COLONIAL BANK OF NEW ZEALAND.

Globe, Volume XXIV, Issue 2591, 27 July 1882, Page 3

COLONIAL BANK OF NEW ZEALAND.

Oases ASSOCIATION TBLKGBAM.] DUNEDIN, July 26. The half yearly meeting of tho proprietors of tho Colonial Bank of New Zealand wan held to-day, when about thirty shareholders were present. The Hon. George McLean presided. The report and the balance-sheet were submitted to the meeting. A dividend of 7 per cent, was recommended. The Chairmaa said—The duty now devolves upon me to move the adoption of the report, which has been for some days placed in your hands. I think, as it has been in your hands some time, we will take the usual oourse and ask you to take it as read. It will save a lot of trouble, and if there is no objection I will accept it as your pleasure that it bo taken as read. In moving the adoption of the report this time, I may say we are very happy to meet the shareholders with rather a more satisfaotorysheet than hitherto. I think the balance-sheet fairly shows that the business of tho Bank is gradually growing, and that we have now obtained a safe and sure foundation. The profits have certainly been a little larger thiß half year notwithstanding the very low rates that, as you are aware, have been ruling for money for some time. We have been able to make headway, and although we had difficulties to meet before, I may say now that we have gradually and surely got into smooth water. It was necessary at one time to write off a considerable amount for bad debts and the Bank had a large lot of properties in different portions of New Zealand thrown on its hands. I am, however, happy to say that some of these properties have realised fairly well, quite equal to our expectations, and that others aro in course of realisation, now that fair offer* have been made for some, and that we have reason to anticipate that within a moderate time thoy will all realise satisfactory prioes—that is more than we oould have said some time ago, because then it wee difficult to know what their value was ; you oould not get an offar, but now it is perfectly well known what we can get, and we can estimate our losseß. I say, with great satisfaction to the shareholders, that I think we are now in the way for- things to go on smoothly, and thut we may look for larger profits and better dividends. Daring the last six months we havo opened no new branohes, still lam happy to tell you that notwithstanding that wo have had a large accession in the shape of new accounts, and that we aro gradually geiug on gaining strength every day ; and you will also see that the deposits have considerably inoreasad since tho last half-year, and have increased in a way that is most satisfactory. Those large lumps of money that were lying waiting for investment are getting smaller, the Bank's capital is fairly well employed, and the class of deposits we are now getting are a olass that will slick to us —a olass we may count on in the ordinary oourse of business, —so that though the deposits have increased largely they are as I have explained satisfactory in themselves. I do not think, gentlemen, that it is neoeseary I should enter more fully into the business of the Bink, and will not say anything further than that I think we have reason to congratulate ourselves that tho business, as I have explained, is gradually growing, and growing in a very satisfactory manner. 1 will, therefore, with these few remarks with very great pleasure move the adoption of the report. If sny gentleman hat any questioni to ask relating to the balanoe sheet, I shal 1 be very happy to answer them. Tho repor wds unanimously adopted. Mr B. B. Cargill was elected direotor. In reply to usual vote of thanks to th< offieors, Mr Oowie referred to the painful loss of. M Ferguson by drowning at Balolutha.