BANK OF NEW ZEALAND.

Daily Telegraph (Napier), Issue 3534, 4 November 1882, Page 4

BANK OF NEW ZEALAND.

H AT. J"-YEARLY MEETING. The half-yearly general meeting of the shareholders was held at the Banking-house, Qneen-street, on the 25th October, afc noon, the Hon. James Williamson in the chair.

Tbe General Manager (Mr D. L. Murdoch) read the advertisement calling the meeting, also the minutes of the last halfyearly general meeting, and the report and balance sheet, as follows : — Eorfcy-second Report of the Directors of tho Bank of New Zealand, to the Half-yearly General Meeting of the Proprietors, held at the Banking-house, Auckland, on Wednesday, 25th October, 1882. The result of the pasfc half-year's operations enables the directors to submit; to shareholders the following statement, which they trust will be deemed satisfactory. The net. profit, for the half- £ s. d. year ended 80th September, after full appropriation for all known bad, or doubtful debts, and in reduction of Bank premises and furniture accounts, amounts to 98,921 17 9 Tofwhich lias to be added — Balance from half-year ended 31st March. 1882 11,003 12 2 Giving a total, available for division, of 109,925 9 11 Which ifc is pi'oposed be now appropriated as follows — To payment of £ s. d. dividend afc the rate of 10 per cenfc per annum 50,000 0 0 To bonus of 5s per share, equal to 5 per cent, per annum ... 25,000 0 0 To addition to reserve fund 25,000 0 0 To balance carried to profit; and loss, new account ... 9,925 911 109,925 9 11 The dividend and bonus will be payable at the head office, Auckland, to-morrow (Thursday), 26fch instant, and afc the branches on receipt of advice. For the Board of Directors. Jajies Williamson, Chairman. Agggregate Balance-sheet of the Bank of New Zealand at 30fch September, 1882, including London office afc 31st July, 1882. Dr. Liabilities. £ s. d. Capital paid-up 1,000,000 0 0 Reserve fund 575,000 0 0 Notes in circulation ... 523,428 0 0 Bills payable in circulation 1,781,411 G 8 Deposits and other liabilities 7,775,365 16 8 Balance of profit and loss 109,925 911 £11,765,130 13 3 Cr. Assets. £ s. d. Coin and cash balances at bankers 1,078,682 12 3 Money on short call in London 505,000 0 0 Bullion on hand and in transit 235,068 12 5 Government securities ... 222,821 12 6 Bills receivableand securities in London ... 1,416,956 13 9 Bills discounted,and other debts due to the bank 3,071,110 19 1 Landed property, bank premises, &c. ... ... 235,490 3 3 £11,765,130 13 3 TROFIT AND LOSS ACCOUNT. Dr. £ s d. To dividend on 100,000 shares of £10 each, at rate of 10 per cent, per annum 50,000 0 0 To bonus at rate of 5s per share, equal to 5 per cenfc per annum 25,000 0 0 To proposed addition to reserve fund 25,000 0 0 To balance carried to profit and loss new account ... 9,925 9 11 £109,925 9 11 Cr. £ s. d. By balance from half-year ended 31st March, 1882 11,003 12 2 By net profit; for half-year ended 30th September, 1882 • ... 98,921 17 9 £109,925 9 11 RESERVE _TJND. Dr. £ s d To balance (including proposed addition) ... 600,000 0 0 £600,000 0 0 Cr. £ s d By balance, as at 30th September, 1882 575,000 0 0 By proposed addition ... 25,000 0 0 £600,000 0 0 We hereby certify that we have examined the accounts of the Bank of New Zesiland for the half-year ended 30th September, 1882, and that we have counted the cash balances and examined the bills and other securities held afc the head office, and compared the returns of the branches with the statements in the foregoing balance-sheet, and have found the same to be corrpefc.

/c . , N Geo. P. Pierce, ) . ~, (Signed) Benj> Tonks> ) Auditors

The Chairman, in moving the adoption of the report and balance-sheet, said: Gentlemen,- —There is an old but trite proverb, " Good wine needs no bush," and on this occasion, with such figures before you as are presented in the report and balance-sheet •which you have just read, I do nob feel called upon to make [any lengthened remarks. Comparison of the various items with the balance-sheet of last half-year will show considerable uniformity under nearly every heading, and, considering that the past is the off cr more inactive half of the year, I think you will agree with me that the result is very gratifying. The period of the year accounts for the diminished volume of the bank's exchange operations, included under the heading of bills payable in circulation ; the slight decline in deposits is wholly due to the gradual expenditure of public moneys ; while the small increase in the advances, as shown under the head of bills discounted and other debts due to the bank, indicates more active employment of the bank's resources, and a corresponding diminution of the large balances which for some time back wo have had in comparatively inactive use in London. The neb profits show an increase of over £16,000 as compared with thejprevious statement, and without trenching too heavily on the balance to be carried forward we feel warranted in recommending the handsome addition of £25,000 to the reserve fund, which will then stand at £600,000. On this the occasion of the bank having attained its majority, I may well be allowed to congratulate shai'eholders on the immense results achieved aince its inception, and the important position it now occupies as shown in the balancesheet. Without taking undue credit to ourselves for all that has been accomplished. we may look with satisfaction to the facts that £1,862,000 havo been dispensed in dividends, while our landed property and bank premises have been written down to a point which might fully warrant our taking further credit to our reservo fund of fully £220,000, and over and above this large amount nearly as much more might be assumed as increased value of the bank's property. As an illustration of this, I may say that a recent sale of tho leasehold of the land in Christehurch immediately in front of our premises gives a proportionate value to our site there of nearly one-fourth of the amount at which the whole of the land and valuable premises throughout the colonies now stands in our books. Apart,

however, from tho mere profit; attaching to our operations, who can estimate the benefits conferred during the past twenty-one years on the commerce of Die colony through the instrumentality of the bank ? Ifc has been our uniform endeavor to support legitimate enterprise, and while we have thus led to the accomplishment of much that could not otherwise have been undertaken, we are not slow to acknowledge that a generous support by the public has enabled the bank to build up a business of which any institution might well be proud. Looking to the future, ifc is on the continued support of the public that we must rely for results, and while, therefore, we cannot command success, we will at least endeavor to deserve it. As to tha general outlook of business in the colonies, while there is much to encourage a confidently hopeful prospect, the rapid general increase of imports affords a fitting test for warning. Putting aside the views which political economists may express on the bearing of such condition, the fact remains that excessive imports have to be paid for, and the marked change which has taken place during the past six months in the combined bank returns of the various colonies, sufficiently points to the necessity for a sharp curb being applied to check this onward movement. Land speculation; also, in some districts, deserves a passing notice, and while its existence may generally be accepted as an evidence of a large well-to-do class, ifc may well be apprehended that apparently easily made profit may lead to land gambling, which cannot fail to be detrimental to the community. While feeling bound to notice these disturbing elements, I have much satisfaction in expressinn my confidence in the prosperous condition of the 3taple industries in the colonies. Pastoral and agricultural interests for the season have very bright prospects before them ; and the rapid development of the frozen meat export trade, and of dairy factories to be utilised in the same connection, opens up a future for these industries which will largely promote the general welfare. With these few remarks, I beg to move the adoption of the report and balance-sheet. Dr. J. L. Campbell: I beg to .econd the motion for the adoption of the report. The motion for the adoption of the report was then put and carried unanimously. ELECTION O- A DIRECTOR. Mr William Innis Taylor retired by rotation from the Board of Directors. Mr James M'Cosh Clark being the only candidate, he was duly declared elected. AUDITORS. On the motion of Mr Gr. P. Pierce, seconded by Mr C. Alexander, Messrs Benjamin Tonks and William Innis 'Taylor were elected auditors. VOTES OP THANKS. Mr J. L. Wilson, in proposing a vote of thanks to the directors and officers of the bank, said : To receive such glowing reports and steady dividends from time to time, must be exceedingly gratifying to all the shareholders, bufc there is something lying afc the back of all this which we must not fail to recognise, Such largo sums as are brought before us in this report must necessarily represent a great deal of anxiety, care, thought, and skill somewhere, and we know where that comes from, and should not fail to recognise ifc. I have therefore great pleasure in proposing a vote of thanks to the directors [and officers of the bank for their services during the past half year. Mr T. Hill: I beg to second that. The motion was put and carried.

The Chairman, in returning thanks on behalf of the directors, said : Gentlemen. — It is -with -very great pleasure that I rise on the present occasion. This undertaking, which was begun twenty-one years ago, has outgrown tlie most sanguine expectations of those who were its promoters. I claim that honor myself. Mr Russell was the second, and his services were even move valuable — perhaps much more valuable —than my own, in starting this institution. I have now met the shareholders at forty-two different meetings—l may have been absent perhaps from one or two of them—bufc I simply mention this to say that on each occasion we have met with the approval of our shareholders ; and as I have said in moving the adoption of the report, in looking forward, I think the signs are that our progress will continue. I hope also that ifc may increase. Still, I think that we have every great right to be satisfied with the progress that the instution nas made. Many gave us a very short career at the time the institution first started; however, lam glad to be here now to find that their prognostications were nofc fulfilled. Ido not know that I have muck more to say on the matter, only to express my gratification at the honor again conferred upon myself as one of the directors, and also at the apparent satisfaction in the minds of all parties with the efficiency of our staff, and the manner in which they have done their duty, Gentleman, I may not have many years to live, still I should like to meet here as long as Ido live with the shareholders of this institution, and I hape its prosperity will nofc wane during that time. Mr D. L. Murdoch (General Manager), in returning thanks on behalf of the staff, said ; Often as I have had the satisfaction of returning thanks for your kind votes of approval during the last seventeen years, I have special gratification in doing so on this' the occasion of the bank having attained its majority. And as your confidence has been uniform during the minority of the institution, I may be allowed to express a hope that nothing will in the future interfere with the continuance of your confidence and approval. I beg to thank you very heartily on behalf of the staff for your vote, and I may again repeat my oft-given assurance that nothing will be wanting on the part of the staff by every exertion in their power to maintain the continued success of the bank.

The rough minutes were then read, and the meeting terminated.