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New Zealand Tablet, Volume XIII, Issue 30, 20 November 1885, Page 13

▼ailed thronghotit thp world we are enabled to meet you with such a latisfactory Teporti.nd-balance sheet as hnsjuptbeeD read. Itwoil 1 bp unreasonable to pxp^ct, n^ii futile for n« to pretend, that, occnpvin(? the position we do in tran«a--t ; ne so hrep a share of the business of tbis nnd the adjoining? colonies, we could pass thronerh such an exceptionally -evere denres-iion without incurring our sharp »f looses ; bnt unless tbp depression bpcomps more pronoan^pd, which we may reasonably hove will not prove thp crsp, the nr >vision wp have been enabled t> m«kp oat of profits should amnly cover any deficiency, We haretbonght it well, howpver, in view of po si^ilitips, instead of oth'Twme appro:^riatine the very cons'dprib'e halancp of profit and lo*s, to continue to carry it forward in the mpantime, that, in rase of nppd.it may be ava-'able without disturbing our nsnai and lonp-continued diyidpn 1. W" ccc no rp<>son to adopt a pessimist view of ihe future, f >r alth iu?h we arp suff-nnfj nnw from a ranee of prioPßPDcb ftR has not b3 u n rxpeHpnced in the prespnt ?pn^'-aH'>n. the factors for Meeting a recovery are so numerous, and th« fl.ictn". tiona of trade 8) rapid, that relief from one source or another may bp looked for at no dis-ant date. In the case of nearly all our colonial products, stocks on hand have rarely b»en lighter, and any little revival tn trade must necessarily enhance further values. The whole fabric of commerce is based on land and its product*, and as soon aq our farmers and graziers obtain pn fitable prices o»her branchp* of trade will qnickly recover b"ovancr, and the busing of the Bank will not be slow to feel its eff ct. Meantimp w- are not disposed to aggravate matters by nndnly restricting nccommodatinn bplipyin<^ that we both s*>rve the interests of the Colony and th° Bank by affording a liberal assistance to genuine and leeitimnt« bnsinpss At the same time the policy of the Boa-d at pre^t favnars th^ ex^n»lOl\of °« r business in thp o'her coloniM rather than in N«w Z=>aland which, meantime, dees not off,>r so eO od a field for ertpn^on ihe ricrures in tbe balance-shppt, ps oontra=ted with 'b.p nrevions one call for little remark. 'Tbp liabilities remain pra«ti-allv the «ame' find thp asoetß, while exhibiting a more activp etinlnympnt- „f onr fesourcps. show ample provision for maintpn nop of t^e Bilk's p^sition. With ihw» remarks I beg to move the adoption of the report and balance-sheet. H

Mr J.C. Firth said : In seconding tv- e adoption of tb* report Which has ]nflt bopn submit' pd to ibe shareholder*, thffp are on? nr two matter* which U may b* worth while to note. On» of th Q «e — one to which I »-h 11 for a few mon-pnts endp*vonr to direct vonr attention — in the one referred to by thp prpa.ident -th<» dpprpg^ion in trade and ngrcniure, abet which wp nil know rnnre or Ipss Tn considering a matter of micb grave fmno r tance ps the dpprps»ion in trade find inriustrv, which is now nffiicr : ne. T m*v My. the world few rally, it is snmp satisfaction to know that the Pp^ere of onr own operation«~the Pnlonv of New Zealand-is not thp only pl a o e where this dppres'ion exists ; for althon<?h onp cannot feel a*v pleasure at thp misfortunes of one's npi?hhonro, B ti|l ;t; t in sa'isfactTv tn know that wp «r» at any rato no wor=e off than they °r<\ In point of fort, thp cau«ps nf the dprrf>=Bion arp not thpmspirps incidpntni tr> anr pnrti -ular location. As I havp already observed, they arp canoes which sff"Ct trade, and industry gpnerillv thmuehorir thp civilised world. If we looV, say. at the ten principal raw rmtp'-iali which are indi=p nonblp for lahnur industry, and lifp, wp «hall fi->d that with scarcely an exception pv-n onp iq at a much Inw^r ftVire rn.^ ,<» than it has Wn at anytime during thp la°r cpn f n-v. T conld co in f o details, hnt this is n"t thp time to d-> it. T*kp whpat f,r ''n B'ancP. Owin? to thp pa«t additions to th» mpans of trxniit nriducpd b* the pnormons nmonnt of stpam nhipnine ere% f pd within the last 10 o r lß^earo, faciliM a unknown bpfc-p arp now off -r^rl for transmitt ngranidivjr n in arf | w hp«t from e^ery markpt to the 'RnHioh marVpt, which, nnd^r 'Rn er ii«h policy, hag hpcomp fhe dp no* of th' world ; and. in addition to the^. thprp has hepn, within rhp ] M t ton or a Ho Z «n im™. a wonnVrfnl imnroveme't in th P tran^mi^'on of intellieenrp hv memßof thp adoption and extension oF thp tple^raph Bvstpm. Tbpflp two thino-R. it anppari to mp. npprit" in this w%v. So lons ns wp had the nld-f shioned mean" of postal commnnica'ion and tians'niß ( 'ion in wooden vpps°l«i thorp was rro-n lefr for e^npra i^a tionand ppr>o U lntion There nrpht be'a failnrp at one side of the wnrH nnd croat scan-ity at the o»hpr : bnt tho«° havi^p appcial mnsn» of knowing the fact were aware of it. and thpreforp wp saw erpat flue, tuations. Now the world are our n^iehbonrq. Wo know whit ar<» the prospect? of crops in every rornpr and district of the world Thus we cm concent-ate in advance the "bnndanco of one point at unother where scarcity in likely to exist. This sort of thin? annears to havestimnla'fd production, nnd to have cre^tpd a ppnpral lnw-ve-flge price. Iverybody prodncinp wheat nnd pnin fn r tb e i flfi t 10 v%™ has bepn in dancer of makine a loas-nnd so with »11 other pronVtg more or lees— until prowinp wheat and pram is becomin? extremely unpopular. In onr own country, in America and Ene'and. and in every pram pnd wheat producine country, the are* of nrodnct has been rapidly reduced, until probably thparea has diminished by onefourth, in Rome cases by one-third, nnd in a few capes by one-half But while the production iq bping rapidly limited, the con«nmpt'on iseoinfron: population is not becoming Ipso. but morp. Wvilploc 8 whpflt ißprodncpd morp is c^nsiimpri. whilp the enormous stocks 7'k" a hydraulic r-rn. Vp P p down pric P «. A few month* a?o thp whp-t afloat was 3 200.000 q\i rtprs. a st-ck po pnormons nn to pre^p^t Any elasticity in the wh-at tridp. Thp Mps' returns show 1,170 000 quartern anrl In a short tlm^ wp mar look for a fnrtVr diminution DirpcMv it is pppn thnt whpnt and o her rnw mnter ; al« hiv to-ichpd what T idbv p«H th> ir b »t- m pn^ P », whpntand wn n ] w-11 ndran^n pnd sopvrvh d will imkp monpy in«tpad of bs at prpopn 1 . lo in* it" We shsllfind a more bea'thv conditinn nf tradp. T l o^k forwir^ at no distant daip tn a TPCpHine' of th<s wavp o f drp rPpc i on _tho wavp of chf>aDne«o. With tV s- *>***&* T },gyp pleasure in Feconding thp adop''on of th" ren rt and balancp.shfet.

Mr. Mukdoch. before the motion was pnt to V c mating, said that as he wa« more conversant w *h the fi?ures of thp balance-sheet than the members nf the Board, hp might be permitted to remark, with reference to the statement submitted to the meeting, that it had lon* been apparent to the Board that with the large resources, the l»rge and increasing reaonrcee, and operation! of the Back, a wider field

than oflf T8 in New Zaaland would b« necessary in the Bank's interests. With ihn vi»w, many yars ago they onened in Bydney ; they afterwards op^d in Newcastle, then in Molb .urn*, and mo-e recenU? in *\ , 7 oArt a L ' okinff at the laree am >unt of a " watB of the Barik . 4,14, 800.001, it no d-inbt exMtei when depresuon was ta'ke,d >.b >-v. -o the eff ct that °nrelv snch a la^e amount coull not b» eraplorei safely in Yew Zealand. Bit when he told them that over two and a- half millions were employed in Australia, nnd when they reckoned this in addition to what was hill in London and in f-oin in the colonies -nearly four million*— they would «cc that they bad over mx millions not represent -d in New Zealand, or not re wren ted except in con. They woald quite understand that he off red the*e rennrk", not in th* leasr doub ing the perfect s ability of things in Ne *• Z aland, but for the sitisftction of absent nharenolders, who might not know the circumstances under which they were trading* to th* extent of H millions. The motion was then pu>. to the meeting, and carried unanimously. KLKCTION OF A DIRECTOR. The Chairman said that he retired by rotation from the Board of Directors, and only one shareholder had offered himself for election in his steaa— m , Mr. William Scott Wilson, whom he had much pleasure in propo<-iig as a director. The Hon. Sir P. Whitakbr said he had jrreat pleasure in seconding the nomination of Mr. Wil*on. He was the son of one of Auckland's oldest settlers, and was, as his father had been before him. a proiperous man and sound man of business, and would make a very pool director indeed. He had, therefore, much pleatore in seconding Mr. Wilson's nomination. The motion was carried unanimously. ELECTION OP AnDITOM. On the motion of Mr. J. STavcarrow, seconded by Mr. P. L. Prime. Messrs A. K. Taylor and R. Rote were elected auditors for the ensuing year. TOTE OF THANK 9. Mr. P. Comisket had much pleasure in proposing a vote of thank* to the rtir^ctors and officers. In titn a * like these, when the commercial and agricultural interests of th' w>rld were entir.-ly out ■>f joint, it was very sati-ifactorv to those present to open their biiance--*hects an<4 see the very munificent results which had b-en produced. The«e results had nor, he was sure, been produced without considerable eire and good minaeement on the parr of the directors find officers of the R^nk, and therefore he had much plea«nre in prop, sine a vote of thanks to them. • j Fl ®" onTOV Ba id fI S >rc\e<i him rery great pleasure indeed to second the motion which had ju<t been proposed. The motion having been carried unanimously, The Chairman rpturned thanks on behalf of the directors. He said they di<l not treat these votes as a ma 1 tar <>f course. They felt that the shareholders thought they had done their duty, and it was a great satisfaction to him that such was the feeling. la moving the adoption of the report he had referred to the d -nression existing. He had been a long time in New Zealand, and had seen the Colony puss through m my Hepres-ions. It ba'i to him b.-en wonderful to no' ic a the recovery the Cnlonv had made from depressions, notably the one about 18f>6 or 1867. Well, since then they might say that they had had a continued tide of progress, and it waa only in the nature of things that a reverse should be ex p"riencel. He had the •*ame fiith now in the Colony's ability to tide over the present depression, nd again get into a time of prosperity. It must be wi'hin the knowledge of everyone thit the population of the Old Country was now bf-coming so dense that it must have an outlet, aid *he improvements in the mode of moving populations were now so gr^at that within a very little time they woald s^e in the Colony h-re many s n "king to e^t.blish a hnme which circumstances denied th"m in the Od • ountrv. He looked to that as one nf the causes which was sure to briner about a better state of things and prosperity it the Colony. He thanked them very much for the vote of thanks. Mr. Murdo< h said it was again his privilege to return the very hearty tbank* of the officers for the shareholders' appreciation of their services during the past h ilf-year, and he would have very great pleasure in convening their approval to the staff. The scroll minutes were then read, and the proceedings terminated.