BANK OF NEW ZEALAND HALFYEARLY MEETING.

Bay of Plenty Times, Volume II, Issue 173, 6 May 1874, Page 2

BANK OF NEW ZEALAND HALFYEARLY MEETING.

The usual half-yearly meeting of the Bank of New Zealand took place in the Board-room of the Bank at noon to-day. The Hon O. J. Taylor took the chair, and there was a good attendance of shareholders. The Inspector read the advertisement calling the meeting, and the report and balance sheet as follows : BEPOBT. The directore have again the pleasure to sub* mit to the shareholders a favourable result of another half-year’s operations. The nett profit at 31st March, after making very ample appropriation for all bad or doubtful dependencies, and for usual reduction of bank premises and furniture accounts, amounts to £41,820 8s 8d ; to which has to be added balance of undivided profit at 30th September, 1873, £8 892 Os 9d ; making a total available for division of £50,712 9s sd, the following appropriation of which is now- recommended ; To payment of the rate of 10 per cent per annum, £30,000 ; to bonus of 2a 6d per share, equal to 2J per cent £7,500 ; to balance carried to profit andp loss new account, £13,212 9s sd. Total, £50,7132 9s sd. The dividend and bonp at head office to-morrow, : the 30th A® pril, and at branches on r£ceipt of advice. » For the Boaj o f, Directors, 0. J. Ta.T1.58, Chairmi 1

Aggregate balance-sheet of the Bank of New Zealand at 31st March, 1874. including London Office at 3lst December, 1873 : Dr. £ a d Bank stock 600,000 0 0 Reserve fund 180,000 0 0 Notes iu circulation 426,617 0 n Bills in circulation 1.011,108 11 o Deposits and other liabilities... 3,432 501 7 9 Balance of profit and loss account at 30th September. 1873 !«efc profit for half-year ... 41,820 8 8 Gs, Coin and cash balances ... 537,090 12 10 Bullion in hand and in transit 293.601 4 2 Government securities ... 150,000 0 0 Notes and bills of other Banks 4 011 6 1 Landed property ... ... 24,547 5 0 Bank promises, furniture, and stationery 70.747 0 0 Insurance account ... ... 2,404 0 2 Bills receivable, bills discounted, and other debts due to the Bank ... ... 4,568,568 C 1 £5,700,969 8 10 KKSEHVB FUND. Ds, To balance ... 180.000 0 0 _ £IBO.OOO 0 0 Ch. By balance from last statement 180,000 0 0 mi £IBO.OOO 0 0 The Chairman (the Hon. O. J. Taylor), in moving the adoption of the report, congratulated the shareholders on the favourable result of the past half-year. The figures in the balance sheet would prove to shareholders that the bank had a well sustained and increased business circulation, and deposits exhibited a satisfactory increase, and there had been a corresponding extension of the banks advances. The profit and loss account also showed a gratifying result, due partly to increase of business, and partly to better rates having ruled during portion half-year. The banks in New Zealand had recently been doing business two per cent, lower than those in Australia, but rates were now assimilated to those ruling in the adjacent colonies. Prospects for the fmure were good, though he would guard shareholder against having their expectations raised too high, as prefita were liable to disturbance from lowering of rates, or possibly from increased competition- As to the latter cause he might remind them that it was usually thought that IS’ew Zealand was already overbanked, but if there was a neces3 >ty for another bank, he was sure none of those present would object to the advent of another rival. The trade of the colony was sound, and prices of the chief staple productions were wel* maintained, and an increase of trade was certain, to cause an increase in banking business. It was* reasonable to expect that this bank, holding the important position it did in the colony, would have its share in the increase, and he hoped at next meeting the Chairman would be able to announce s result at least as gratifying as that now laid before them.

The motion for adoption of the report having been seconded by Mr J. L. Campbell, was put to the meeting, and carried unananimously. Mr Thomas Bussell being the only candidate for the vacant seat, at the Board, was declared duly elected, the Chairman remarking that Mr Russell was expected early in June, and that he would be heartily welcomed on his return to the Board.