HALF-YEARLY GENERAL MEETING

Ashburton Guardian, Volume VII, Issue 1976, 22 October 1888, Page 3

HALF-YEARLY GENERAL MEETING

A 7 PER OBNT DIVIDEND.

(P_sk Press Association,)

Auckland, Ootober 22

Mr Boardman haß given notloe that at the half-yearly general meeting of shareholders of the Bank of New Zealand, to be held to day, he will propose eorap alteration m deed of settlement with reference to the appointment of auditors. At present no one other than shareholders possessing 200 shareß can be an auditor, and tbe objeot m view is to abolish tho qualification so that shareholders may be enabled, as m other points, to elect gentlemen to fill the position of auditors whether they be snaroholders or not.

The half yearly general meeting was held at noon to-day, Mr Buckley In the chair. There wss a large attendance of shareholders. . S The report and balance-sheet showed a dividend of seven per oent, and £34,000 oarrled forward. The Chairman In moving tho adoption said that the Bank had undergone a trying ordeal, but the re .nits were reassuring and encouraging. Reviewing the figures of the balance-sheet to find ont how the Bank had fared under the experiences of the past twelve months, be pointed out that the available cash resources were £2,760,000, being half a million more than last half year. Deposits had decreased by three hundred whloh npon the total of nine millions v a. Insignificant, andunder the olroumstanoes It was gratifyli g, on the whole. Tbe Bank hsd been doing rather less business, and keeping large cash resources. This polloy had been Imposed by a prudent regard to existing conditions. The profits amounted to £39,607. Out of this they proposed a dividend of 7 per oent, adding £8000 to the amount oarrled forward, wbioh thus stands at £34.000. This outcome of so large an aggregate of business would be discouraging If all the assets were available for earning, whioh they are not. Thoy hoped, however, ere long to obtain that position, with resalta m the shape of profits of a much more satisfactory kind. Ho believed they would be assisted m this by betlor times and brisker trado. Sottlt.ment on publio lands was now more active than it ha** been for some yearß,' and ihe demand for property showed a distinct revival. From such improvement the Bank would benefit m a double sonse, more of its reeources would be free for legitimate employment, and the employment would be moro remunerative, Mr Reader Wood addressed the meeting, contradlotlng the statements previously made that the bank had lost £160,000 through the late Mr James Williamson. Mr Rose, agent for the deceased, s.ld that the exeoutors were prepared to meet iv Court any attempt made by the Bank to recover tbat money. Mr Law, the late manager of the Adelaide branch of tho B»nk, also spoke, defending himself against aspersions on bis oharaoter. Sir F. Whltaker seoonded tbe adoptl >n cf tbe report and tbe balance sheet. He said there was no doubt the Bank had gone though a great ordeal, but he questioned if there were many other institutions of a similar obaraoter that would 1 have faced the same ordeal and come out 1 of It with the same bucosbb. The adoption was oarrled unanimously, without dlsous.lon.