THE BANK OF NEW ZEALAND. HALF-YEARLY MEETING.

Otago Witness, Issue 2244, 4 March 1897, Page 23

THE BANK OF NEW ZEALAND. HALF-YEARLY MEETING.

At the half-yearly meetiog of the Bank of New Ze»land Mr Watson (president) said :—: — The present meeting is called merely for the purpose of complyiug with the bank's deed of settlemsnt. There is no business for the meeting to do, and there is nothing for me to say beyond that the business of bank is going on smoothly, and, so far as we know, successfully. Since the payment of the Estates Company deb?ntures in June last the finances of the bank have been in », good paying condition, and consequently the inoome for nine months out of the 12 ending 31st March, 1897, will have participated in an altered and improved condition of things, and the proflb. therefor to bo ascertained after the balance of the 31st March, 1897, will afford a fair, although not a complete, indication of what the bank may be expected to do in the future. I nay not complete, because fixed deposits bearing high rates of interest have yet to run off, whilst lower rates already rule for advances. The Auckland Agricultural Company has already been pit into liquidation, and measures aro now being taken to liquidate the Bank of New Zealand Estaten Company also. By these means we expect to effect a saving of at least £2500 par annum. Money invested, in trading concerns is being gradually leased. One of the largest of thesii trading concerns has during the present halfyear been arranged to be sold, whilst we are it treaty for the sale of one or two others. No effort has been cpared to geb rid of them, without, however, undue sacrifice. Beyond a few trifling amounts, we are not aware of any bad debts incurred during the half-jear, and we believe trade generally to be sounder and bank* ing accommodation in the colony to be conducted on a much safer basis, if lesi profitable for the moment, than what was formerly the. case. There was no dAustion, the proceedingi being merely formal.

The Agricultural Hall is to be opened on the anniversary of her Majesty's accession. Louis Ehrentried, the well-known Auckland brewer, ii dead. He .hud been ill for weekf from a complication of diseases which bameo, the doctors. He was formerly in business Oft. tho Otago and West Coait goldfleld*. Shareholders in the Otago Daily Timsa aad Witness Company can now oWftiA disi&fiß^ vr&vtatitß for the half-year.