BANK OF NEW ZEALAND.

Taranaki Herald, Volume LIV, Issue 13356, 21 December 1906, Page 2

BANK OF NEW ZEALAND.

HALF-YEARLY MEETIEG.

P«r Press , Associatipn. Wellington, December 21. The half yearly nicetinjg of shareholders of the Bank of Now, Zealand was held to-day. The Chairman of directors (Mr P.! De C. Malet) saidit was- not cusrtozn',a,i*y to submit a balaneo l sheut at this meeting, foul {?hareho!t!ers would . be pleaded to know that the Ivusmess of the Bank shows a very satisfactory, increase under all heads. The profits for the hall • year „ onded September, last were greater than those for the corresponding period last year. It was his pleasing duty to announce that an important epoch in the history of the bank was reached on, the. 1 7th .dust., when the Assets Realisation Boardi-was' dissolved. The amount of debentures issued < by the Board outstanding on that delate was £455,000. Sfihese had. since been Cancelled, and- the remaining- assets of the. Board paid to and vested in the Bank under, .the Act of 1903. -TVSth'.a ■view to removing <?very obstacle in the way of payment^' to' shareholders of some better: ■ return- by way of dividend, and of building up a sfcrpnjg reserve fund, t}he directors had given considerable consideration and thought to the affair's of thje^ Assets Realisation Board, and tbolt a'djvia&utage of clause 27 of the Act of .. 1903 to request tht) Board to transfer to the bamk all mortgage Contracts one! Ipithe^ securities foe lands Sold, and to take in exchange, debentures for a corresponding sum. The amount of theso mortgages, etc., on 31st July last was £371,4-10, andJ this sum. with: accrued interest (£5061) was paid over to the Board in form, of its own debentures^ thus reducing the outstanding, debentures from £855,000 io '£«53,000 S The total properties of the, ReaKsaiion „ Board -^ere valued b& itne iVialuerHGeneral:onthe 3Xst July, last at £500,085, and the liabilities attfce same time at £489,661, shbwinta c surplus of £20,42-4. Apart from its effect upon "the future prospects of the bank, from a shareholder's point <of . view, the ex-tuiguish-inent 1 td itKe- (Ajssei'a Board «dso covers the discKargd of thie con-tangent liability of ,r£2^680,285, r £2^680,285 incurreii by the country,. % 1896 i He congratulated shareholders of the bank and' the country on the satisfac'toryi feompletion 1 oi the transaction. The profits d the bamk for the half year justified ihe passing. K& X aiviHena o£ five per, cent', and eKouid further five Jper cent, be paid to ordinary shareholders for the next ' half-yoa-r; making io per cent, for ihe> year, pay- . meat to preference snareholders -will be 2% pejq/.oerit. additional to the five now paid/ yßeferencey Reference wae'made to the change ( in *^c nJanagers-Kiii 1 and the appointment of Mr Callender as General Manager. T-b© directors -had ' bvery confidence ,that the management w:ouJd be efficiently, and safely con.'ducted*' . ; Mr Watson, director, in returning thainiks for hi® tre-ielection, congratulated shareholder^ and thk» Goverriment on the , position attained. The' future of tho Bank was as premising > as that of any bant in the world. •' Mr -Martin Kemnedy, another director^ said thankia were due to the As- ! s<?ts Board for its' iudicioua lnanage- . ment. \ \ , Mr Beatichamp, also a «direqtor, sa^3 he hoped shareholders would 'be content With moderate profits, and build up a reserve, and thus make the Bank the strongest in Australasia. A ' vote of thanks was carried to the directors ' and staff .