BANK OF NEW ZEALAND HALFYEARLY MEETING.

Evening Star, Issue 4105, 24 April 1876, Page 3

BANK OF NEW ZEALAND HALFYEARLY MEETING.

In reconunending the adoption of the report at the half-yearly meeting of the Bank of Ndw Zealand, the chairman (Dr Campbell) referred to the increase of one million in deposits and other liabilities, which is due to a redaction in Government balances. A corresponding reduction was shown in the advances- Alluding to the transfer of the Fiji Banlfc business, he said they were only awaiting confirmation by the Fiji shareholders to complete it. The Directors felt that the moment had come when it was necessary to make a footing in the new Colony, and though the Bank had done good service, yet they would not have stood any opposition from a powerful foreign Bank, so their Baiok had taken it over with the purpose of securing for the shareholders and the Colony Ahe benefits to be derivable from a growing island trade. Terms were offered for the Oenejral Government account, which they hoped would secure its continuance with the Bank; but if not successful—though they should deeply regret the severance of the connection of 14 years—shareholders - need not fear that the loss would materially affect the future rosults. At the close of the meeting they would be asked to pass a resolution enabling them to increase the reserve fund. TMie following resolution was then proposed and carried “ That all the words after •tliat’ in Clause 102 of the Bank’s Deed of Settlement be omitted, and the following words be inserted in lieu thereof ; “It shall be competent for the Board of Director*with the approval expressed by a resolution of a majority of the proprietors present in person or by proxy at any half-yearly meeting, from time to time to make out of the net profits such addition to the reserve fund aa* the said Board shall think fit j and if at an y time the said reserve fond is reduced equal Ao three-tenths of the actual paid-up capital of the bank, there shall be appropriated 'an amount equal, if required, to ten per cent, of the net profits for the increase of the said reserve fund, until it again amounts to three-tenths of the paid-up capital.'” This resolution was confirmed at a special general meeting held immediately aftor the ordinary meeting.