BANK OF N.Z.

Southland Times, Issue 22915, 13 June 1936, Page 5

BANK OF N.Z.

Annual Meeting CHAIRMAN’S REVIEW (Special to The Times.) Wellington, June 12. The annual meeting of proprietors of the Bank of New Zealand was neld to-day. The chairman of directors, Sir George Elliot, presided. “During the year under review, the total amount of our notes presented for payment was £179,326, the amount of unpresented notes at March 31 being £324,452,” said Sir George in moving the adoption of the report and balancesheet. “In compliance with the terms of the Reserve Bank of New Zealand Act, 1933, the face value of our notes outstanding on August 1 next will be paid over to the Reserve Bank. Deposits, £35,740,430, are higher by £2,541,817 than a year ago, the greater part of this increase being in Current Accounts. Coin, Reserve Bank notes, and deposits with bankers stand at £6,913,141. Money at call and short notice, Government securities and other securities in London total £8.172,420 — an increase of £586,952. “Bills receivable in London and in transit show an increase of £799.333, which is mainly accounted for by larger shipments of wool and the higher prices ruling. New Zealand Government securities, £3,397,058, show an increase of £249,386. Australian Government securities are less by £264,326. Advances and bills discounted, etc., £22,179,373, are more by £688,642 than a year ago. The Dividend. “An interim dividend t>f 5 per cent, on ordinary shares was paid in December last. A further 5 per cent, is now being paid, making 10 per cent, for the year. The dividend on ail classes of shares will be payable in Wellington to-morrow and at branches on receipt of advice. The dividends which the various classes of shares will have received for the year will be: —

“The term of office of Mr William Watson, one of the two representatives of the ordinary shareholders, expired on March 31 last, and he was re-elected unopposed to the position. Mr R. W. Gibbs's term of office will expire on March 31 next, and he will again offer himself for re-election. The term of office of Sir Harold Beauchamp and Mr Oliver Nicholson, two of the Government nominees on the board, expired on March 31.

“Sir Harold Beauchamp’s connection with the bank has been an outstanding one. A nominee of the Government to the board on its reorganization in 1898, Sir Harold was a director for over 37 years, 15 years of which he was chairman. The bank, when he became associated with it, was still suffering severely from the depression of ihe ’nineties, and he took a prominent part in guiding the institution from a position of weakness to one of great strength. His reappointment to the board by successive Governments indicated the high esteem in which his abilities were held. The board has placed on record its appreciation of Sir Harold’s valuable and distinguished services to the institution over a period of so many years. Mr Oliver Nicholson joined the board in 1924, and was chairman for the financial year ended March 31, 1933. The board has also recorded its appreciation of Mr Nicholson’s valuable services to the bank during his period of office. The Staff. “The management of the institution is being most ably conducted by Mr F. W. Dawson and the high officials under him. Mr Dawson is proving a worthy successor to the late generalmanager, Sir Henry Buckleton. The managers and officers at the various branches, as well as those at head office, are carrying out their duties in a highly satisfactory manner. They are thoroughly loyal and are enthusiastic in

promoting the welfare of the institu- I tion. < “It is pleasing to note that we con- t tinue to receive appreciative remarks I from customers and New Zealand v visitors to London regarding the ser- t vice and attention they receive at. r our London office. It is the aim of our « manager there, Mr D. F. Reid, and his c staff, to assist visitors in very way pos- ® sible, and we are glad that the friendly * atmosphere of our London Office is so I frequently and favourably commented ? on. ' “The tourist business is one of grow- * ing importance to New Zealand, and F I may mention that this bank has full facilities for arranging and meeting the financial requirements of the travelling public and of overseas visitors, and our £ staffs in New Zealand, in Sydney, Melbourne, and the Islands, as well as in p London, are pleased at all times to extend to visitors every courtesy and at- [ tention. s New Legislation. t “At the general election in November . last, the Coalition Government was overwhelmingly defeated, a large ; majority of the constituencies return , ing Labour members; and for the first j time in the history of New Zealand, a , Labour Government is in office. The ' Government has already taken steps to ' implement by legislation its election c platform, and the Reserve Bank of New ' Zealand Amendment Act has been ' passed giving to that institution (now made a State Bank) full control over ( the credit and currency of New Zea- e land. “A Primary Products Marketing Act hafi also been passed, giving the Gov- t ernment control over the Dominion s j exports, though its guaranteed prices 1 and marketing proposals are to be 1 applied at present only to dairy pro- i duce. r “Some of the legislation directly at- ; fects the trading banks. For instance, < they are to lose from August 1 next the f

handling of the exports of dairy produce, and should wool and meat come under the Government’s guaranteed price and marketing scheme, the effect would be that the banks would be en • tirely deprived of the normal means of replenishment of their London funds and would have to purchase all their exchange requirements from the Reserve Bank of New Zealand. I need hardly say that the Government’s proposals in this direction will seriously affect an important branch of the trading banks’ business, a business they have developed and carried on since the earliest days of banking in New Zealand.” The motion was seconded by Mr R. W. Gibbs and carried. A vote of thanks was passed to the directors and the staff. The chairman thanked the shareholders for the vote of thanks they had passed to the directors. It was pleasant, he said, to receive the appreciation of shareholders of the efforts of the directors and the staff. Thanks were also returned by Mr Dawson, the general manager. He said he was sure the staff would stand by the bank at all times. The managers had had a most difficult time during the past few years and he thought they had carried out their duties exceedingly well. From time to time he had received letters from the bank’s customers voicing their appreciation of the services of the staff. Mr William Watson, the shareholders director, returned thanks for his reelection.

Per cent. A. Preference 10 C. Long-Term Mortgage 6 D. Long-Term B. Preference Mortgage 7 J 7.27 Ordinary 10