BANK OF NEW ZEALAND.

Wairarapa Daily Times, Volume 2, Issue 306, 3 November 1879, Page 2

BANK OF NEW ZEALAND.

Abridged from the N.Z. Herald, Oct, 24. The half-yearly general meeting of sliareholders was held yesterday, John Logan Campbell, Esq, (Chairman of the Board of Directors), presiding. There was a large attendance of shareholders. | The General Manager read the advertisement announcing the meeting, also the half-yearly report, as follows :- Thirty-sixth Report of the Directors of the Bank of New Zealand, to the Halfyearly General Meeting of the Proprietors held at the Banking-house, Auckland, on Thursday, 23rd October, 1879. The Directors beg to submit the result of the past half-year's operationa, which will, no doubt, be considered satisfactory. The net profit at 30th September, aftermaking ample appropriation for dependencies, considered bad or doubtful, and the usual reductions in Bank premises and furniture accounts, amounts to £69,03814 9 To which has to be added— Premium on 25,521 New Shares taken up, part of 27,500 issued under authority oftheHalf-yearly Meeting of the' Proprietors held on October 29, W8 180,613 15 0 Balance from half-year ended 31st March, 1879 9,753 11 8

Making a total available for dirisionof ~ ..£259,406 Wliichitisnowrecommended be appropriated as follows: To payment of dividend at the rate of 10 per cent, per annum 40,010 10 0 To bonus of 5s $ share, equal to 5 per cent per annum ... 24,505 5 0 To proposed addition to the reserve * fund ..180,000 0 0 To balance carried toprorit andlossnew account ~ 5,890 6 5

The dividend and bonus will be payable a 1 Head Office, Auckland, on Friday, the 24th October, and at blanches on receipt oi advice,

For the Board of Directors,

J. Logan Campbell, President. Aggregate Balance-sheet of the Bank of New Zealand at 30th September, 1879, including London Office at 31st July, 1879,

, Liabilities. 1 Dr - £ S D Capital, £1,000,000, less ' £l9,79o—par value of i 1,979 New Shares of £lO i each, held in reserve .. 980,210 '6 0 . Reserve Fund 375,000 0 0 Note? in circulation ... 465,165 0 0 , Bills payable in circulation 1,486,557 0 5 Deposits and other liabilities 6,058,287 13 8 Balance of profit and loss 259,406 1 5 £10,224,625 15 6 Assets. Ci\ £ s. d. Coin and Cash Balances at Bankers 2,054648 19 4 Bullion on hand and in transit' 214,075 10 6 Government securities .. 200,000 0 0 Bills receivable and securities in London 884,729 6 11 Bills discounted, and other debts due to the Bank.,. 6,684,624 15 6 Landed property, Bank premises.. ... .. 186.547 3 3 .£10,224,625 15 6 PROFIT AND 10SS ACCOUNT, Dr - £ s, D, To dividend on 98,021 Shares of £lO each, at the rate of 10 per cent. P» annum 49,01010 0 To bonus at rate of 5s per share, equal to 5 per cent per annum .. „ 24,505 5 0 To proposed increase to reserve fund 180,000 0 0 To balance earned to profit and loss new account ... 5,890 6 5 £259,406 1 5 Cr. By balance from half-year ended 31st Mar ih, 1879 9,753 It 8 By Premium on 25,521 New Shares taken up, part of 27,500 issued under the authority of the halfyearly General Meeting of the Proprietors, held on the 29th October, 1878 180,61315 0 By net profit for half-year ended September 30,1879 69,038 14 9

£259,406 1 5 JSESERVE FUND. Dr. Tabalanca 555,000 0 0 £555,000 0 0 Cr. By balance from half-year ended 31st March, 1879 375,000 0 0 By proposed increase ... 180,000 0 0 £555,000 0 0 Audited, , I Joseph L, Wilsoh. j Benj, Toms.

j The Chairman, in moving the adoption of tho report and balance-sheet, said :- Gentlemen—ln rising to move the adoption of the report and balance-sheet which have just been read, the usual pleasant duty is assigned to me of congratulating shareholders on the success with which the Bank's businesses been conducted during the last half-year, and the balancesheet affords the best evidence of the maintenance L of the Bank's position. When I last had the pleasure of addressing you from this chair, I took occasion to recount certain adverse influences which then existed, and which for the time being unfavorably affected colonial interests. But we had not then fully realised the effects of the disasters of the previous period, nor did we then anticipate such an unfortunate result in the agricultural operations of this colony, nor such a long continuance of low prices for wool and cereals which has since prevailed. The diminished spending power of the people, the contraction of Government works expenditure, the necessity to provide large remittances to England for public and private liabilities of the colony, have all had a tendency to increase the pressure on our monetary institutions. But the absence of any heavy failures sufficiently proves the readiness with which these institutions responded to the mands made upon them, and is the best proof of the general soundness of the commerce of the country. As a consequence of the lavish orders which a previous season of prosperity had induced importers to send to England, and the diminished consumption from the causes to which I have alluded, Btooks in many cases having accumulated to an inconvenient event; but the corrective measures which have now long

been in operation are already producing an appreciable effect, and we may confidently look at an early date to have this difficulty fully remedied. The past season has beon one of unusual severity to agriculturists, who, in many cases, were overburdened by speculative purchases of and; and this, in conjunction with the bad harvest and low prices, has caused not a few failures among this class of the community. But though numerous they have not involved any serious amount, and with the improved prospects for this season-in the exceptionally promising condition of the growing crops, and the enhanced price of wheat-it may be reasonably expected that much of last season's loss to our farming population will thisyear be recouped. Aa affecting this institution, although we have as usual been exposed to exaggerated reports of heavy losses, I am happy in being able to assure you that these have not exceeded the average, and ample provision has been made for them. When I last addressed you I reported the result of the issue of the new shares which had been only partly completed, The final result, ai noted in the balance sheet, is that of the 28,500 shares offered to shareholders we are left with only 1979, which have not yet been offered for sale, but which the Directors will take a favorable opportunity to realise, From the public prints, shareholders will have been made aware that we have given notice of our desire, at the end of six months from the Ist ult., to terminate the existing agreement as to the Government account, the terms of which have proved of a disadvantageous character. Beyond a mere acknowledgement of our notice, no indication has as yet been given of the intention of the Government, which is sufficiently accounted for in the present political complications, which practically have brought public business to a stand. While prepared for a severance of the connection which on the whole has existed so satisfactorily during eighteen years, we have intimated that we are willing to negotiate for a continuance of the account, if terms can be satisfactorily arranged. The Directors have given much consideration to this subject, and in the course they have adopted are assured they best conserve the interests of the shareholders, Referring now to the figures in the report and balance sheet, shareholders will, I am sure, be pleased to find that, notwithstanding the largely increased amount of capital on which dividend has to be paid, the profits of the last year admit of the usual dividend and bonus, and we are able to carry forward to next half-year the sum of £5890 9s 5d after crediting reserve account with £lßo,ooo—the premium on the issue of new shares as far as these have been floated.

The Chairman concluded a long and able speech, in which he expressed his confidence in the future of the Bank and Colony, by moving the adoption of the report, which was seconded by Mr J. C. Firth, and carried unanimously.