BANK OF NEW ZEALAND.

Ashburton Guardian, Volume VII, Issue 2263, 25 October 1889, Page 2

BANK OF NEW ZEALAND.

The annual meeting of the Bank of . New Zealand took plaoe at Auokland on Thursday, Oaptain Oo.beok presiding. The report showed a net profit for tbe half year, after providing forbad and doubtful debts, of £40,961 14s 9d, whioh with - the baianoe at 30th March (£55,386 12. • 1 ) gives a total available of £96,347 l7d . 41, cut of whioh It is proposed to pay a t dividend of 7 pee oent (now payable), t absorbing £39,375, and leaving £56,972 a 17s 4d to be oarried forward. Tbe chairman aald there waa .aredno--1 tion of ordinary deposits by £52,000 1 whioh on the total of eight millions was r trivial. The profits realised were below } expectation, this being largely owing to exceptional oharges and this being afeia active and profitable half The bank's t ourrent business was sound. A large amount of bad business bad been oleared from the boofca, resulting In an luoome deficiency In that part of the aooount, 1 but the bulk of the assets remaining was i landed properties, whioh were reasouably j expected to realise well m an Improving ! maiket. Mr Buokley crltfolsed tne statement of . aoooun s very severely, contending that the capital ihould bd reduoed by losses . of £300,000 from the Interim aooonat. «,l\ « n « oDnt he af^rwards stated at £354,000, and said the Walkato proptrtlea of the Bank were absurdly over valued. F^r these statements Ms Buckley was very sharply taken to task by Major George and others, Major George accusing both Mr Bookley and Mr M'Lean of, while remaining directors, eel log ont shares as fast aa possible, until tbey ceased io hold the neceisary qualification tor the offioe, or, m faot, any ahares at all worth 00. alderatlon; one having five and the others ten shares. He went on to aay that Mr Buckley had been actuated by avarice and spite. He had expressed an Intontion to break the bank, and had grasped over two-fifths of the honorarium provided for tbe directors, whilst he took possession of a furnished house belonging ta the bank. Mr MoLean said he had tried to serve i the bank to the be^t oi his ability, and should not have been insulted- i Mr £pton aald that Mr Buckley's aotion ' was most Inconsistent. He did not believe Mr Buckley's statement- < Mr Buokley said that he was prepared to meet any oharges by Major George or anybody else. He spoke amid considerable Interruption. Mr Boardman followed lv tha S(Uno strain as Mr OptonMr Murray replied fully to Mr Buckley, and deolared that there had been no concealment, Mr Buokley, as a member of the shareholders' oommittee, was fnlly informed on all matters pertaining 3 the bank's affslrs, and he knew nothing mSS I ! signed the report of the/ investigation V *how that with the revival of proaperlty m i New Zealand there was good reason to believe that the estimate made m the ' aooonnt would be realised, and that the : properties ia that aoooant would becotn© ' aa valuable as eyer tbey were, ' \i_fLX** " m "' Mop,Bd ! !-D^ N f, Ml: f &U tbo »?*Vkera condemned Mr i Buckley's r^„ks. _ M.e»»'j B j, Murray arid F. Peaoook ware Seated direotors, and Messrs Boardman - I auditors. 4]