Page 3 Advertisements Column 3

Dunstan Times, Issue 968, 5 November 1880, Page 3

The Chairman in moving the adoption of the report and balance-sheet, said The result of tile past half-year’s operations, as embodied in the report and balance-sheet which you have just heard read, though not so good as I had hoped when, on last addressing you from this chair, I called attention to tho handsome balance we carried forward, and expressed a hope that at this period wo would be able to make a substantial addition to the reserve fund, still affords ample ground for congratulation, as we have been able to maintain our dividend out of the legitimate profits of the half-year without trenching on tho balance heldover

from the previous period. Shareholder will no doubt have l>een paying some attention to the reports of other colonial banks during the past six months, which all bear testimony to the general depression in business still prevailing throughout the colonics and this, combined with the difficulty of finding temporaly nutlet for the large resources at oar command, a,.d the high rates which till recently have ruled for deposits, sufficiently account for the limitation of our profits. You will, however, understand that 1 do not consider 15 per cent, on a capital of L,1,000,000—0r an annual re f urn to shareholders of 1/150.0(10 leaves room for any apology. We see no difficulty in continuing to pay it, and as trade revives and opportunity occurs to male moie active and profitable use of the resources at our command, we will no doubt be able in addition to increase the already handsome reserve fund which surplus profits of past years have built up, and which now so materiallv adds to the dividend-esming pnwerof the bank. Shareholders resident m this Pro -incial District, which has been comparatively free from the results of overspeculation, cannot well realise the effect of the over-inflation of the past two years in the other parts of the Colony. With such a large proportion of the business of the Colony, it could not be expected that we could avoid, nor do we wish in any way to blink the fact of our having had considerable losses ; but it is a satisfaction to be able to assure you that we have been able to provide for them out of the profits, and we. have now the more cheering prospect of reviving trade and increased -success in all the staple industries of the Colony. The prospects of agriculturists have rarely been brighter than at the present time, and pastoral interests a'so appear to Dave a bright future before them. In the general pros parity which these prospects foreshadow, this Institution must participate, and when 1 again have the privilege of a Idressinp you from this Chair I have no doubt I will bn able to congratulate you bn increasingly favorable results. The figures in the balance sheet require little comment at this time, as practically they remain as they were at the last balance perio 1 It will be seen that our resume '3 in London are maintained at a very high point, that being the only m irkut in winch we can command temporary employment for surplus funds ; but I trust the growing requirements of business in the Colony will era long enable u« to use our funds locally, and to better advantage

than the existing low price of money in Lnu ion has enable ins to >io. It, will he noticed that a considerable increase has been made to the item of hank premises during the half year, which is due to our bavins.; poi 1 for the handsome building purchased in Svdnev, and to partial payment of premises ui course of erection in Dunedin It may, however, he satisfactory to shareho'ders to know that a re valuation of the hank’s properties would amply provide more than sufficient to pay a full dividend, hut our policy has been an ! will continue to he to write down tins item far heinw value. With these remarks, I beg to more the adays)ion of tlie report and balance-sheet as read. Mr J. C. Firth : The statement that has been laid before you in the report and balance-sheet, an I the Comments mule upon it by the President, leave me very little to say. Indeed, as to the entire operations of the Bank during the past half-year, they leave little to be said from whatever point of view they may be re ganled. They do not require any comment. They have been eminent y satisfactory. Such being the case during a very difficult period. I see no reason to doubt that, in the new period which is now opemng, that its success will continue. 1 think the shareholders have every reason to look forward to no less prosperity in the succeeding half-years of tHe future than has been att lined in the past. I have much pleasure iu seconding the motion for the adoption of the loport and balance-sheet. Carried unanim msly. ELECTION' OB mUECTORS. The President said the next business is the election of two directors—one in the room of Mr Owen, who retires by rotation ; the other to fill the vacancy caused by the resignation of Mr Alfred (Jox in the early part of the past year, to which vacancy the Hon. F. Whi laser had been temporarily nominated by the Board, and now retires in tin ins of the deed of settlement, but is eligible lor re election. John [, Cam moll. Esq., and the Kmi Mr Whitaker being'the only candidates, I declare them duly elected —the former to succeed .Mr G. 15. Owen and the latter to complete Mr Cox’s term.

Carried unanimously. The Umi. B. Whitaker saiil : I should like to avail myself of this opportunity to thank the shareholders for the position in which they have just placed mo. Six mouths ago a vacancy occurring, the directors ask' d mo 1 1 take a seat at, choir B i.ard. [felt, flatten'd By their conli lenoe, inasmuch as'hey had opportunities of judging of the value of my efforts on behalf of the bank, having boon faun tbe commencemeuc very active in my efforts to promote the interests of this institution, and having been connected with it ever since. I can only say that t duly appreciate the holftlr yon have conferred upon me. [ look upon this institution as one of the most valuable and important in the Colony, it has been one of the most successful during the period of its career, it has conferred the greatest advantages on the shareholders, and has assisted the Colony very largely f'om its resourO'B I could not feel other vyise than honored by your confidence, and I again thank yon. ELECTION* OF AUDITORS. On the in dion of Mr t'. Comiaky, seconded by Mr T, Hid, Messrs A.. K. Taybu- and G. B. Owen were elected auditors. THE DIRECTORS AND OFFICERS. The Kev. Shirley Bdter moved—“ That the thanks of the shareholders be given to the directors and olficeis of the hank for their efficieiitserviees biring the past year.” He vas sure that they were all much pleased at the report which had been presented, and with what they had heard. He could only hj ipe that the Bank would be ns successful in the future as it had been in the past. Mr Joseph Howard seconded the motion. He considered the thanks of the shareholders had been well earned. The shareholders hj id every reason to he proud of the report and balance-sheet submitted to them, and to support the policy which had b 'en foreshadowed by the President in his add i ess. Carried unanimously. The Pros' dent sai I, in acknowledging the C'niplimeni : I raav Stale that 1 feel very much gratified by the f< efpia.it repetitions