BANK OF NEW ZEALAND.

Globe, Volume XXIV, Issue 2669, 26 October 1882, Page 3

BANK OF NEW ZEALAND.

[PRESS ASSOCIATION TELEGRAM.J AUCKLAND, October 25.

The yearly meeting of the Bank of New Zealand was held to day. Tho Hon. James Williamson, chairman of directors, presided. As compared with previous half-yearly figures, the balance-sheet shows no material alteration ; such difference as there is indicates a more active demand for money. Profits have somewhat increased, and though dividend and bonus are declared at 15 per cent, per annum, as before, £25,000 is added to the reserve fund, making it up to £600.000. , , t J Mr James McCosh Clark was elected a director, , The following remark* were made by tho chairman in moving the adoption of the report :—Gentlemen, —There is an old but true proverb, “ Good wine needs no bush,” and on this occasion, with such _ figures before you as are presented m the report and balance sheet, I do not feel called upon to make any lengthened remarks. Comparison of the various items with tho balance-sheet of last half-year will show a considerable uniformity under neatly every heading, and, considering that tho prst is the off or more inactive p art of the year, I think yon will agree with me the result is very gratifying. The period of tho year accounts for a diminished value of the Bank’s exchange operations Included under the 1 beading of bills payable in circulation. The

alight decline in deposit is wholly due to the gradual expenditure of public monies, while the small increase in advances shown under the head of bills discounted and other debts due to the Bank, indicates a more ' active employment of the Bank’s resources, ' and a corresponding diminution of the | large balances which for some time back we have had in comparatively inactive 1 use in London. The net profits show an 1 increase of over £16,000, a) compared with the previous statement, and without trenching too heavily on tho balance to be carried forward, wo feel warranted in recommending 1 the handsome addition of £25,000 to reserve fund, which will then stand at £600,000 On this occasion, of the Bank’s having attained its majority, I may well be allowed to congratulate shareholders on the immense results achieved since its inception, and the important position it now bolds, as shown in the balance-sheet. Without taking undue credit to ourselves for all that has been accomplished, we may look with satisfaction to the fact that £186,200 have been dispensed in dividends, while onr landed property and bank premises have been to within a point which might fully warrant onr taking further credit to our reserve fund of fully £220,000; and over and above this large amount, nearly as mneh more might be assured as iceeated val.ie of the (Bank’s property. As an illustration of this, I may say that a recent sale of leasehold land in Christchurch, immediately in front of onr premises, gives a proportionate value to our site thereof. Nearly one-fourth of the amount at which the whole of the land and valuable premises throughout the colonies now stands in our books, apart, however, from profit attaching to onr operations, who can estimate the benefits conferred during tho last twentyone years on the commerce of the colony through the instrumentality cf the Bank ? It has been our uniform endeavor to support legitimate enterprise, and while we have been led thus to the accomplishment of muoh that oonld not otherwise have been undertaken, we ore not slow to acknowledge that a generous support by the public has enabled the Bank to build up a business of which any institution might well be proud. Looking to the future it is on the continued support of the public that we must rely for results, and while therefore we cannot command success we will at least endeavor to deserve it. As to the general outlook of business in the colonies, while there is muoh to encourage a confidently hopeful prospect, tho ropid general increase of imports affords a fitting text for warning. Putting aside view* which solitioal economists may express on the bearng of such a condition, the fact remains that excessive imports have to be paid for, and the marked change which has taken place during the past six months in the combined banks’ returns of the various colonies, sufficiently points to the necessity for a sharp curb being applied to check this. The onward movement in land speculation also in some districts deserves a passing notice, and while its existence may generally be accepted as an evidence of a larpe and well-to-do class, it may well be apprehended that apparently an easily made profit may lead to land gambling, which cannot fail to be detrimental to the community. While feeling bound to notice these disturbing elements, I have much satisfaction in expressing my confidence in tho prosperous condition of tho staple industries in the colonies. The pastoral and agricultural interests for the season have very bright prospects before them ; the rapid development of the frozen meat export trade, and of the dairy factories, to be utilised in the same connection, opens : up a future for these industries which will largely promote tho general welfare. With these remarks I beg to move the adoption of 1 the report and balance-sheet. 1