BANK OF NEW ZEALAND.

Taranaki Herald, Volume LIV, Issue 13575, 6 December 1907, Page 5

BANK OF NEW ZEALAND.

HALF-YEARLY MEETING. : " ?: (Per P^ss^ciiyoiß.r^ L WELLINaTQN, becemberT6. . ; At th"e^tijdifc-^darl|?' F «iee^ni'i i SC tBO : Bank of New Zealand the chairman referre^fiaHb^ r6clsn.t v laflaiii.:i«h©/;i*j3bei? : eff -wool", '-hgrnp, -mu-fetpn,~ "fealloir, ■ and t'elts. He did not consider the values p&q&i • 33h»-I»#VWHfc prp^bjy; immStoi fJathy withuthq disturbed st»te ti of th^.p dioneV markets ' Rates Svoula inipro'fe' tlfe'motley'^iafl^k^^^^ftlni^' financial crisis, he^pre^iccb^di %ha&Mj fie 7 per cent. Were maintained for long, money must" garden in New ZealaiffS! Tife'wfereW^ Anw»iea-w<is-ftttr-ib«ted--to-dNew--.¥wk- ■ baink^rs Wa^mgK)n A^n»rj-owjni*Bgj|n jrfj' • gold and' the encouragement *orvast credit. H£-iBMfe#WoW4» w^^in connection witbT"tTTe "systemr alldwed' by \ several large trading* Zealand, of Conlp'«ting?feJr ddpbsits and j allowing interest -on current- bank— bajj,^ ances. He had recently examTne3~the published balsince^shestsr' wf W¥ljll%os&} panics and; found thejir i^dpbte^Ba^JiW this respect was £535^516. ' : tWwsi&Ul# banks were compe^d;'t^iieepj^e^ri^^|| to the vafue of 6s 83 *m thepQundTon • .their liabilities, payable on denlaTficT, " it was only right that a similar.^ dl/E^tion should be, cast, on these comp^aaiss. It was gratifying^to " say that itie ouliness and profits of the ; Baj|k/ffllld so far been weirnj4^ains4i^iM^HKPQpsi? pects were encouraging. Mr Martin Ivennedy, who ''K&T'jdstA returned from Home, had made himself thoroughlyacquainted with their buSrn'ess fn'LD^feiff l and they would be pleased to hear they had passed practically .unscathed through the recent trying times. During the recent year realisations^oi-jH-o-perties taken over from, the JAslets. 1 Board had been effected "to tho extent of £332,646. The total left now stood at £085,565. *-" — The Board of Directors proposed to pay an interim divideend of five per' cent on both classes of shares. ' Mr Martin Kennedy, being unopposed, was declared re-elected to the Board of Directors. * — • Mr. Martin Kennedy quoted particulars of capital and reserves. of other' banking institutions doing business in the colony with a view to showing that, if £150,000 was added to the reseTtfe7~ the time had arrived for an increase of the dividend. In reply to this, tfie Chairman of Directors quoted the paid-up capital and reserves of other banking institutions as a set-off. He declared it was inadvisable to attempt to increase the dividend until such time as the reserves of the Bank of New Zealand iairlyapproached those of other institutions with which it competed. . . „„,. Mi*. Kennedy said that while the reserves of other institutions exceeded those of the Bank of New Zealandr***?" had to be remembered that their business consisted ', ,of operations' .■ wßibH largely extended throughout Australia, where there was always the possibiiityof big losses through drought. It was in Australia that the Bank of £Jew %&$£ land had lost largely in the past, and; while it still carried on business there, it now dealt in the gilt-edged class-of business. . , ' The meeting passed a 1 V6f^3f]3btia§i|!Jsj to the staff. - ' ' * \