BANK OF NEW ZEALAND.

Stratford Evening Post, Volume XXIX, Issue 99, 16 June 1911, Page 4

BANK OF NEW ZEALAND.

ANNUAL MEETING. (Per Press Associao ; on.; Wellington, Juno 16. At the annual meeting of the Bank of New Zealand to-day, the chairman, Mr H. Beauchamp, said the reserve now stood at one million pounds, half, which was in British Government securities. The deposits had increased by £3,199,066, and bills payable and other liabilities by £292,503. Coin, bullion and money on short call, etc., showed an increase of £2,818,595, now being £6,710,239, coin and cash balances being £3,249,290, the total under this heading being 671 per cent, of the bank’s liabilities. 'The investments in tiie colonies totol £1,338,010, an increase of £193,265. As a result of renewed activity ’ generally, advances and bills discounted had .increased by £989,544, which showed that the hank was getting a fair share of the business offering. The Assets Realisation Board’s assets showed a steady and satisfactory reduction. The profits for the year, after paying guaranteed stock, interest, and allowing the necessary appropriations amounted to £295,270. He advocated a policy of economy and caution for the ensuing year. The trade returns were not as encouraging as one could wish. Although they were not actually disconcerting, they pointed to the possibility of some little stringency in the near future. The ox■poiis for 1910 increased by £29,818, and the imports by £2,611,215. In four , years, to March, 1911, the imports were valued at £65,939,067, and the interest due on the public debt for the same, period was approximately £14,000,000. New Zealand had, therefore, to find the sum of £79,939,067 j but the exports for the same period only totalled £77,596,252, shows a deficiency of £2,342,815. The main cause of the deficiency was the smaller amount received for the wool clip, a smaller quantity being shipped. Dairy produce showed a shortage in the first four months of this year, the decrease in butter being 79,816, and cheese 65,709. Unfavourable weather was accountable for this. The exports of frozen meat had increased this season. Thera was no doubt an abundance of money available in New Zealand. The scope for its employment, however, was restricted. The immediate outlook, speaking generally, was by no means unsatisfactory. Trade and commerce the world over appeared good—money everywhere, and reasonably cheap. Excepting in 1998 and 1909,' the profits this year were greater than any previous year. To mark the jubilee year, ar bonus of 10 per cent, had been paid -to the staff.