BANK OF NEW ZEALAND

Ashburton Guardian, Volume VII, Issue 2122, 30 April 1889, Page 2

BANK OF NEW ZEALAND

ANNUAL MEETING.

j (Pan Press Assocuhow.J AUOKLAHD, April 30. The annual meeting of the Bank of New Zealand oommenoed at noon. The report of the dlreotors was read ai follows: — The results of the half year's operations are as follows ; The net profit for half year ended 30th March, 1889, after appropriation for bad and doubtfnl debts Is £43,360 Is Hi, to whloh has to be added the premium on the new shares alotted above par lees charges and oosts, £11,121. The balance from the half year ended 29th September, 1889, Is £33,968 10b BJ, making total available of £88,449 12j 7d, whtoh it Is proposed to appropriate as follows ;—- --£. ■ d To payment of- dividend at the rate of 7 per cent per annum ... ... 33,063 0 0 Balanoe carried forward 55,386 12 7 ; 88,449 12 7 The dividend will be payable at the head offioe, Anokland, to-morrow, Wednesday Ist ptox, and at branches on receipt of advice. The Chairman m moving the adoption of the said, the amount of net profit earned dnrlog the half year showed an idorease of £10.000 on the previous half year. The better rsault was doe to some extent to the new oapital employed, bat it only bfeoame available as the half year advanced, and the effeot should be more marked next term . Tho profits had been curtailed by the Directors' desire to maintain tbe Bank's strong poiltion. The new oapital had been all sobioribod, but was only available for part of the half year. The ooin oaeh balanos was £2 290,000, the same as at the September half yeai. Money at short call and bullion showed a deorease of £450,000, but this was more than made up by tbe increase of £1,600,000 of bills receivable. The London deposits showed a deoreaao of £600,000, owing to withdrawals whloh were expeoted to take plaoe In the early part of the period. Deposit business was now improving. The signs of returning prosperity xeferred to last half year were mere pronounoad. The good harvest, the rovlval of the flax Industry, the remuneratlveness of produoe and the Increased land settlement, pointed to a steady growth of prosperity m wbloh toe Bank would plttfslpjt*