BANK OF NEW ZEALAND.

Timaru Herald, Volume LXXXIII, Issue 13015, 30 June 1906, Page 5

BANK OF NEW ZEALAND.

' ANNUAL GENERAL Press Association. *- ; WELLINUTON, J«ne- 292 The general^-meetings of Bank; of New Zealand was held this morning. Mr F de> C. said; that ta»b year the capital stood 'at £1,958,37D.~ To-day it was £2,000,000. The difference represents the amount of capital restored by the sale- of the Tialancd of forfeited shares and the payment of arrears of calls en paid-up! capital. All outstanding calls had been paid in full. The reserve fund had increased by £37,397 frojn premiums on iihe sale of forfeited shares, and stood at £81,294. The total amount of premiums on forfeited, shares was £57,786. Notarin circulation show an expansion of £92,082, and bills payable an increase of £529,956> mainly dneTtdiKrge iamittances on the public current accoonta endued', deposits over £600,000, which indicates < sataiactbry derelopmenti mjthe buajnesa <rf kaaak, and the inpreasing, of, munitycall and bilk receivable jfey- a» .xtfWM. of £533,862. These funds beyond *nablmg the Bank to maintain a strong finance gene-, rally, are available for when suitable outlets present Assets Realisation *,-Board j debentures amounting to £357,500 had been* redeemed,' and > the debenture account now Tepresented £855,000. 'Bills discounted; and .advanced (had increasjwTlby ,perty,f and. premises; showed a, reduction! of [£ip r 767, aeeonnt ißJ^'^^t^.^^iel^^^^^g New Zealand Estaf fassets in liquidation) h^ ; d»apfeaf«a«{ronJf pthe assets-yet-S&ibe fully provided for by appropriation. -" The loss

account showed a profit of £274,329, against £253,930 last year. The, bank's progress during the past five years was indicated .-as.i follows:—1902, £172,501 >. 1903, £195,590; 1904, £200,303; 1905' . £253,930: 1906,. £274,329. Investing in. \ the colony had increased by £51,756. The president referred to the:improved rate of exchange for bills of exchange, and saidU: that requisitions for tracsfeis -of share* from the New/Zealand to the London register had been numerous during the year, and the Board, in the interests of tb» bank, considered it inadvisable to: allow the transfer of. too many shares to the London register, and therefore determined to limit- the number of shares o» that register, and stop further-transfers in the meantime. In conceding, he paid a tribute to,the late Premier, and said-—'lt is hardly necessary for me to remind youof what a deep debt of gratitude the colony owes the Government of which the late Premier was the head, when Sir Joseph" Ward, then Colonial Treasurer, on behalf of the Government, introduced into Parliament and passed into law the Bank of NewZealand Guarantee Act. .This bold and courageous action was the means of preserving to the colony the Bank of Newr ' Zealand as it stands to-dav, and averting "• a great financial crisis." ' Mr Watson, a in seconding the motion, congratulated Ihe shareholder!-', on the position as defined by the chair- * man; but as a banker of ,42 years' experi- - ence he could not quite agree with job* 4" or the very optimistic forecasts which had s\ ■lately been .made by outsiders as to their £ ",' future profits. When the Assets Board'* ' bonds were canceled the bank's balance ofprofit will show less by reason of the cessation of interest on these bonds, but for aU that he looked forward to progress as colony continued to be developed, and he - saw no reason why, .besides strengthening-, *„ the reserve fund, as it should be strength- - - ened, the bank should not recoup shareholders to a certain extent for past by paying good . dividends.' , He hoped when, the Assets Board's bonds-' were cancelled to see a dividend of 10 per cent.

Mr G M. Kebbell said • that the bank ■since 1894 had made two .records. One was the way in, -which it had recovered ->

its position, the other was the rapidity with. f , which it changed general managers. , Might he ask if the present manager would —- be permanent. He thought these frequent ' cFanges indicated something wrong eoxoe-<x-x where. j ' . - - ,_ „

The chairman thought it not in the in.-' ' terests of the bank to discuss these other confidential matters Raised by Kebbell, and he would* not do *o. r-y? Mr Kebbell said'he could see no ham*-* in the chairman answering -yes," or no, as *■'" to whether the bank had taken up any *■ li of the last million loan. !. A vote of thanks was passed to tile di- r ' rectors and officers. " "" The chairman, in reply to 'a question, • said the directors had under consideration the question of securing statutory rights ,» to increase dividends. ' _•> _ T *-v