Bank of New Zealand.

Poverty Bay Herald, Volume XVI, Issue 5463, 1 May 1889, Page 2

Bank of New Zealand.

Auckland, 10-cky. At the Bauk of New Zealand meeting, the Chairman, in moving Ihe adoption of bhe report, s\\>\ the :iiii.*>uns of nel profit earned during t!i3 lnif year showed an increase of i.'IO,OJO on the previous half year. This better result was due to some extent to the new capital employed, but it only became available as the half year advanced, and the effects should lie more marked next term. The proiit^ were curtailed by the desirability of maintaining thu Bank in a strong position. The new capital was all subs'jrioed, but was only available for part of the half year. The coin cash balance of t'2,290,000 was the same as iv the September half year. The money at short call and bullion showed a decrease of £-150,000, but this was more than made up by the increase in bills receivable. The London deposits show a decrease of £000,00, owing to withdrawals in London, which were expected to take place in the early part of the period. The deposit busines s was now improving. The signs of returning prosperity, referred to last half year, were more pronounced. The good harvest, revival of the nax industry, remunerative prices for produce, and increased land settlement pointed to a steady growth of prosperity, in which the Bank will participate. The report and the amendments in the 'iced of settlement were adopted. A discussion followed as to whether the share register should be open for inspection. The directors thought it should not. The question was allowed to 3tand over, in order that notice be given of a resolution to have the register open as in other colonies. Mr liull was re-elected a director.