TELEGRAPHIC NEWS.

Globe, Volume IV, Issue 428, 27 October 1875, Page 2

TELEGRAPHIC NEWS.

(Per Press Ag-ncy.') Auckland, Oct 26. The Bank of New Zealand half-yearly meeting, held to-day, showed a nett profit for the half-year, after providing for bad and doubtful debts, of the sum of £47,103. Balance undivided last half-year, £16,974. Total, £64,077. A dividend of ten per cent, and a bonus of 5s per share was declared. The adoption of the report was moved by Mr S:one, who said since its commencement dividends had been paid to the shareholders amounting in the aggregate to £920,000. A reserve fund of £IBO,OOO had been formed, and £IOO,OOO had been written off for Bank premises and furniture. The accounts and balance-sheet showed magnificent deposits, and a circulation amounting to £6.180,000, although a million and a half of this was the balance of the four million loan. The demands on the Bank for accommodation during the past twelve months, consequent on the rapid growth of the business of the colony, and the apparent indisposition on the part of the foreign banks to enlarge their advances, had been very great, and it has for some time been apparent to the directors that without taking a very sanguine view of the future, a return as favorable as that proposed to-day could be paid by the Bank on a considerably increased capital. The directors therefore have determined to avail themselves of the power committed to them to make a further issue of ten thousand shares, which will be first offered to the present proprietors, at a premium of £5, being £3 below the present colonial value of the shares, and £7 below the price in London ; payment for the new shares not to be required till the Ist of January, from which date the new shares will participate in the profits of the halfyear, and in the meantime any shareholders electing to pay in advance will, till the Ist of January, be entitled to interest at the rate of 6 per cent per annum. It is also intended to alter the deed of association so as to increase the reserve funds. Eeferring to the Government account, the chairman said that the possession by the Bank of the Government account had caused such jealousy that, should the Government submit the account to tender, the Bank would not feel aggrieved. No doubt, if the account were to remain as at present, and during the past six months, there would be good reason to make it an object of desire; but that condition is far from being the normal condition of that account, and it may well be apprehended whether it will long remain in such a state as to make it so much an object of envy as of late. The chairman then referred to Mr Bridges’ evidence with surprise, and in terms of strong condemnation. Mr F. Whitaker also entered at considerable length into Mr Bridges’ charges. He said, with reference to the Port Chalmers railway, that matter was one that Mr Bridges could have no knowledge of. He further said it was asserted that it was resolved by the Bank to turn out the Ministry of Mr Weld and put in Mr Stafford, and so they came to the expressed determination that they would make no advance to Mr Weld. The accusations were in general and indefinite, but there was a specific charge against Mr Bussell of having said this in so many words at a meeting. Of course the refutation of this charge must be left to Mr Russell himself, but for his own part he could say on his honor, that having been the confidential adviser of the Bank for fourteen years, he had never once known the influence of the Bank used for political purposes, and it was impossible that it could have been so used withouthis knowledge. Mr Russell he was sure would feel it the height of impropriety to advise such a course, and this charge, as well as the first, he felt morally certain was totally unfounded throughout. During the whole of his (Mr Whitaker’s) connection with the Bank, he could recollect no action of which he was ashamed. Havinghad such close knowledge of the Bank’s affairs, and having been lately a spectator of the proceedings at Wellington, he had taken the opportunity of seconding the adoplion of the report and balance sheet, for the purpose of affording this explanation. The report was unanimously adopted. Mr Taylor was elected a director. Napier, Oct 26. There has been sold Mr Todd’s Homewood property, 2000 acres, to Mr Duncan M'Laren and Mr W. White, of Canterbury, for £9750, and also the lease of Mr Chapman’s Okawa property, of 1280 acres, to Mr Franklin White, of Canterbury, for twelve years ; stock at valuation. Dunedin, Oct 26. A banquet is to be given to Mr Thompson, member for Clutha, on Friday. Sir George Grey, Messrs Fitzherbert, Rolleston, and all the Otago members who voted against Abolition are invited as guests of the Clutha settlers. Mr Murray kindly telegraphed he will attend.