BANK OF NEW ZEALAND.

Otago Daily Times, Issue 11046, 25 February 1898, Page 5

BANK OF NEW ZEALAND.

HALF-YEARLY MEETING. (Pur United Pbess Association.) Wellington-, January 24. The half-yearly meeting of the Bank of New Zealand was held to-day. Twenty shareholders were present. Mr W. "Watson (president) occupied the chair. The President said : This, as you are doubtless aware, is ouly the half-yearly meeting, which is held in conformity with the deed of settlement. Accounts ior the whole -year will be made up as soon ss possible after the 31st March, and the balance-of profit; will be made known to you most prob&bly in-June, as Che balance sheet has to be presented to Parliament within 10 days after the commencement of the session. Iv the meantime I may state that the ascertained profits for the fir»t half of the financial year exceed those of the same period last year. Cheapness of money and keen competition in business at many points may reduce the profits for the second half below the usual level. It is yet too" soon to make a reliable estimate for the year, but we expect at least to pay off alt arrears to the Assets' Board, which; with the sum thendue, will amount at the 31st March,. 1898,. to £74,900, and. whatever net, profits there may he in excels of that amount will go as a dividend to. shareholders until they receive a rate of 5 per cent, per annum on the second call paid by them. The live business of the bank is being well maintained, which, in view of the low prices for wool and meat?, is very satisfactory. Statistics for the year 1897 show the Bank of New Zealand heading the list for the first time as shippors of wool from the colony, and this may be taken as an indication that farmers and settlers have confidence in u», and are, satisfied as to the manner in which, we do their business. Rsaligatron of the properties is being steadily proceeded with. Small properties are being constantly sold, and ;we are always in treaty for the sale of some one or other of the larger properties. Some of the trading concerns as investmeßts should commend themselves to the public, and be moro'nafe find remunerative to investors at reduced" values than untried ventures; but there.is a glamour about the untried which operates largely against our sales, lhe trading concerns which we have sold have given every satisfaction to purchasers. There is ho special business to bring before the meeting. I conclude by expressing the strong hope that on future occasions of this kind we shall not come before you with empty hands, which the immense leeway we have, had to make up has compelled us to bring hitherto. The meeting was: confined to the reading of the president's address; no comments being made, and it almost; immediately adjourned.