sinc n ro congratulation. , The market for most of our other products is, if anything, in a still more healthy condition, and imlionhtedlv Mm farmer ah the present time is carrying on his business under most favourable circumstances. _ -- r r> one will grudge him the better times upon which be lias ot late fallen or the general prosperity which is now attend, big Urn conduct of bis busine"s in all directions. Since we last met one of tlio most disastrous droughts- ever experienced in Australia has. in a- gloat yi ensure, broken no, and tliongb tlio bank is not directly interested lo any extent in the industries affected bv such a condition or things in those colonies, it. is indeed most satisfactory to bear thch the late deplorable state of affairs is passing away. It is gratifying to your directors to see that the shares of the bank which for many years were looked upon ns a liability rather titan as an asset, aro now in good favour.and a,rc> again being so'ught after at par or slightly above' that figure. This fact In itself is good evidence amongst others of the credit which the Bank ot New Zealand now enjoys. Since onr last balance-sheet was issued wo have availed ourselves of all openings whore, in the interest, of the settlers and with a dm' regard to the welfare of the institution, branches of rho bank could be established. Hero lot me say a wprd to those mho from time to lime are good ernm-h to bring under tlio notice of the directors what they believe to hi' premising fields for the establishment or an office in one part or another of tlio colony. It is not desirable that a bank shall "be -established in a district until pherc arc at any rate reasonable indications that, if not immediately, yet at an early date at least, expenses will be paid. ' Those who hove an intimate knowledge of the colony will, I think, jio doubt bo prepared to admit that the Bank of New Zealand has in_ the past stepped in and granted banking facilities in districts which, out for action ou its part, would at the present time have been left, without a bank. Wo aro pleased to find that the judgment of the directors has in very few instances been at fault. It is a very rare occurrenco for tho bank to find it necessaiy to withdraw on account of insufficient support after it has cnco decided to establish a branch in any particular district. It might perhaps bo expected that I should say something regarding tlio proposed arrangements of the bank in connection with tho maturing guarantee, and other matters affecting it n its relations with tho Government of tho colony. There matters are now under consideration, and wo have no doubt that satisfactory arrangements will bo made both in tho interests of tho bank and tlio colony. On tho 9th of January last, Mr James Embling tendered the resignation of his office of general manager of the bank, as from the 31st of that month. -The directors, at a mooting of tho board hold on the first mentioned date, accepted tho resignation with great regret, and in doing so placed oa record their very high appreciation of tho valuable services rendered by Mr. Embling, in tho various offices which ho liars filled in tho employment of the bank, since tho year 1875, when ho entered its service. Mr Embling some years back attained the ago after which lie was entitled to retire from the service, upon tho pension, provided by tho regulations which govern tho administration of tho Bank of New Zealand' Officers’ .Guarantee and Provident Association. I am expressing my own feelings, those of my brother directors. and I am confident stioh of tho shareholders and tho public who have tho pleasure of his acquaintance or hare had business relations with. him. that Mr Embling may long be spared in the enjoyment of good health, to spend with comfort after a long and honourable career in tho service ot the hank, the leisure and rest which he has so deservedly earned. No appointment to tlio vacant office has, as yet, been. made. But I can, with confidence, assure the shareholders, tho customers of the bank and tho public, that the directors have taken most satisfactory steps for the conduct ct the responsible duties which attach to tho post of general manager of so largo and important an institution as the Bank of Now Zealand. Air Alexander Michie, the manager of tho branch at. Dunedin, an officer of very wide experience, and one who enjoys tho entire confidence of tho board of directors will, in tho meantime, administer affairs at the head office. I may mention, incidentally, that Mr Michie lias acted in tho same capacity on a former occasion to tho entire satisfaction of the board. As I have already stated, the only business yon are called upon to transact to-day is the election of a director, and I have pleasure in declaring Mr William Watson, tho only candidate nominated, to ho duly elected. I have to mention, with deep regret. that wo have lost ono of our London directors, Mr Even, partner in the firm of Sargood, Son and Ewen. who was known, no doubt, to some of you in tho room. Me has been for many

years on the London hoard, and was a man of great experience, and the directors of tins bunk set great store on his knowledge. He was thoroughly conversant uilb the nature of the biisivri; transact. I am sum lam only expressing cno view of the shareholder*, dir'molami all luLcre.-ff-ed in the prosperity of the bank in saying that we .ciy much d' ploiu tho loss of our valuable cole. ague. rir ’da!son, in returning (hanks for hi, rc-elec! ion, desired to take tlio opportune./ of thanking the numerous sinn holders of (In,- I'idted .Kingdom wno had sent him their proxies. A.s acheering word to them, he might menriini Unit the present trice of their shares was very' firm in tins market, lie'y were quoted that day at £3 11s. buyers, lie wished to let dm shareholders in New Zealand and .Australia know that the rea.-on he did not ask lor their proxies on tins occasion was 1 In', t- tie to was no- oppos'd.ion to Ids candidature. it only remained for him to say (hat lie would continue to do Ids best for (be sliar'-bdders. (Applause.) Tbe chairman: 1 don't think tlm-re is much controversial me Her in what has been. said. (.Laughter.) Mr T. W. McKenzie expressed the pleasure it gave him to propose the usual complimentary vote of thanks to the cliairman, heard and officers of the ban!:. Ho tbongbl the shareholders owed their gratitude to the directors and officers for the manner in which they had conducted the business of tho bank. (Applause.) Air C. T. Richardson seconded tlio mol ion, which was carried with acclaii"i i ion. The cliairman. in acknowledgment, IV.If sure he could say, on behalf of his colleagues, that they would continue to conduct, the business of the Jjank on (he lines calculated to ensure increased prosperity. They knew they started on the right track, and meant to carry it out; ami with good times and fair luck they Imped t;> meet tlio shareholders wit'll smiling faces later on. They were going in the right direction. Of course. Hie unforeseen might happen, but, if it did, he felt assured it would bo more prosperity. (Applause.) Tho meeting then adjourned.