BANK OF NEW ZEALAND.

Gisborne Times, Volume VII, Issue 335, 8 February 1902, Page 1

BANK OF NEW ZEALAND.

A SATISFACTORY POSITION. (Per Press Association.) WELLINGTON, last night. At the half-yearly meeting of the Bank of New Zealand to-day, there was only a small attendance. The Chairman, Mr F. C. De Malet, explained that tiie meeting was held merely to comply with the requirements of the Act, and no accounts would be presented. He assured the meeting without hesitation that compared with tiie figures of the corresponding period, twelve months back, there was a satisfactory increase in the volume of business, and that the profits for the half year had been fully maintained. There was no reason to suppose that the current half-year ■would prove less satisfactory, though, in the matter of deposits, it is only reasonable that with less money coming to the colony by reason of tbe low price of some of the chief products, current accounts may not show as well as at March last. However, it was useless to prophesy, as the actual figures would be laid before tiie annual meeting. Tiie abnormal condition of the wool market required serious consideration, and it behoved the Bank to carry on business with caution. He pointed out that the industries of the colony varied, and it was rarely that all the products of tiie colony were depressed at the same time. When one was depressed some other important one was the reverse ; for instance, the dairy industry. He said that despite the present condition of the wool market the clients of the Bank were in a better position not- i withstanding the depression of that market than they were a year back, i T hey have experienced a few years of i prosperity, and had no doubt profited by the experienced gained. Moreover, j ibe reduced value of money had been , in their favor. He had referred par- c licularly to wool as one of the staple products of the colony, and the Bank, or that valu- " aide item of our exports. The Chairman announced that Mr M. Kennedy had been re-elected a direc- C t.or without opposition. t The latter, in thanking the share- b holders, referred to the anomaly exist- p ing in respect to the election of directors. He said that under the consti- a tution directors or officers were not e empowered to exercise proxies, there- q fore while there were shareholders in England, Australia, and New Zealand the election of directors practically rested with the shareholders resident I ir- Wellington. He explained that I when a director obtained proxies he I had to secure the services of a friend -L who was a shareholder to attend the meeting and exercise them. This was an anomaly which ought to be remedied by future legislation, and he suggested such a system as was adopted lv the A.M.P. Society, where proxies were sent by the Society through the post office. He referred to previous elections and asked whether certain candidates were satisfied that the proxies had been exercised as desired. Then again, those sending proxies de- 1 rnanded advice as to the sale or pur- J chase of shares, and he could as a ti director only reply quoting what the a Legislature had decided should under certain conditions be done with the profits. He gave it as his opinion —which he said was a non-committal ]( one, that if the earnings of Hie Bank c for the current year and tiie next six g months were maintained there should v [be a dividend, and he would cast his vote in favor of it. The meeting then closed.