BANK OF NEW ZEALAND HALFYEARLY MEETING.

Evening Star, Issue 3649, 2 November 1874, Page 3

BANK OF NEW ZEALAND HALFYEARLY MEETING.

The half-yearly general meeting of the shareholders of ffie Bank of -ew Zealand was held in the bard-room, Auckland, at noon, on Wednesday, the 2lst.inst About twenty shareholders were present Mr C. J, Taylor, o copied the eh dr. and read the advertisement convening the meeting Mr D. L Murdoch then read the minutes of the previous meeting, which were confirmed, and afterwards the following report and balancesheet : Twenty-sixth Report of the Directors of the Bank of New Zealand, to the Half-yearly General Meeting of the Proprietors, hold at the Banking-house, Auckland, on Wednesday, the 21st October, 1874, The Directors have pleasure in congratulat ing Shareholders on the continued success of the Bank’s operations, as evidenced in the following report and balance-sheet The net profit at 30th September, after making ample appropriation for all bad and doubtful dependencies, and for reduction of Bank premises and furniture accounts, amounts to £45,703 10 10 To which has to be added Balance of undivided profit at 31st March, 1874 £13,202 9 5 Making a total available for division of £58,910 6 3 The following appropriation of which is now recommended— To payment of dividend at the rate of 10 per cent, per annum £30,000 0 0 To bonus of 5a per share, equal to 5 per cent per annum £15,000 0 0 To balance carried to profit and loss new account ... £13,916 6 3 ■ -£58,916 6 3 The dividend and bonus \vill be payable at head office, Auckland, on Friday, the 23rd October, and at branches on receipt of advice. For the Board of Directors Charles J. Taylor, Chairman, Aggregate Balance-sheet of the Bank of New Zealand at 30th September, 1874, including London Office at 30th June, 1874. Dr. £ S- d Bank Stock 600.000 0 0 Reserve Fund 180,000 0 0 Notes iu circulation 431,158 0 0 Bills in circulation 1,233,847 16 1 Deposits and other liabilities 4,204'340 14 3 Balance of profit and loss account at March 31st, 1874 13,212 9 5 Net profit for half-year ... 45.703 16 10

£6,748,262 10 7 . Cr - , £ s. d. bom and cash balances 459,452 11 2 Bullion on hand and in tran- _ situ 374,351 10 5 Government securities ... 300,000 0 0 Notss and bills of other hanks 4,012 1G 3 Landed property 25,506 4 0 Bank premises, furniture, and stationery 72.197 17 4 Insurance account 2,461 1 N Bills receivable, bills dis- ’ counted, and other debts due to the bank 5,510,280 12 2 £6,748,202 16 V PROFIT AND LOSS ACCOUNT. Dr. £ s q To dividend at the rate of 10 per cent. Her annum ... 30,000 0 0 To bonus of 5s per share, equal m P«’cent 15,000 0 0 io balance carried to profit and loss, “ new account ” 13,916 G 3 £58.916 6 3 Cr. g s> By balance of profit and loss nt 31st March, 1874 ... 13,212 9 5 By net profit for half-vear, after writing off bad'dets 45,703 16 10 £53,916 6 3 RESERVE FUND. Dr. £ s q To balance 180,000 6 6 £IBO,OOO 0 0 Cr. £ g d By balance from last statement 180,000 0 0 £IBO,OOO 0 0 Audited I DlG ™b ) James Watts. The Chairman said, in moving the adoption of the report which has just been read, it is no small satisfaction to me to have only masters of a congratulatory character to which to refer. V hen I had the pleasure to occupy this chair at our last meeting, the prospects of business appeared to warrant mo in holding out a hope of the result of this half-year’s operations being more sat sbictory than the previous c e, and I am glad to pointy to the report which has just been read as evidence that I was not wrong in my anticipations. We have had, on the whole, a very satisfactory half-year; business, as shown in the balance-sheet, has been well maintained, and rates, though considerably lower than in Aus'raUa. have not been disturbed, and have yielded a fair return on the Bank’s operations Although we must reckon on fluctuations in busin as, I see nothing to prevent a continuance of at least as favorab’e resuds ; but this is a matter which rests very modi in shareholders’ own hands, as it is in no i-mall degree to their support influen e that we are indebted for the position (he Bank occupies. With the as istance of shareholders, and the same support from the public, which the Bank is evei ready to reciprocate with liberal dealing, its position may not only be maintained but improved, Etui with improvement we may reasonably look for increased profits During the half-year there has been ample outlet for money, and the Bank’s resources have been very actively emph yed. I understand that, although the import Dade of the Colony has continued heavy, and the demand for goods Las been setiuusly affected by the unusually severe weather, which has given us Hi is year at least four months of winter, Hu- prospects of the season are reckoned f ir!y salßfactory. XVo know that the po--1 uiatiou is steadily and largely increasing ; that public v. oiks are being vigorously pro*

secuted ; and the losal market for staple products is well man taim d ; and though there hj s been a depreciation in the value of wheat in the Emdish market, it has been more than counterbalanced bv the c ntinu -d high pi ices of the more important export — won). though there are not wanting elements in our future prospects to sngg< st treat caution, I think we have ample ground for hope and confidence in the future of the Oniony. It now only remains for me to move, “That the report and balance shot, as read, he adopted, and circulated among the shareholders.”

Dr Campbell seconded the adoption of the report, which motion was carried unanimously. The Chairman said that the next husinerg before the meeting was the election of a dir-ctor in the place of himself, who retired from the Board, The only gentleman who was a candidate f,,r the office was Mr J.- mea Williamson, and he therefore declared him elected.

1 he next business was the election of an auditor in the place of .vlr James Watt Mr Jas. Robinson proposed, and Mr G. P. Fierce seconded that Mr C. J. Taylor be elected auditor.

Carried unanimously. Mr W, 1. 1 aylok said ; There being no other business before the meeting, I beg leave to move a vote of thanks to the directcis and officers of the bank for their services during the past year, and at the same time to congratulate the shareholders on the continued prosperity and sue'.ess of the institution. Ihe C airman, on behalf of the directors, said that it was a source of great sain faction to receive the vote of thanks. It was a very great pleasure to them to forward, as far as possible, the interests of the bank and shareholders

Mr D. L. Murdoch said: Gentlemen, on behalf of the staff, I assure you that nothing will be wanting on our part to endeavor to advance the interests of the institution, I hero is one matter which has occurred to me on which the chairman has not touched, and which 1 think due to the Board to men tion, that has particular r-fermce to this vote of thanks. It is that during the half year the Board felt justified in according to the staff a bonus of 10 per ceut, on their salaries, a course which 1 need not say has been most welcome to the staff, and ba< h;d a most beneficial effect. Welcome as your periodical vo-es of thanks undoubtedly a-e, the 10 | er cent, vote has no doubt appealed mote directly to their feelings, and I anticipate the best results therefrom, and hope the future of tho bank will warrant the action.

The minutes were read and the proceedings terminated.