BANK OF NEW ZEALAND.

Star (Christchurch), Issue 5500, 27 February 1896, Page 3

BANK OF NEW ZEALAND.

THE HALF-YEARLY MEETING. [Per Presr Association."] WELLINGTON, Feb. 27. This afternoon the half-yearly meeting of the Bank of New Zealand was held. The Hon W. Johnston presided in place of the President, who recently broke his leg. The Chairman said :— This half yearly general meeting is compulsory according to the deed of settlement. Otherwise the Directors would not have had reason to ' call you together, there being no business to submit. However, I shall, in the unavoidable absence of the president, place before you some account of what has taken place since our last general meeting, which, I think, will be reassuring to you, inasmuch as events fairly well bear, out the views which were expressed by the Board and on which the legislation of last session was based. You will remember that for the year ended March 31 last, there was a loss on the bank's working of .£37,356 6s. I am glad to tell you that for the half-year ended Sept. 30 the result was a profit, and we had hardly then begun to reap the benefit of the changes and improvements. The effect of the purchase of the business of the Colonial Bank has so far proved to be satisfactory ; that business has been retained by us almost in its', entirety, and it is hardly possible that any bank could acquire such a valuable business at less initial cost. We poiisider that ample funds are retained to meet possible losses, and altogether that this bank's future will be much benefited by the important transaction. The few trading concerns which remain to . the bank^have done unusually well for the half-year. No chance of parting with these concerns will, however, be lost,- and we are now in treaty to dispose of more than one of them. Considerable difficulty has been experienced, and much time has. been taken up in endeavouring to terminate on reasonable terms the existence of the Bank of New Zealand Estates Company and the Auckland Agricultural Company, both of whfch are" costly to maintain. Negotiations have now reached such a. stage that we have every hope of getting these companies speedily wound up. The bank's legitimate business is being well maintained at every point. Every effort is being made to cut off connection with the comparatively few remaining things that cannot be classed as proper banking, and we have, in these efforts, been fairly successful. One of the most important® subjeots dealt with by the banking legislation of last session was the aiithority conferred on the direotors to issue preferred shares to the value of half a million sterling, and bearing a fixed cumulative dividend of 1 3£ per cent per annum. This authority has been utilised; and preferred shares for that amount have been issued to Her Majesty as the property of the colony in exchange for debentures payable in London of like amount and yielding a similar rate of interest. The debentures are now worth more than their face value, and can readily be disposed of at a premium, but any premium so obtained must in accordance with the Act after the payment of expenses, be set apart as a reserve-fund. It is a matter for regret that legal difficulties have arisen in the way of having the inscription of New Zealand Government stock in-London transferred to this bank, which difficulties have not, so far, been surmounted. Turningnow to the aspect of business affairs generally, with which the welfare of the bank is so much bound ■ up, I have much pleasure in remarking that it is very good. The prices of wool and grain have considerably improved, and now stand firm at figures which are fairly remunerative. There is every prospect of a bountiful harvest, especially in the south. The importance of the revival of the gold-mining industry is very great. The increase of production in New Zealand due to that revival, has hitherto been mainly in the Auckland district, but a large amount of capital has been imported for the development of the mines on the west coast of the South Island, and we have every reason to expect a largely increased yield of gold from that quarter. The timber trade has also improved, and altogether, I think, we may congratulate ourselves on the business of the colpny r being, much better than it was last year. Such being the facts we may fairly hope that the extreme depression is permanently passing away, and that our institution, freed from the burdens entailed upon it through a long series of years, may now enjoy a lengthy period of success. Twelve shareholders were present, and the report was adopted without comment. Mr Allan suggested that the report should have been circulated. The Chairman explained that it was not usual to submit a half-yearly report. These were the only remarks, and the meeting, which lasted only six minutes, adjourned.

Acclimatisation Society. — A meeting of the; Council of the Canterbury Acclimatisation Society was held at the Agricultural 'and Pastoral Association's rooms yesterday afternodn ; present — Messrs A. Carrick (chairman), Gv B. Ritchie, Clark, E. D. Harman, W. Izard, Professor Dendy and the Hon J. T. .Peacock. Letters -were read from the Geraldine and South Canterbury Societies, stating that they did not care to go to any expense in importing deer from England. It was decided that the season for shooting native and imported game should open on April 1 and close on June 30, and that the season for shooting hares should open on April 1 and close on July 31. After dealing with routine business the meeting closed.