BANK OF NEW ZEALAND.

Marlborough Daily Times, Volume II, Issue 170, 5 November 1880, Page 4

BANK OF NEW ZEALAND.

Tjik ordinary lialf-yearly meeting of the shareholder's was held yesterday,— the flon. James 'Williamson, M.L.C., I’resident, in the chair. The General Manager (Mr D. L. Murdocli) read the advertisement convening tire meeting, also the half-yearly report and balance-sheet, as follows: Tliirty-oiglUli Report of the Directors of tlie Diinlc of New Zealand, to the Half-Yearly General Meeting of the Proprietors, lield at tlic Auckland, on Friday, 22nd October, 18S0. Tlio Directors have the satisfaction of sabniittiii" the following an the result of the past half-year's operations. The Net Profit, at 80th September, after full appropriation for all Debts known to he had or doubtful, and for usual re-

■\Vo hereby certify that we have examined the Accounts of the Dank of New Zealand for the Half-year ended 80th September. 1880, and that we have counted the Cash Balance and examined the Dills and other Securities held at the Head Ofiice, and compared the Returns of tlio*Brunches with the Statements in the foregoing Dalancc-shoot, and h ive found the same to he correct. JnsßT.il T,.WlMns,\ w Ar.TiAN K. IAVI.OK, 1 The Chairman, in moving the adoption of the report and halance-shoefc, said : —'l’lic result of the past half-year’s operations as embodied in the report and balance-sheet which you have just heard road, though not so good as I had hoped when on last addressing yon from this chair, I called attention to the handsome balance wo carried forward, and expressed a hope that at this period we would he aide to make a substantial addition to the reserve fund, still affords ample ground for congratulation, as wo have been able to maintain our dividend out of the legitimate profits of the halfyear, without trenching on the balance held over from the previous period. Shareholders will, no doubt, have boon paying some attention to the reports of other colonial hanks during the past six months, I which all hear testimony to the general depression in business still prevailing throughout the colonies and this combined with the difficulty of finding temporary outlet for the large resources at our command, and the high rales which, till recently. 1 have ruled for deposits, sufficiently account 1 fertile limitation of our profit?. You will, ] however, understand that T do not consider j fifteen per cent, on a capital of a million or j an annual return to shareholders j of one hundred and fifly thousand pounds leaves room for any apology. We sen no difficulty in continuing to pay it; and as trade revives and opportunity occurs to make more active nnd profitable use of the resources at our command we will, no doubt, ho able in addition to increase the already handsome reserve fund, which surplus profits of past years have built up, nnd which non- so materially adds to the dividend-earning i o ver of the Bank. Shareholders resident in this Provincial District, which has been comparatively fie: from the remits of over-speculation, cannot well realize the effect of the over-inflation of the past two years in other parts of the colony. With such a large pioportion of the business of the colony, it could not he expected that we could avoid, nor do wc wish in any way to blink the fact of our having had considerable losses, but it is a satisfaction to be able to assure von that wc have been able to provide for them out of profits, and we have now the more cheering prospect of reviving trade and increased success in all the staple industries of the colony. The prospects of agriculturists have rarely been brighter than at the present time, and pastoral interests also appear to have a bright future before them. In the general prosperity which these prospects foreshadow, this institution must participate, and when T have the privilege of again addressing you from this chair I have no doubt I will he able to congratulate you on increasingly favourable results. The figures in the balance-sheet require little comment at this time, as practically they remain as they were at the last balancing period. It will ho seen that our resources in London arc maintained at a very high point, that being the only market in which we can command temporary employment for surplus funds, hut I trust the growing requirements of business in the colony will ere long enable us to use our funds locally, and to better advantage than the existing low price of monev in London has enabled us to do. It will be noticed that a considerable increase has been made to the item of Bank premises during the half-year, which is due to our having paid for the handsome building purchased in Sydney, and to partial payment of premises in course of erection in Dunedin. It may, however, he satisfactory to shareholders to know that a re-valuation of the Bank’s pronerties would amply provide more than sufficient to pay- a full dividend, hut our policy has been and will continue to he to write down this item" far below value. 1

With these remarks, I beg to move the adoption of the report and balance-sheet as read.

Mr. J. C. Firth : The statement that has been laid before you in the report and balance-sheet, and the comments made upon it by tlio President, leave me very little to say. Indeed, as to the entire operations of the Bank during tlio past half-year, they leave little to he said from whatever point of view they be regarded. They do not require any comment. They have been eminently satisfactory. Such being the ease during a very difficult period, I see no reason to doubt that in the new period which is now opening that its success will continue. I think the shareholders have every reason to look forward to no less prosperity in the succeeding halfyears of the future than has been attained in the past. I have much pleasure in seconding the motion for the adoption of the report and balance-sheet. Carried unanimously. ELECTION OK DIRECTORS. The President said : The next business is the election of two directors—one in tlio room of Mr. G. B. Owen, who retires by rotation ; the other to fill the vacancy caused by the resignation of Mr. Alfred Cox, to which vacancy the Don. F. Whitaker had been temporarily nominated by the Board, and now retires in terms of tlio deed of settlement, but is eligible for re-election. John L. Campbell, Esq., and the Don. Mr. 'Whitaker being the only candidates, I declare them duly elected—the former to succeed Mr. G. B. Owen, and the latter to complete Mr. Cox’s term. Carried unanimously. The Don. F. Whitaker said : I should like to avail myself of this opportunity to thank the sliarehoulders for the position in which they have just placed me. Six months ago a vacancy occurring,’the directorsasked me to take a seat at their Board. I felt flattered by their confidence, inasmuch as they had opportunities of judging of the value of my efforts on behalf of the Bank, having been from the commencement very active in my efforts to promote the interests of this institution, and having been connected with it ever since. I can only say that l duly appreciate the honour you have conferred upon me. I look upon this institution as one of the most valuable and important in tlio colony. It has been one of the most succesful during the period of its career, it has conferred the greatest advantages on the shareholders, and lias assisted the colony very largely from its resources. I could not feel otherwise than honoured by your confidence, and I again thank you. election of Anurous. On the motion of Mr P. Comisky, seconded by Mr A Hill, Messrs A. K. Taylor and G . B. Owen were elected auditors. TDK DIRECTORS AND OFFICERS. The Bcv. Shirley Baker moved, “That the thanks of tliq shareholders he given to the dilectors and officers of the .Bank for their eflieient services during the past year.” Do was sure that they were all much pleased at the report which had been presented, and with what they had heard. De could only hope that the Bank would be as successful in the future as it bad been in the past.

Mr Joseph Howard seconded the motion. Tie considered the thanks of the shareholders bad been well earned. Tlio shareholders bad every reason to lie proud of the report and balance-sheet submitted to them, and to support the policy which had been foreshadowed by the President in his address. Carried unanimously.

The President said, in acknowledging the compliment : I may state that I fuel very much gratified by the frequent repetitions we have had of this vote of confidence. There has been nothing with which 1 have been connected in the colony in which T have taken a greater interest than in the rise and progress of this institution. I might quote part of a quotation which wc sometimes hear, and say, “I have rocked its cradle,” hut the second part of the quotation is not applicable, and T trust it will he a very long time before it is “ followed to its grave.” These recognitions of service afford us the inducement to do all in our power to promote the interests of this institution. For my own part, my endeavours will he continued to assist the Bank to pay the host dividends possible under tlio circumstances of the country. 1 thank you sincerely on the part of tlio directors of the Bank.

The General Manager said : T have much pleasure in returning thanks on behalf of the staff for the vote which the shareholders have just passed. As the Chairman remarked, it is truly gratifying that such votes are so uniformly passed at our halfyearly meetings, and I can assure you the repetition of it now will ho duly appreciated by the staff, who, I doubt not, will use every exertion to bring about the results foreshadowed in the Chairman’s speech. I hug again to thank you for' your vote. The scroll minutes were read, and the proceedings terminated. Nan Zmloml Urrahl, October ff'L

dilution in Bunk Premises mid Fnrnitore Accounts, amounts to . . £70,152 8 0 To which 1ms to he added— Balance from Half-vear ended 31st March, 1830 .. 22,185 8 0 Making a total, available for division, of .. £08,337 0 0 The following appropriation of which is 11 mv rocoiamendr;. 1 — To I’avment of Dividc*nd (it the rate of 10 per cen t. j>er an n u n 1 1'.10,000 0 0 To Bonus of 5s per share, equal th 5 per cent, per auiiniiin .. 25,000 0 0 To Balance carried to profit and loss new account .. .. 23,337 C 0 — .£08,337 (J 8 The Dividend and Bonus will he pavahle at Head Ollice, Auckland, on Saturday, 28r*i October, and at Branches on receipt of advice. For the Board of Directors, .lames Williamson, President. ooriF.OATu Bat.akck-shkmt of thi: Dank of Nkw 'A ISA f.ANII. At tlie 30th September, 1381), includin'' London Ollice at 81st duly, 1880. Dr. LiAiiir.irm.s. .£ s. d. Capital 1,000,000 0 0 Deserve Bund 555.000 0 0 Notes in Circulation •182,-117 0 0 Bills Pavahle in Circulation 1.123,501 0 .1 Deposits and other Liabil ities 3,001.750 15 3 Balance of Profit and Loss 08,387 0 0 £11,550,000 2 :t Cr. Assets. E S. d. Coin and Cash Balances at Bankers 1,181.210 0 5 Monev on Short Call in London .. 1,112.000 0 0 Bullion on Hand and in Transitu J72,102 7 7 Government Securities .. 210,230 1-1 0 Bills Beceivabie and Securities in London 1,020,312 13 -! Bills Discounted, and other Debts due to the Bank (1,081,15-1 2 3 Landed Property, Bank Premises, &c 213,33(1 15 1 .£ 11,500,000 2 1 J’KOKTT AND LOSS ACCOUNT, Dr. .£ K. d. To Dividend on .130,000 shares, of £ 10 each, at into of L0 per cent. per annum 50,000 0 0 To Bonus at rate of 5s per slntve, equal to . r » percent, peramium.. 25,000 0 0 To Balance carried to Profit and Loss New Account 23,837 0 0 £03,837 0 0 Cr £ S. d. By Balance from lmlf.veav ended 31st March. 1381) 22,135 3 0 Bv Net Profit for half-vear ended 30th Sept., 1830 70,152 8 0 .£03,8,87 0 0 JIKSKKVU FUND. Dr. £ S'. d. To Balance 555,000 0 0 .-£555,000 0 0 Bv Balance from half-vear ended 8.1st March, 1830 555,000 n 0 .£555,000, 0 0