THE BANK OF NEW ZEALAND.

Otago Witness, Issue 2167, 5 September 1895, Page 36

THE BANK OF NEW ZEALAND.

THE ANNUAL MEETING.

Wellington, August 30. The annual meeting of the Bank of New Zealand, held this afternoon, was attended by about 30 shareholders. Mr Watson (the president of the bank) was in the chair.

The fallowing report! and balance sheet were read : —

The directors submit balance sheets for the year ende i Mtrch 31 last. It will be seen that it is necessary to make provision for ba>i debta to the extent of £376,898, after writing off reserve funds £45,000 nnd baUuoc of profit and lose £18J. The retiring directors are Mtaisra Booth and Macarthy, who are the only ouididates. Daring the year branches wete cWed at Cromwell, Sydenhatn, D^rgaville, Uuss«tU, Kawakawa, Aratapu, Shannon, aud Newctmtle (Sew S-.uth Wuled). The biiMiiesH of other banks at Wbangarei und Taili\uig.i was taken over.

Balance Shebt. Liabilities. Capital. 4 per cent, guaranteed stock ...£2,000,000 0 0 100,060 shares at £5 53 each ... 525,000 0 0 50.000 -hares at £7 10j 375.000 0 0 CM of 1895 account 15D.745 9 2 Total £ 3,059,745 9 2 Reserve fund 45.000 0 0 Notes in circulation 4*58,15)5 0 0 Bills payable 1,486,891 S 5 Depobits and other liabilitiei ... 7,222,001 16 1 Balance profit and loos ... ... 383 11 1 Total liabilities £12,282,510 19 9 Assets. Coin and cash balances 1,302,000 5 10 Bullion »2,185 3 11 Investments BSO/213 0 4 Bills receivable and discounted... 2,112,347 13 0 Other advances and securities and debts due to the bank ... 5,203,419 13 10 Estates Company shares, par value, as per statute 1,850,000 0 0 Land property, bank premises, &C 419,931. 2 10 Bad and 'doubtful debts, £422,281 ; deduct reserve fund and profit and loss balance (£*5,353 lie » ~v» o Id), leaving the net amount ... .1/6,897 811 Total assets £12,252,416 19 9 The profit and loss account, which on March 31, 189*, showed a credit balance of £37,739 17b Id, shows a loss during the past year of £37,356 6-!, W.viug a balance of £383 lla Id. The iV< .-iil-11% ia m ving the adoption of the report, e*i.l : The bailee sheet and import of the dirtcto.'S is j o.v in jour hnn<!s. In view of 1b.9 measure before Parliament, ami tha very full discussion on tbe figures of both tbe bank and the Estate* Company at present going on, your dinc'ors think it wouli b9 out of place to-day tj discaas the bank's fcffdirs or to pass any resolutions regarding tbcm bcyoud tha necessary e'.ection of diieutor3 iv the room of those who have retired. A3 otated in fcho report, Messes W. Booth and

T. G. Macarthy are the only candidates, and ai they have complied with the necessary formalities I have to dec' are these gentlemen duly elected. I now movo that this meeting do adjourn until Friday, Bsp'ember 6, at 3 p.m., and I may state tb.it the directors then propose to enter exhaustively into the whole pesttion of the bank.

The report was adopted. In answer to a question, the Frendent said the shareholders would still be shareholders if the bill passed, and questions asked next Friday without notice would be answered if they did not affect the stability of 6he bank. The motion was then agreed to.