BANK OF NEW ZEALAND.

Otago Witness, Volume 14, Issue 2648, 14 December 1904, Page 81

BANK OF NEW ZEALAND.

HALF-YEARLY MEETING.

WELLINGTON, December 9.

At the Bank of New Zealand meeting the. chairman (Mr Malet) said that proceedings were more or less of a formal nature. The figures for^the past half-year were quite satisfactory, as showing a continued improvement, and everything had been running smoothly. The bank had satisfactorily disposed of a few of the old assets taken over under the heading of '" Bank of New Zealand E-states Company Assets in Liquidation," and ?ince closing the books on the 31st March last, this account had been reduced by £121,000. the balance at September standing at £82.000. In 1897 this item stood at £580,065. Five thousand forfeited shares had been disposed of by tender at £5 8s yielding £10,000 for addition to the reserve fund. Iv consequence of this satisfactory result tenders had been invited for 5000 more. The chairman alluded to the successful flotation of the recent loan in London, which was an indication of an improvement in the money market, and was evidence of the confidence reposed in the colony. Mr Watson, in returning thanks for his re-election as a director, expressed the belief thac under the present management and •safeguards the intrinsic value of the bank's shares will continue to advance.

Mr Kebbcd, a shareholder, wanted to know why the date for the receipt of tenders for the purchase of forfeited bank shares had been altered, stating that his opinion was that it was done in order that the president's speech might first be given at the half-yearly meeting, and thus add a shilling or two to tho price leceived. Mr Beauchamp, on behalf of the directors, said that there was no iilterior motive in extending the time, but it had merely been done because representations were made, and it seemed desirable in the interest of the bank.

Mr Kebbc.'l asked what amount the bank was likely te lose through the reduction in the rates of exchange. The chairman said ho did not wish to question the wisdom of answering the question; but, apart from that, he really could not answer it. Mr Kebbell could understand that it was hardly possible to form an estimate yet. It would depend a good deal on the year's transactions. There were many elements that had to be considered, and it would be almost impossible to give an idea at present. Mr Kebbell thought it 'might be about £25,000 in the 12 months. It must make a very large difference to the profits of the bank.

Mr H. Beauchamp so id Mr Kefohell must recognise that it would be impossible for the executive of the Lank to foretell what the bank was likely to lose owing to the reduction of rates. There was. ofc oour?e, this aspect of the case : that with the increase in business that the bank hoped to get there might bo nothing: like tne loss that some people contemplated. It all depended on tho question whether by the reduction in the rates of exchange the banks were going to get a substantial increase of business that had been done byinstitutions outside the banks.

A mot'on of thanks to the directors for the efficient manner in which they have conducted the business of the bank was carried unanimously.

The tr-ees planted on the dredge tailings at Shcddan's claims (the Mat-aura Ensign says) are growing vigorously, and should soon convert the dreary waste into a pleasant spot again. Judging by the growth of weeds in the tailings, it should not be difficult to obtain a sward of clover or other feed plants on most of the claims where trees -are not planted. Basket willows are also spoken, of as likely to thrive amongst the stones and silt.