The National Bank.

Star (Christchurch), Issue 5346, 26 August 1895, Page 1

The National Bank.

The twenty-third annual general meeting of shareholders in the National Bank of New Zealand, Limited, was held in London on July 9, nnder the presidency of Mr James Macandrew. The report laid before the shareholders appears? to have been of a satisfactory character, and was exceedingly well received. The balancesheet showed that the business of the bask had steadily increased, and that the gross profits for the year, after deducting interest on deposits, and making provision for bad and doubtful debts, amounted to .£60,897 83 7d. After paying a dividend of 5 per cent per annum, the Directors carried forward the sum of £18,856 to next year's account, being .£B6BI in excess of the amount brought forward from the previous year. The Chairman, in moving the adoption of the report and balance-sheet, after referring to the various items, concluded with the following general remarks, which are reported in The Financier of July 11 : — " Now, with respect to the future, it is perhaps safest not to prophesy at all, but I think we can hardly shut our eyes to the indications of improvement that we see around us upon all sidea. It would be unreasonable to anticipate any rapid rebound from the depression that has previously prevailed in the colony of New Zealand, but that there will be a gradual and solid improvement we certainly look for. The gold-mining industry there has now assumed considerable proportions, and is in process of rapid development; and whatever the results may be to those who invest their money in it, that at all events 'will lead to a considerable circulation cf money in the colony. In the North Island the timber trade has taken a decided start during the past year, and although that has perhaps not been fully maintained, yet it is a resource which has to be looked forward to and counted upon. Then we have gum, which is doing better. For wool, as I have said already, the prospect is a good deal more hopeful than before, and it mainly depends upon the priceß which are obtainable on this aide for the great staples of wheat, butter and frozen meat what, the prospects of the agricultural population there will be. The visit of the Finance Minister of the colony, Mr Ward, to this country has served to disseminate a good deal of useful and valuable information regarding New Zealand and its capabilities j and the ease with which he succeeded in placing the loan he negotiated here shows that in this market at all events there is still confidence felt in the future of the colony in no small degree. It will be the object of the direotors to take advantage of these Bigns of amelioration in New Zealand. We have every confidence in the judgment andvigilaooeexercised by our general manager/ Mr Coatee, whose services we greatly appreciate.. We have an excellent, hardworking staff there, including the branch managers, to whose exertions the shareholders are mainly indebted for the sueceasful reßultß of the year, amid surroundings which certainly required considerable circumspection, and I see no reason whatever why, in future, the prosperity of the bank should not still go on increasing/

Cordial voteß of thanks were passed to the directors, the secretary, to Mr J. H. B. Coates (the general manager in the coloDy), and also to the branch managers, and concluded a most harmonious meeting.