BANK OF NEW ZEALAND.

Globe, Volume XXIII, Issue 2231, 22 April 1881, Page 3

BANK OF NEW ZEALAND.

(press association telegram.) AUCKLAND, April 21. The half-yearly meeting of shareholders in the Bank of Now Zealand was held this afternoon. The report shows a not profit of £76,4-61; balance from last half, £28,337 ; total for division. £99,801; dividend and bonus, 15 per cent., £75,0.0; balance by profit and loss, £24,801. The Hon. J. Williamson, chairman of the Board of Directors, presided. In moving the report and balance-sheet ho said:—The report and balancesheet which have been read, beyond affording evidence of the continued success of onr operations, do not, as compared with the previous statement, present any features so marked as to call for more than a mere passing notice. The principal difference in the figures in the balance-sheet will bo observed in the amount of bills payable in circulation on one side and in bills receivable and securities in Bondon on the other, the latter item being swollen over a million, partly by the more profitable investment of abont £770,000, which at the date of the last statement was on short call in Bondon, and the balance being due to the more active exchange of operations of the past six months comprehending the wool season, when onr remittances are much, increased. The bills in circulation, representing current outstanding bills on Bondon and elsewhere, have naturally been considerably increased by the sale of exchange to provide payment for these remittances. It will be observed that onr resources remain abundantly ample for every contingency, and while not disposed to encourage or foster speculation, we are fully prepared to take advantage of any opportunity likely to increase legitimate transactions. It will not bo expected that with so largo an amount the Bank's resources invested in securities affording a narrow margin of profit, that the result of the past half-3 r ear's operations can show any material increase, bnt onr profits have been more than maintained, and that under the heavy taxation of the past year, towards which this Bank has contributed nearly £17,000. I am glad, however, to congratulate the shareholders on our ability to maintain our usual dividend, and to carry forward such an amount as practically to insure the continuance of a like return for next half-year. I will only add one word of congratulation to the shareholders on the improved and improving condition of the colony. Public finance appears now to have attained a stable and healthy condition, and with continued prudence we may reasonably hope to see the credit of New Zealand second to none of the Australian colonies. Trade is gradually but surely progressing population is fast increasing, settlement (both north and south) is rapidly extending, and we have been favored with a most beautiful season in both pastoral and agricultural pursuits. Mr C. J. Stone seconded the motion, which was carried. Ono of the proprietors asked for some explanation with regard to the item bills discounted and other debts due to the Bank, to know if it would be available within a reasonable time in case a financial crisis occurred. Mr Murdoch—The chairman permits me to answer this question. This amount of £6,796,416 19s 5d is invested in the ordinary operations of a Bank. A large proportion of it is on very short-dated bills. There is no doubt that the ordinary accommodation has been granted to customers by overdraft, but if the gentleman wants to know if such a large amount is locked tip in the Bank’s transactions, I may state that there is not £IOOO invested in that way. We do not go into land operations at all. A vote of thanks was passed to the directors and officers.