THE BANK OF NEW ZEALAND.

Gisborne Times, Volume XXV, Issue 2113, 22 June 1907, Page 4

THE BANK OF NEW ZEALAND.

ANNUAL MEETING. Press Association. WELLINGTON, yestorday. The annual meeting of tlio Bank of New Zealand was hold to-day, Mr Boauchamp, Chairman of Directors, presiding. Mi - . Watson, commenting on tho Chairman's speech, referred to the bright prospects of the Bank for the futuro in tlio eyos of the public. Tho position of shareholders, ho said, seemed to bo an enviable one, and by somo it was considered that they wore receiving too largo dividends. It must bo remembered, however, that every ordinary share had cost •£l6 13s 4d in hard cash, and tho present dividend meant exaotly 2 per cent on that amount, so that when they amassed a proper reserve fund they must look for still greater | benefits, so as to make them fairly even with other similar institutions. Mr Weston said shareholders would liko to know something about the values of landed premises, and how the Bank’s figures compared with the Government valuations. Tho Chairman replied that tho book value of landed property and premises in New, Zealand forming part of the sum of £319,859 in the balance-sheet amounted to £296,699. The land tax value for the same properties was £392,488. The difference between tho amount of, £296.699 and £319,859 was made up by the value of premises outside New Zealand, and furniture and stationery. The balance-sheet at March 31st showed £442,000. Since that date the Bank had purchased land and erected premises at a total cost of £76,000, making a grand total of £518,000. During the same time the Bank had sold properties, chiefly in Australia, amounting to £77,0Q0 ; and had written off £122,000, making the total of £199,000, which, deducted from £518,000, left a balance at date of £319,000. , j Votes of thanks were passed to tlio directors, general manager, and staff.