BANK OP NEW ZEALAND.

Taranaki Herald, Volume XVI, Issue 824, 9 May 1868, Page 3

BANK OP NEW ZEALAND.

We havo condensed the following report of the half-yearly meeting of the above Bank, from the Jferald of tho 30th ultimo :—: — Tho thiitieth half-yearly meeting of the Shareholders of tho Bank of New Zealand was held on the 29th ultimo, in the new building, Queen street, T. Russell, Esq., Chairman of the board of director s presiding. After the preliminaries of opening tho meeting wore concluded, Mr. Murdoch (Inspector) read the following report of the Directors :—: — •' Tiio depression which has continued throughout New Zcnland during the past six months, aud the increased caution nucossarily exercised in the prosecution of tho Bank's business, havo temporarily 'diminished profits, a result which tho directors doubt not lias boon anticipated by most of the proprietors. After providing for all bad and doubtful dependencies, and making the usual appropriations in reduction of Bank premises and furniture accounts, the not profit

The Chairman after congratulating the shareholders on meeting for the first time in their new promises and adverting to the depression that existed throughout the Colony in common with other countries, which he behoved, (though the ordeal had been severe) would be attended with good re<?n!N for the future. He thought a m>u rider state of things would follow, a sounder method of things would prevail, and a safer and wiser descrimination in giving credit would afford a mora secure foundation for the operations of the Bitik than uxisied in the past. The depression liad producud morn sober views in the minds of men of the value of property, and a cheaper rate of living and bboßr had tended to d'-velope the resource? of the Colo'iy, such as the Tluunos gold-liuM and other industries, which promise ii!> no distant diitu to place Now Zealand in a butter position than phe had occupied for years past. The accounts show that they recommend a dividend of J5 per cent. The report stales that they adopted a policy of caution. They might have had larger profits if they had not held over largo balances and had risked the shareholders money, but .he thought, having regard for the exceptional character of the last six months, they would have made large* losses. Taking into account the circumstances with which they had to deal, they determined to keep monej' icllo rather then risk it for the simple purpose of attompting to make largar profits. The accounts show chat they could pay 17 por cent., but tboy relied on their supporting tho policy of caution, which they had followed in tho past, and of not dividing tho last shilling. The figures before the shareholders showed that the operations of the Bank had become very largo indeed, assets being represented by the figures £3,698,757 ■; and*for this vast sum a eafo aud profitable investment mast bo found. Those operations were spread over the entire Colony of New Zealand, and conducted by a multiplicity of agents. Taking into account the laige transactions, tho vai ious c'.ifficukies with which they had to deal, and tho exceptional character of tho times they hud past through, he thought he might fairly congratulate them on the successful issue up to tho present-

of Iho Bank's operations. Tho losses of tho Bauk had been small, considering tho vory ! large business they wore doing. In rospect to tho future they would adopt tho samo policy of caution aud carefulness which they had adopted during the past. Tho report showed the largest bank business dono in New Zealand, holding the first position in all tho towns and cities — and enjoying the confidence of tho public. They had a Board of Directots who were deeply interested iv the prosperity of the Bunk, having an interest in its prosperity beyond that which mere money gaye — -"and they had a staff of officers who combiue care, judgmont, and zeal iv their management of the Bank's operations. A comparison of the figures in this balance sheet with that of the last half-year showed a largo incroaso in the doposits. In better times ho thought they might fairly look to this sourco for increasing the future earnings of the Band. Tho Chairman then moved the adoption of tho report for the past half year, which was unanimously carried. The meeting then proceeded to elect a director in the place of Thomas Ilenderson Esq., disqualified by absence from the Colony, and James Williamson Esq., boing the only candidate was unanimously elected. A vote of thanks was thon moved to the Chairman, directors, and officer of the Bauk, » hich was suitably responded to. Mr. Murdoch (Inspector) remarking that though' a slight decline was observable, it was not due to any want of ability, care, or zeal on the part of the officers, but, as the Chairman had indicated, to the depression of tho time just past." This concluded tho business of tLo meeting.

amounts to £23/124 4 3 To which has to bo ad Jed the balance of undivided profit at 30th September IG,IIB G 4 Leaving now available for division £-15,512 10 7 Of which tho directors reeotnmeud the following nppropriaiion :—: — To payment of dividend, attlio rate of 10 per cone, per annum ... 25,000 0 0 To bonus of 5". per shave, equal to 5 por cent, por annum ... ... ... 12,500 0 0 To balance carried to profit and loss new account 8,042 10 7 £45,542 10 7 " The dividend and bonus will bo payable at ht'iid oliioe, Auckland, on Friday, the Ist of May, and at branches on receipt of udvioe. " For tho Board of Directors. " Thomas Eusskld, President." " Aggregato Balance-sheet of the EankofNew Zealand at Slsfc March, 1868, including London Office Balances at 31st December, 18G7. Bit. £ B . d. Bank .-tock 500,000 0 0 Reserve fund 150,000 0 0 Notes in circulation ... ... 305,288 0 0 Bills in circulation 771,182 14 10 Deposits and other liabilities... 1,920,741 14 3 Balance of profit and loss account at 30th September lasb 16,118 6 4 Net profit for half-year ... 29,424 4 3 # £3,098,757 19 8 Cr. £ b. d. join and cash balances at London bankers 393,056 9 11 (Bullion on hand and iv t ran situ 174,030 0 1 3overnment securities ... ... 457,000 0 0 S'otes nnd bills of other Banks 2,6<J3 11 G Lianded property 21,064 10 6 i-d.uk premises, furniture, and stationery 81,096 9 4 [nsurauco account ... ... 3,740 7 6 3ills receivable, bills dis- — ■ counted, and other debts duo the Bank 2,364,920 10 10 £3,698,757 19 8 PROFIT AND LOSS ACCOUNT. Dr. £ s. a. Co dividend at the rate of 10 per cent, per annum... ... 25,000 0 0 Po bonus of ss. por share ... 12,500 0 0 L'o balance carried to profit and. loss now account 8,012 10 7 £45,542 10 7 Cit. £ s. d. 3y -balance of profit at 30th September last* IG,IIB G 4 3y net profit for half-year, after writing off bad debt 3 ... 29,424 4 ,3 £45,542 10 7 RESERVE FUND. Dn. • £ b. d. t"o balanco 150,000 0 0 3y balance from last statement 150,000 0 0 " .Tajiks Robertson, "| „-„ „ " Wm. Iknbs Taylor, f Audltora -