THE BANK OF NEW ZEALAND.

Greymouth Evening Star, Volume XXXI, 10 August 1901, Page 4

THE BANK OF NEW ZEALAND.

(p3R PRESS ASSOCIATION.) The General Meeting. The Balance-Sheet Adopted Wellington, August 8. The general meeting oE the Bank of New Zealand was held to-day. The Chairman of Directors (Blair), in riming the adoption of the report, said that the capital was now £2,421,860, as ag*inst £2,1)19,519 last year. The decrease was caused by the purchase of preferred shares of £500,,00 from the Government which enabled (lie Bank to make large savings in interest. The dc posits wore £8,689,504. bong an increase of £94,615. Bills payable and outstanding showed an increase of £299,682 in liabilities which was chiefly accounted for by Government transactions. London had been profitable field for investment of money at short dateand London management had taken advantage of the position. Business was firs.class, although necessitating rc.liscoun.ing of bills held. It would be seen from credi side that the bank maintained a very atron;.position. Tne amount of balance v/a----£1,554,129 being an increase of £146,603 while at short call and in securities in London they had decreased slightly, the amount sta Ring at £2,523,090. The investaunts in the colony ha! increased from £2,385,284 to £2,597,584 The Assets liculisatiun Board deoentures had been paid oil during the year to lbamount of £125,000. The net increase in investments was £122,309. Bills tiicounted £2.008,832, sh .wed an increase of £289,495 and might bo taken to indicate considerable business activity on th part of the Bank’s customers. Other advances etc., showed a substantial incrcasi of £149.499. Landed properties, etc., £388,762, had been written down In £31,11/, which brought thorn within • va'uiiiun. Furniture had boot written down at £3337. Tne Bank of Now Zea laud Estates Go. Assets was £71,000 less than last year. It was unlikely then would be any further considerable sum required to provide for shortages on th realisation of the romaihing properties. The profit and loss account showed n very marked and continued improvement, The profits available for appropriation had .increased £115,020 in 1900 to £210,605 in 1901. Ths appropriation for the present yea was as follows;—written oil Back of New Zealand estates coy (i i liquidation) £17,000; Debenture Conversion Account £35,360; Colonial Bank property and premises £10,000; Bank of Now Zealand property and nremisos account and farm taro £33,305 ; Statutory payment co AssetRealisation £50,000; Colouia 1 Bank Good will account £60,000. It was, said the chairman, biyoud his power to forecast the future of the colony, or the earning power of the bank, but the past few years bad been'wonderfully fr;e from bad debts. They had un loubtedly been favoured by great prosperity, and he took a very hopeful view of the future. Martin Kennedy in seconding the adoption of the report, said that wi bout the consent of Government the directors could not declare a dividend, but if badness progressed as it had progressed during the past year, he though? ills directors would be able to show-ifio Government that they would be justified in declaring a dividend • next year. The motion was adopted and the meet Ing concluded wiih the customary voles •f thanks. In moving the adoption of the Bavk of New Zealand balanec-she t to-day the chairman added lint wi bout desiring in any way to appear to think that they were not to have prosperous times, the most prudent ram would emudor that the business of such an institution as the bank should bo conducted with a view to any iuoh cbntingoncy arising. When wo approached the question of tin prosperity or depression of the colony wo were biassed •by conditions that did not txIst in this colony, such as (hr convulsions of business that had oscurf-din other countries. Wo had a particularly mew world to be developed. When it was •onsidored, in connection wiih what had b»on done, what remained to bo done, there was not a risk of similar depression lb that .which older countries had suffered from. Look at the resources of the c intty —in Gisborne for instarc ;, there were i mnenso areas of undeveloped Imd which when opened up, would go a long way towards securing prosperity, nn only of (ho bank but of the country as well. There were again large tracts of lands held by natives on the boundary of the Mokau absolutely untjaafeod. When-those things were before them people shou’d take heart. There ,w was ah indication, 100, that ou'sido the colony there were those inter *sted in it to the higho t degree who abso'utel.v believed in the colony’s prog-ess In illustration of th s he referred to tin recent additions to tho fl-c's of tho New Zealand Shaw Havill Shipping Companies. Toose Controlling those interests would not embark upon such an enterprise ur.li s’s they had conlid nco in the cohny’a vigour, and tec ina laptabi ity of tlic people of New Zealand would c wry them further than diosc in any other part of tho world. Ho was sure that, they could look forward to carrying the -business of the bank tp a successful termination, especially H t<{° same ■mount of interest continued to bo mamTested in the hank’s affairs as had been j ipanifested in the past.

Mr Martin Kennedy, in seconding the resolution, said that the control of the Government was supreme, and without the Government’s consent the directors could not declare a dividend. The Premier might have assumed the attitude he had taken up towards the dividend on insufficient information, and if the business of the bank progressed during the coming year as it had progressed during the past year, Oe thought that the direct -vs would be able to show Government that tlu-y would bo justified in d elating a dividend next year. It was only just to 'be sh arch alders that a Dividend should bo looked forward to as s possibility in the near future. Me C. liicbard-jon thoughUhat they ought to protest against the imputation made that the shareholders were clamouring for a dividend before paying thdi liabilities. They were not. The responsibility for raising the value of tec shares was not duo to the shareholders. They had suffered a great deal of injustice, ano now that things were looking a hit bctci thc-y were entitled to some consideration and sympathy. The chairm .n said that ho had no l referred to the question of a dividend E n the reason that it did not arbo till nexi year, and the whole question would be dealt with at the proper time. What he had said on the subject last year s.ili held good. The motion for the adoption of the balance-sheet was then put and carried.