BANK OF NEW ZEALAND.

Star (Christchurch), Issue 7322, 7 February 1902, Page 3

BANK OF NEW ZEALAND.

HALF-YEARLY MEETMG.

£Pjcb Press Association:] WELifINOX&N, Feb. 7.

The half-yearly meeting of the Bank of New Zeala-ad was held 1 to-day. There was only a small attendance. T%e Chairmaoj Mr F. de C» Malet, explained that the meeting had. 'been called merely to comply with the requirements of the Act, and no accounts would 'be presented. He assured the meeting, without hesitation, that, compared with the figures of the corresponding ■period twelve months back, - there was a satisfactory increase in the volume of the business, and that the profits for the halfyear had been fully maintained. There was no teason to suppose that the current half-year would' prove less satisfactory, thoiigh, in 'the matter of deposits, it was only reasonable that, with less money coming to the eolonjr. by reason of the low prices of some of its chief products, current a<ccounts may not show as well as at 'March last. However, it was useless to prophesy, as the actual figures would be laid before the annual meeting. The abnormal condition of the wool market required seidotts consideration, and it behoved the Bank to carry on business with caution. He pointed out -that the industries of the colony varied, and 1 it was Tarely that all products of the colony were depressed at one and the same time. When one was depressed some other important one was the reverse. Fop instance, the dairy industry. He said, in despite of the present condition of the wool market, the clients of thfe Bank were in a better pbsi-

tion to withstand the depression of that market than they were a year back. They had experienced a few years of prosperity, and, no doubt, profited by the experience gained. Moreover., the reduced value of money had been in their favour. He had ■referred particularly to wool as one of the staple products of the* colony, and because the Bank was entrusted with the disposal of a considerable proportion of thai valuable item for export.

The Chairman announced that Mr Kennedy had been re-elected as director without opposition. The latter, thanking the shareholders, referred to the anomaly existing with respect to the election, of directors. He said that, under the constitution, the directors or officers were not •empowered to exetcise proxies. Therefore, while there were shareholders in England, Austialia and in parts of New Zealand, the election of directors practically rested

with the shareholders resident in Wellington. He explained that where a director "obtained proxies he had to secure the services of a friend who was a shareholder to attend the meeting to exercise them. This was an anomaly which ought to be remedied by future legislation, and he suggested such a system as is adopted by the Australian Mutual Provident Society, where proxies were sent to the Society

through the post office. Be referred to previous elections, and asked whether certain candidates were satisfied that their proxies had been exercised as they desired. Then, again, those sending proxies demanded advice as to the sale or purchase of shares, and he could, as a director, only reply, quoting what the Legislature- had decided should, under certain conditions, be done with the profits. He gave his opinion, which he said was a non-committal one, that if the earnings of the bank for the current year and the next iix months were maintained there should b& a dividend, and he would ca«t his vote in favour of it. . The meeting then closed. %