BANK OF NEW ZEALAND.

Waipawa Mail, Volume I, Issue 16, 6 November 1878, Page 3

BANK OF NEW ZEALAND.

The ordinary half-yearly general meeting of the proprietors was held recently at Auckland, in the Bank Buildings, Queen street, Dr. Campbell in the chair. The General Manager (Mr D. L. Murdock) read the advertisement convening the meeting, the minutes of the previous half-yearly general meeting, and of the special meeting held afterwards on the same day ; also, the report and balancesheet as follows : Thirty-fourth Report of the Directors of the Bask of New Zealand, to the Half-yearly General Meeting of the Proprietors, held at the Bank-ing-house, Auckland, on Tuesday, October, 29, 1878. The Directors have again to congratulate shareholders on the favorable result of

ij. r. riERCK, / » B. Ton kb, f Auditors. The Chairman, in moving the adoption of the report and balance-sheet, said : It now devolves upon me to move the adoption of the report which you have just heard read, a report, I am sure, of which you may be justly proud, as it gives evidence, not only of the continued and increasing confidence in your institution, but also of the strong position it has attained, and the profitable use made of its large resources. The most noticeable feature in the present balance-sheet is the very satisfactory increase under the head of deposits and other liabilities, and the corresponding increase in advances—two items which very conclusively prove that we have been able to do something more than hold our own against the active competition of the other banks. It will be seen that the directors recommend the continued increase of the reserve fund—a policy which we consider is but a just ackjitf wledgment of the confidence rethe public in the bank ;—and the fig in our balance-sheet have now attained such dimensions, that we consider it only right that the capital of the bank should also have a substantial increase. As I have to deal with this subject hereafter, I shall not further allude to it at present. When I last addressed you from this chair, I called attention to circumstances which would probably conduce to the continued high offers by our foreign rivals for New Zealand deposits, and although their action during the past halffear has been intensified in this direction, am pleased to think it has not been attended with any appreciable success in withdrawing cafrifsi from the colony

The banks which are locally interested have, with ourselves, been ready to meet any such action on the part of our opponents ; and, much as we deprecate the existing high rates, which are calculated to narrow enterprise, and to divert capital from its ordinary channels, so long as the policy is pursued by others, we have no other course than to follow in self-defence. For the well-being of the colony, it may be hoped there will soon be a return to wiser counsels ; and you may rest assured, though ever ready to defend our interests, your directors will he equally ready to cooperate with other banks in a return to wiser and more prudent practice. Business throughout the colony during the past halfyear has been exceedingly active and prosperous ; and the rapid development of hitherto unproductive districts, with the continued inflow' of capital and labour, afford good ground for believing that the steady progress of the colony will be continuous, and that there will be ample scope for the profitable employment of the large resources of the hank. After a winter of unusual severity, the Southern portion of the colony has recently been visited by disastrous floods, but as yet no approximation can be made to the probable damage, though there is reason to believe individual losses will not be excessive. While sympathising with the sufferers, we have such confidence in the recuperative power of the colony as to believe that this misfortune will not appreciably affect the rapid progress of the Southern districts. With these remarks I have the pleasure to move the adoption of the report and balance-sheet, which have been read. The motion was put and carried unanimously.

another half-year’s operations. The net profit at 30th September, after making very full appropriations for all bad and doubtful dependencies, and in reduction of Bank premises and furniture, amounts to ... ... £83.280 5 3 To which has to be added —Balance of undivided profit at 31st March, 1878 4,983 3 9 Making a total available for division of ... ... £88,263 9 0 The following appropriation of which is now recommended— To payment of dividend at the rate of 10 per centum per annum ... £36,250 0 0 To bonus of 5s per share, equal to 6 per cent, per annum ... ... ... 18,125 0 0 To proposed increase to reserve fund ... ... 25,000 0 0 To balance carried to profit and lois new account... 8,888 9 0 j £88,263 a 0 The dividend and bonus will be pa}’ablc at the head office, Auckland, on Thursday, the 31st October, and at the branches Oil receipt of advice. For the Board of Directors, J. Logan Campbell, President. Aggregate balance-sheet of the bank OF NEW ZEALAND AT 30TH SEPTEMBER, INCLUDING LONDON OFFICE AT 31st July, 1878. Dr. £ d. Bank Stock ... ... 725,000 0 0 Reserve Fund... ... 325,000 0 0 Notes in circulation ... 484,856 0 0 Bills payable iu circulation 1,795.108 3 1 Deposits and other liabilities 8,136,147 15 6 Balance of profit and ss at March 31.1878 4,983 'Infi profit for half-year 83,280 3 9 5 3 £11,554,375 7 7 Cr. £ s. d. Coin and cash balances 857,085 6 0 Bullion on hand and in transitu ... ... 315,463 3 0 Government securities 569,965 6 1 Bills receivable and securities in London 1,505,103 i 8 Landed property, Bank premises, furniture, etc 133,861 15 9 Bills discounted and other debts due to the Bank 8,172,896 15 1 £11,554,375 7 7 PROFIT AND LOSS ACCOUNT. Dr. £ 8. d. To dividend at the rate of 10 per cent, per annum ... ... 36,250 0 0 f TcLbonus at 5s per share 18,125 Toq>roposed increase of reserve fund ... 25,000 0 0 0 0 To balance carried to profit and loss u new account” ... ... 8,888 9 0 £88,263 9 0 Cr. £ S. d. Bv balance to profit and * loss at 30th Sept., 1878 38,280 5 3 By balance from last half-year ... ... 4,983 3 9 £88,263 9 0 RESERVE FUND. Dr. £ 8. d To balance ... ... 350,000 0 0 £350,000 0 0 Cr. £ H d. By balance from last statement ... ... 325,000 0 0 By proposed addition... 25,000 0 0 £350,000 0 0 Audited. G. P. Pierce, ) . ...