HALF-YEARLY MEETING OF THE BANK OF NEW ZEALAND.

Taranaki Herald, Volume XXII, Issue 2199, 6 May 1874, Page 3

HALF-YEARLY MEETING OF THE BANK OF NEW ZEALAND.

The usual half-yearly meeting of the shareholders of the Bank of New Zealand was held in the Board-room of the head office, at noon on the 29th April. Mr. G. J. Taylor, the Chairman of Directors, presided, and Mr. D. L. Mnrdooh, the Bank Inspector, read the following BEPORT AND BALANCE SHEET. Twenty-fifth Report of the Directors of the Bank' of New Zealand, to the ludf '-yearly general meeting of the proprietors* held at the Bank-ing-house, Auckland, on Wednesday, the 29th April, 1874. The direotora have again the pleasure to submit to shareholders a favourable result of another half-year's operations. The net profit at 31st March, after making very ample appropriation for all bad or doubtful dependencies, and for usual redaction of Bank premises and furniture accounts, amounts to £41,820 Bs. Bd. j to whioh has to be added a balanoe of undivided profit at 30th September, 1873, of £8,892 03. 9d., making a total available for division of £50,712 93. sd. The following appropriation of whioh is now recommended : — To payment of dividend at 10 per cent, per annum, £50,000 ( to boons of 2s. 6d. per share, eqnal to 2J per cent, per annum, £7,500; to balanoe carried to profit and loss " new account," £13,212 9a. fid. ; total, £50,712 9s. sd. The dividend and bonns will be payable at the head office, Auckland, on the 30th April, and at brauohus on receipt of advice. C. J. Taylor, Chairman. AGGREGATE BALANCE SHEET OP. TUB BANK Of NEW ZEALAND, At 3lßt March, 1874, inolnding London Office at 31st December, 1873. | Dr. £ s. d. Bank stook 600,000 0 0 Reserve fand 180,000 0 0 Notes in circulation ... 426,647 0 0 Bills in oiroulatiou ... 1,011,108 11 8 Deposits and other liabilities 3,432,601 7 9 Balanoe of profit and loss acoonnt at 30th September, 1873 8,892 0 9 Net profit for half-year ... 41,820 8 8 £5,700,969 8 10 Cr. £ ■ b. d. Coin and cash balances ... 587,090 12 10 Bullion on hand and in transit 293,601 4 2 Government pecurities ... 150,000 0 0 Notes and bills of other Banks 4,011 6 1 Landed property ... ... 24,547 5 0 Bank premises, furniture, and stationery 70,747 0 2 Insurance acconnt 2,404 0 6 Bills receivable, bills discounted, and other debts due to the Bank ... 4,568,568 0 1 £5,700,969 8 10 FBOFIT AND LOSS ACCOUNT. Dr. £ 8. d. To dividend at the rate of 10 per oent. per annum... 30,000 0 0 To bonus of 2s. 6d. p*r share, equal to 2J per cont. per annum' ... 7tCOO7 t COO 0 0 To balance carried to profit aud loss " new account," 13,212 9 5 £50,712 9 5 Cr. • £ s. d. By balanoe of profit and loss account at 30th September, 1873 ... 8,892 0 9 By net profit for half-year, after writing off bad debts 41,820 8 8 £50,712 9 5 BESERVE VUND. To balance £180,000 0 0 By balance from last state* ment £180,000 0 0 The Chairman, in moving the adoption of the report, congratulated the shareholders on the results there exhibited ; resales so satisfactory that he was sore it would not require many words at his hands to commeud it to their consideration. By comparison with the previous half-year's report the figures afforded evidenoe of a woll-eupported and increasing business. In circulation and deposits there was a Very satisfactory increase, and in Bank advances also a corresponding extension. He thought that in looking forward they might reasonably expect very goods results in the future. With the accumulation of wealth and the increase of population that was every day taking place, they might expect a greater development of tbe resources of the Colony to toko place, and, as a matter of coarse, the still further increase of business; theiefore, an iusiiiution go largely and deeply interested in the Colony as the bank, might reasonably expeot to get a fair share of that increase of business, and reap the advantages that might accrue therefrom. He then drew attention to the profit and loss account, which presents a very gratifying iiioreaee. There was no doubt that the inorease in tbe profits was attributable in a very gruat measure to the increased amount of business done during tlie past six months, and probably iv some small portion to the better rates whioh prevailed — rates whioh some lime prnvious were some two per cent. lower, but which had now been assimilated to the rates prevailing in the other Colonies. Oo that head he would say that if those rates maintained, they might look for very excellent results, and whoever might occupy that chair on the next oocaßion would have the pleasing dury of drawing their attention to a most satisfactory report. Whilst he saw that, he thought it neoessary to point out, so as not to raise expectations too high, that there was not only ri»k of disturbing the rates, but also that of increased competition. Those most conversant with the details of banking were generally of opinion that New Zealand was over-banked ; but if there was shewn any necessity for farther extension, none of them would object to the advent of another institution. Passing from matters so direotly personal, ho trotted that be might be allowed to say that it was* a source of satisfaction to witness tbe progress of the Colony, the inornaßing outlets for capital, and the comparative abßetio 1 of commercial disaster. No doubt too great an extension of barking facilities would have n direct tendency to over trading:, and instead of a boon prove a misfortune ; and he thnnght thru this wan a danger to whioh New Zealand was at that junotnre exposed; bat ns fur as the Bank of New Zealand was conoerned, he would state that the policy of the directors wjis, that whilst determined to extend all legirimn'e facilities for business?, they would not lend themselves to asmst in the dangerous inflaiiona of the trade of the Co'onies. He then congrntnlated them on the snooena and prosperity which attends the institution, And begged to move thnt the report be adopted. Dr. Campbell seconded the adoption of the report, which motion was carried nnanimonily. The next bnsineßS the ohairman announced to be the election of n director in the room of the Hon. James Williamson, and, Mr. Thomas Russell being the only candidate, he was declared dnly elected. The chairman stated that they had reoeived telegraphic intelligence from England which led them to oxpect Mr. Russell to arrive here in June next, and added — " I can only say, on behalf of the directors, that wo shall be glad to welcome him amongst us, as he is a very able director, and one who takes a great interest in the bank." A vote of thanks to the directors and offioera concluded the business.