The Bank of New Zealand.

Manawatu Herald, 6 February 1904, Page 3

The Bank of New Zealand.

PROGRESS AND PROSPERITY

At the half-yearly meeting of the Bank of New Zealand the Chairman, Mr Malct, said it was merely a formal meeting to elect a director, Mr Martin Kennedy was the only candidate, and he declared him elected. The Chairman said the volume of business was being well maintained, and everything pointed to the year, ending oft March 31, showing good results. More new accounts were Opened during the half-year ending September, than for some time past. He made brief reference to last session’s legislation, which the directors consider satisfactory. Advices from all parts of the colony and London indicated approval of the Act. The next annual meeting would be held in June, instead of August, and the half-yearly meeting in December. They might now, he trusted, regard the Bank as finally removed from legislative trend. He took the opportunity to acknowledge the courtesy and consideration extended by the Colonial Treasurer and Government to his colleagues and to himself during their tenure of office. They heard occasionally of State control, and it was right that he should say that those who interpreted this to mean interference with the administration of the affairs of the Bank could not be wholly disposed towards it. The fact was, there was no interference by the Government. To suggest otherwise would be a reflection on the integrity of the Board. With reference to the two million stock guaranteed by the Government, the Bank was prepared to pay off " million as provided by the 'Bbt Of last session, and the arrangements could be completed at a very small cost, and the whole of the new stock would be taken up by the present holders at par. It was gratifying so be able to make this announcement in view of the present difficult state of the London money market. It was also in accordance with the Act that such of the assets and the Board’s debentures as were not already paid by the Bank, amounting to /jir.ooS, would be redeemed at maturity in March next.

Mr Marlin Kennedy, in expressing thanks for his re-election, said he felt sure the present position of the Bank was satisfactory. Assuming the present profits to be maintained they would, in two years, wipe off the estimated deficiency of the Assets Board, besides paying 5 per cent, dividend. The dividend should (hen be increased to 10 per cent. A vote of thanks to the Chairman ended the meeting.