Commercial Intelligence.

Timaru Herald, Volume XLI, Issue 3302, 28 April 1885, Page 2

Commercial Intelligence.

BANK OF NEW ZEALAND.

HALF-YEARLY MEETING. The half-yearly meeting of the shareholders of the Bank of New Zealand was held at the Banking-.house, Queen street, Auckland, on April 22nd, Dr J. L. Campbell (Chairman of Directors'), presidjng. There was a large attendance of proprietors. Mr D. L. Murdoch, General Manager, read the minutes of the last annual meeting', which ■were confirmed, also the report and balancesheet, as follows : — Forty-seventh Report of the Directors of the Bonk of New Zealand, to the Half-yearly General Meeting 1 of the Proprietors, held at the Banking-house, Auckland, on Wednesday, the 22nd April, 1885. The Directors submit to Shareholders the following as the result of the past half-year's operations. The Net Profit for the halfyear ended 31at March, after full appropriation for all known bad and doubtful debts, and m reduotion of Bank Premises and Furniture Accounts, amounts t0... .£79,0-18 0 9 To which has to be added — Balance from half - year ended 30th September,lßß4 21,093 17 7 Giving a total, available for division, of £100,111 18 4 Which it is proposed to appropriate as follows : — To Payment of Dividend at the rate of 10 per cent per annum ,£50,000 0 0 To Bonus of 5s per share, equal to 5 por cent per annum ... 25,000 0 0 To Balance carried to Profit and ■ - • Loss New Account ... 25,141 18 4 £100,141 18 4 The Dividend and Bonus will be payable at the Head Office, Auckland, on Friday, the 24th instant, and at Branches on the receipt of advice. For the Board of Directors. J. Logan Campbell, Chairman. Aggregate Balance-sheet of the Bank of New Zealand at 31st March, 1885, including London Office at 31st January, 1885. Liabilities. Dr. £ s. d. Capital paid-up 1,000,000 0 0 BeserveFund 625,600 0 0 Notes m Circulation 532,060 6 0 Bills PayableinCirculation... 1,853,274 5 0 Deposits and other Liabilities 10,750,649 4 11 Balance of Profit and Loss ... 100,14118 4 £14,861,125 8 3 Assets. Cr. £ a. d. Coin and Cash Balances at Bankers 1,383,475 I S Money on Short Call m London 135,157 11 6 Bullion on hand and m transit 278,908 1 11 Government- Securities ... 883,877 19 11 Bills Receivable and ties m London 1,958,235 10 8 Bills Disconnted, and other Debts due to the Bank ... 9,913,446 14 3 Landed Property, Bank Premises, &c 308,024 2 7 £14,861,125 8 3 Profit and Loss Account. Dr £ s. d. To Dividend on 100,000 shares . of £10 each, at rate of 10 per cent per annum ... 50,000 0 0 To Bonus at the rate of 5s per share, equal to 5 per cent per annum 25,000 0 0 To Balance carried to Profit and Loss Now Account ... 25,14118 4 £100,141 18 4 Cr. £ s. d. By Balanco from half-year ended 30th September, 188-1 21,093 17 7 By Net Profit for half-year ended 31st March, 1885 ... 79,048 0 9 £100,141 18 4 Reserve Fund. _ Dr. £ a . a. To Balance 625,000 0 0 Cr. £ s . a. By Balance from half-year ... 625,000 0 0 We hereby certify that we have examined tho Accounts of the Bank of New Zealand for the half-year ended 31st Maroh, 1885, and that we have counted tho Cash Balances and examined the Bills and other securities held at the Head Office, and compared the returns of tho Branohos with tho Statements m tho foregoing Balance-sheet, and havo found tho uamo to be correct. (Signed) J. L. Wilson, ) a^j-j^.,. A. K. Taylob, } Auditors. The Chairman, m moving the adoption of tho report, said: Gontloraen, — In rising to movo tho adoption of the report and balancesheet, which have just been read, I will, as nsual, _ shortly comment on the figures contained m them, and on the general condition of business since wo last mot. Looking to the debtor or liability sido of tho balance-sheet, and contrasting tho figures with the previous half-years statement, the capital and reBefrre fund remains as before. The ciroula-

idon shows a slight expansion, but so slight as scarcely to be noteworthy. The bills payable exhibit an increase of over .£400,000, consequent on the more active exohange business pertaining to this season of the year. The deposits and other liabilities are increased by over .£250,000, and tho balance of profit and loss is greater by .£4OOO. On the credit or assets side, the available resonrces of the Bank, whioh comprise, coin and cash balances at branches, money at short call hi London, bullion, Government securities, and bills receivable, etc., m London, are greater by over .£300,000. Bills discounted, and other debts due to the Bank, are increased by £400,000, and landed property, Bank premises, etc., are also increased by .£II,OOO. This last account will probably m next balance-sheet exhibit a larger increase, as we have acquired the freehold premises m Sydney recently occupied by the Oriental Bank, a purchase necessitated by the too limited space m our own premises and the rapidly-growing business of the Bank m that city. ■It is, however, anticipated that by sale of our present freehold, and a portion of that acquired from the Oriental Bank, and not required for our own purposes, no large addition will ultimately result to Bank premises acconnt from this pnrchase. We have also obtained m Melbourne the leasehold premises recently occupied by the Oriental Bank, m the most commanding sifo m Collins streot, but this, though contributing largely to the prominence of the Bank, and to its capacity for doing an increasing business, will not involve a charge to premises account. When we last met I expressed some confidence that there would be an early and marked improvement m general business, and though this has m some measure been verified, there have been adverse compensating influences whioh have, m a great measure, nullified the improvement. Bountiful crops have been partially damaged by weather, and prices have continued to rule very low. Increased shipments of wool and frozen mutton have also been subject to the present long-existing wave of low prices which appears to affect every industry ; but though at tho moment it is difficult to see from what source improvement is to ariso, it would be against all past experience to believe that products can long remain saleable only at little over the. cost of production, and I can but express a hope that it will not. be long before you are congratulated from this chair on a marked change 'm tho beneficial results of business. The colony meantime continues to make steady progress m public works and m settlement on land, and is evidently attracting increasing attention of English capitalists as a. desirable field for investment. With these remarks I beg to move the adoption of the report and balance-sheet. Sir F. Whitaker, M.L.C., said: Mr Chairman and Gentlemen, — Under the circumstances I think the shareholders aro to bo congratulated at the result of tho last halfyear's operations, and I think they must be well satisfied with the report and balancesheet which has been presented to them; I say, gentlemen, under these circumstances, because we all know that trade throughout the world has been m a very disorganised and most unsatisfactory state. We know, also, that our products of the colony have been m a state which has not been remunerative to the producers. When we look around us and see that wheat and other produce cannot at the present prices, except under very special circumstances, leave muoh margin for the producer, we must be satisfied that banking, like everything else m the community, must to a certain extent suffer. But I have to congratulate you, gentlemen, with this fact at oil events, that we have stood our own as regards the banking business of the colony, and stand m as high a position now as at any past time, and I believe m the future we shall maintain that position. Gentlemen, when we look around and see that we are progressing so far as onr mannfaotnres are concerned, and numbers of new industries are springing up m every direction, we have really a reasonable hope that from this source alone there is muoh to expect. There has been latterly— for a year or two past— a very considerable depression, bat that depression must sooner or later pass away. You know wo are subject to these depressions periodically, but they are always followed by a revival. It is difficult to say at the present time from whence that revival can come, but that it will come we know from experience, because if we are to judge of the future by the experience of the past, we know that depressions have taken place — take place periodically, not only m New Zealand but m every other part of the world, and we know that these depressions are always followed m reasonable time with an improvement. Now I think, under all the circumstances, we may fairly expect that improvement during the next half-year, under ordinary circumstances, to take place ; hnt we must bear m mind this, that we may have a different state of things and different oiroumstances altogether to deal with. Looking' at the telegrams of the morning, and looking at the position of political affairs, it appears to me_ we are now on the eve of a great war, It may be, however, averted, and I trust it may be averted. _ What the result on trade may be it is very difficult to say. We know perfectly well our products to a certain extent will be more valuable ; but great disorganisation must result m the business of the world ; and we know also that at the conolusion of war there must be a reaction and great depression. But as regards the Bank, we feel ourselves m this position, that we have very large resources, and looking at our position I think we are m snch a way that we shall be able at all events to take advantage of any opportunity that occurs of increasing our business. Gentlemen, I think we may look forward with satisfaction to the future — I mean so far as banking business is concerned. I rose for tho purpose of seconding tho report, and, aa I said, I think the report and balanoo-aheet must be satisfactory to you I will conclude by seconding the proposition of theChairman that the report and balance-sheet be adopted. (Cheers.) The motion for the adoption of the report and balance-sheet was then put and carried unanimously. THANKS. Hon. P. Dignan, M.L.C. : I beg to move a vote of thankß to the directors and officers of the Bank for their services." The satisfactory result which they have produced is shown by the balance-sheet. Mr J. ST. McLachlan : I have muoh pleasure m seconding this vote of thanks, and as every Britisher, and I suppose New Zealander, may claim the same privilege, viz., th« privilege of grumbling, I may say the only objection I can see to this report is its unvarying monotony — always so excellently good that one almost expects sometimes to find the balance a little the other way. That has never yet been the case, and I hope and expect that it never will. _ All this, of course, is due to tho working of the directors and the officers of the Bank, and though this is perhaps the most formal proposition generally moved at these meetings, I do joot think it is one to which the least, importance should be attached. It has been so usual that doubtless the officer* have got to look upon it as one of vory little importance. At the same time J think tho shareholders feel— l know I do for one— it is entirely due to th,e. superior class of directors andoffioors w. a have. And while moving this motion, I can.not help thinking of one' who has jngt left us— Mr Stone — and doubtless the directors bear this m mind, because I think this will be one of the difficulties perhaps m the fnture, namely, finding men to fill up the places of those who have gone before them. I am quite sure there are young fellows growing up able to take the places of those we now have as managers and agents of the Bank m the various provinces, and perhaps there will be a little more difficulty m finding gentlemen to take the places of tho direotors. However, that is a question for the fnture ; and at present I have, very great pleasure m seconding this resolution.— (Cheers!) J The Chairman s I have to express my own ihanka and those of my eo-direotors for the very handsome manner m whioh the vote of thanks has been proposed, and seconded, and received. Mr D. L. Murdoch, General Manager : Gentlemen, — I have very much pleasure, and as muoh pleasure as I am suro the staff will have gratification m receiving this renewed expression of your confidence as conveyed m the vote of thanks, and I beg very heartily, m the name of the staff, to thank you for it ; and I can only repeat what I have so often repeated before, that no effort will be wanting on the part of the staff to conduoe to the progress — to the continued progress and prosperity of tho institution. I would just rerawk before sitting down, with reference to ar McLachlan'a almost expressed fear about the filling up of vacancies at the Board, that one has only to look round him here to see plenty of material to fill up a great many >laces. I do not think we need feel the least ear when vacancies unfortunately ocour— but 1 nayo great faith m the longevity of our directors-(laughter)-thoro will be the proper men to fill tho positions. I bog to thank yon very heartily for the voto of thanks The rough minutes wore then road, aud the mooting dispersed.