BANK OF NEW ZEALAND.

Globe, Volume XXIV, Issue 2508, 21 April 1882, Page 3

BANK OF NEW ZEALAND.

[PBBSB ASSOCIATION TBIBGKAM'.] AUCKLAND, April 20. The forty-first half-yearly general meeting of the Bank of New Zealand took place to-day, Mr James Williamson, chairman of directors, was in the chair. The general manager, Mr D. L. Murdoch, submitted the report and balance sheet. The nett profits for the half-year ended 31st March, after full appropriations for all known bad or doubtful debts, and in the reduction of bank premises and furniture account, amounts to £82,258 13s 7d, to which has to be added the balance from the half-year ended 30th September, 1881, £23,744 18s 7d, giving a total available for division of £106,00312s 2d. The appropriations recommended were as follows :—Payment of dividend at the rate of 10 per cent, per annum, £50,000 j bonus of 5s per share, equal to 5 par cent, per annum, £23,000 ; addition to reserve fund, £20,00 ; balance carried to profit and loss row account, £11,003 12s 2i ; making a total of £106,03 12s 2d,

The Chairman, in moving the adoption of the report and balance-sheet, said the figures Ihsmselves call for little remark. They exhibit a gratifying progress in every department of the Bank’s business, and, notwithstanding ho exceptionally low price of money during the past six months, the volume of the business of the Bank has been so great as more than to compensate for any shortcomings in this respect. We have for some time deemed it prudent to carry forward a large balance to profit and loss account of each succeeding ha'f-ycar; but the amount at our command at this period, and the general outbreak of business throughout the colonies, in the opinion of the Board, warrant our proposing to make the handsome addition of £20,000 to the reserve fund, which will then stand at £575,000, ard we are still enabled to carry forward to the next half-year'£ll,oo3 12s 2d. I have much pleasure in congratulating the shareholders on the steady progress of the colony, of which there can be no better criterion than the reported healthy condition of the public revenue. The recent abnormal state of the London money market •bowing rates higher than were current in the colonies, have for a long time checked its flow cf money for investment, but with returning cheap rates and the growing appreciation of the safety ot colonial investment, wo may reasonably lock for capital finding its way here as fast we are likely to require it. Notwithstanding almost the total cessation of assisted immigration, which we may hope will soon be resumed, there has been a steady inpour of population of a class calculated to assist the rapid development of our acknowledged great resources. The general result of our pastoral and agricultural operations has been satisfactory ; and from an Auckland point cf view, increased attention is being given to wheat growing, and the very successful results of the season’s cropping appear to justify the expectation cf this branch of business being largely extended in the future. The whole outlook lam pleesed to cay is of a moot cheering character. Mr Q-. B. Owen seconded the motion, which after some remarks by Mr J. C. Firth, was put and agreed to. The Hon. Mr Dignan moved a vote of thanks to the directors and officers, which being carried, was responded to by the chairman and Mr D. L. Murdoch.