BANK OF NEW ZEALAND.

Nelson Evening Mail, Volume XV, Issue 213, 30 October 1880, Page 2

BANK OF NEW ZEALAND.

(From the New Zealand Herald.) ; The ordinary half-yearly meeting oi the shareholders was held at Auckland on the 22nd October, 1880— the Hon Jamea William- ' son, M.L.0., President, in the chair. The General Manager (Mr D. L. Murdobh) road the advertisement convening tho meeting, also the half-yearly report and balancesheet, as follows : — Thirty-eighte Report ov tub Directors ov the Bank op New Zealand, to the Ham? Yearly General Meeting op the Proprietors, held at tee Banking.-house, Auckland, on Friday, 22nd, October, 1880. The directors Lave the satisfaction of. submitting tho following as the result of tho past half-year's operations. The Net Profit, at 30th September, after full appropriation for all Debts known to be bad or doubtful, and for usual reduction in Bank Premises and Furniture Accounts, amounts to ... £76,152 3 0 To which has to be added— Balance from Half-year ended 31st March, 1880 22,185 3 0 , Malting a total available for division, of 7. :. ... £98,337 G 9 The following appropriations of which is. now recommended — To payment of Dividend at the rate of 10 per cent per annum £50,000 0 0 To bonus of 5a per share, equal to 5 per cent per annum ... 25,000 0 0 To Balance carried to profit and loss new account 23,337 6 9 £98,337 6 9 The Dividend and Bonus will bo payable (it Head Office, Auckland, on Saturday, 23rd October, and at 'Branches on receipt of advice. Jfor Iho Board of Directors, James Williamson, ' President.

Aggregate Balance-sheet of the Bank of New Zealand. At the 30th September, 1880, including London Office at 31 bt July, 1880.

Cr. Assetb. & s. d. Coin aiid Cash Balances at Bankers 1,481,219 9 5 Money on Short Call in London ... 1,442,000 0 0 Bullion on Hand and in Transitu ... 172,402 7 7 Government Securities 246,280 14 0 Bills Receivable and Securities in London 1,020,812 13 4 Bills Discounted, and other Debts due to the Bank 6,98-1,454 2 8 Landed Property, Bank Premises &c 218,880 15 1 £11,5CC,00G 2 1 PROFIT AND tOSS ACCOUNT. Dr. £ s. d. To Dividend on 100,000 shares, of £10 each, at rate of 10 per cent per annum 50,000 0 0 To Bonus at rato of 5s per share, equal to 5 per cent per annum 25,000 0 0 To Baltuico carried to Profit and Loss New Account 23,337 6 9 £98,337 6 9 Cr. £ s. d. By Balance from half-year ended 31st March, 18S0 22,185 3 9 By Net Profit for half-yenr ended 30th Sept., 18S0 76,152 3 0 £98,337 6 9 RESERVE FUND. Dr. £ s. d. Toßaluuco 555,000 0 0 £555,000 0 0 By Balance from half-year ended 31st March, 18S0 555,000 0 0 £555,000 0 0 We hereby certify that wo have examined tbe Accounts of the Banlc of New Zealand for the Halfyear ended 30th September, 3880, and that we have counted the Cash Balances and examiner] the Bills and other Securities held at the Head Office, and compared the Returns of the Branches with the Statements in the foregoing Balance-sheet, and have found the same to be correct. Joseph L. Wilson, ? AnrHrnrt! Allan K. Taylou, ) AucUtols - The Chairman, in moving the adoption of the report and balance-sheet, said : — The

leeult of tho past half-year's . operations as embodied in the report and balance- sheet "which you have just heard read, though not so good as I had hoped when on last addressing you from this chair, I called attention to the lianclsonie balance we had carried forward, and expressed a hope that at this period we •would be able to make a substantial addition to the reserve fund, still affords ample ground for congratulation, as we have been able to maintain our dividend out of the legitimate profits of the half-j'ear, without trenching on the balance held over from the previous period. Shareholders will, no doubt, have been paying some attention to the reports of other colonial banks during the past six months, which all bear 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 rates which, till recontly, have ruled for deposits, sufficiently account for the limitation of our profits. You ■will, however, understand tbat I do not consider fifteen per cent on a capital of a million <n\an annual return to shareholders of one hundred and fifty thousand pounds leaves room for any apology. Wo sec no difficulty an continuing to pay it ; and as trade revives and opportunity occurs to make more active and profitable uses of the resources at our command, we will, no doubt, bo able in addition to increase the already handsome rer ervc fund, which surplus profits of past years have Irailt up, and which now so materially adds to the dividend-earning power of the Bank. Shareholders resident in this Provincial District, which has been comparatively free from the results of over-spoculation, cannot well realise the effect of the over-inflation of the past two years in other parts of tho Colony. With such a largo proportion of the business of tho Colony, it could not be expected that wo could avoid nor do wo wish in any way to blink the fact of our having had considerable losses, but it is a satisfaction to be able to assure you that we have been able to provide for them put of profits, and we have now the more cheering prospect of reviving trrtcle and increased success in all the staple industries of tlifl Colony. The prospects of agriculturists have rarely been brighter than at tho present time, and pastoral interests also appear to have a brigh uturo before them. In the general prosperity which these prospects foreshadow, this institution must j participate, and when I have the privilege of again addressing you from this chair I have jho doubt I will be able to congratulate you on increasingly favorable 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 I "will be seen that our resources in London are j at a very high point, that being the only market in which we can command! temporary employment for surplus funds, but 2 trust the growing requirements of business i in the Colony will ere long enable us to use our funds locally, and to better advantage than the existing low price of money in London has enabled us to do. It will bo noticed ' that a considerable increase has been made" j to the item of Bank premises during tho half j 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 JDunedin. It may, however, be satisfactory to shareholders to know that a j jse-valuation of the Bank's properties would | amply provide more than sufficient to pay!, a full dividend, but our policy has been and will continue to be to write down this item far below value. 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 the President, leave me very little to say. Indeed, as to the entire operations of the Bank during the past half-year, they leave little to be said from whatever point of view they be regarded. I'hey do not require any comment.. They have been eminently satisfactory.. Such benig the case 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 tbe shareholders have every reason to look forward to no less prosperity in the succeeding half-years 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 OP DIBECTOHS. The President said : The next businefiS is the election of two directors— one in the room of Mr G. B. Owen, who retires by rotation ; the other to fill the vacancy caused by the

resignation of Mr Alfred Cox in tho early pai't oi the past year, to which vacancy the Hon. 1?. Whitaker had been temporarily nominated by the Board, and now retires in terms of tho deed of settlement, but is eligible for re-elec-tion. John L. Campbell, Esq., and the Hou 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 Hon F. Whitaker said : I should like to avail myself of this opportunity to thank the shareholders for the position in which they have just placed me. Six months ago a vacancy occurring, the directors asked me to take a seat at their Board. I felt flattered by their confidence, inasmuch as thoy had opportunities of judging of the value of my efforts on behalf of -tho Bank, haying been from tho 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 1 duly appreciate the honor you have conferred upon me. I look upon this institution as one of the most valuable and important m tho Colony. It has been one of the most successful during the period of its career, it has conferred tho greatest advantages on tho shareholders, and has assisted the Colony very largely from its resources. ' I could not feei otherwise than honored by your confidence, and I again thank you. ELECTION OP AUDITOttS. Ou the motion of Mr P. Comisky, seconded by Mr T. Hill, Messrs A. K. Taylor and G. B. Owen were elected auditors. THE DIRECTORS AND OFFICERS. The Eov. Shirloy Baker moved, " That the thanks of the shareholders be given to the directors and officers of the Bank for their efficient services during the past year." He was sure that they were ail much pleased at the report which had been presented, and with what they had heard. He could only hope that the Bank would be as successful in the future as it had been in the past. Mr Joseph Howard seconded the motion. He considered the thanks of the shareholders had been well earned. The shareholders had every reason to be proud of the report and balance-sheet submitted to them, and to support tho policy which had been fore shadowed by the President in his address.; Carried unanimously. The President said, in acknowledging th compliment : I may state that I feel very much gratified by the frequent repetitions we have had of this vote of confidence. There has been nothing with which I have been connected in the Colony in which I have taken a greater interest than in the rise and progress of this institution. I might quote part of a quotation which we sometimes hear, and say, "I have rocked its cradlei" but ' the second part of the quotation ie not applicable, and I trust it will be a very. lo»g time before it is " followed to ita grave." These recognitions of service afford us the inducement to do all in our power to promote tho interests of this institution. For my own part, my endeavors will be continued to assist. the Bank to pay the best dividends possible* under tho circumstances of the country. I thahk you sincerely on the part of the directors of the Bank. > The General Manager said : I 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 half-yearly meetings, and I can assure you the repetition of it now will be duly appreciated by tlie staff, vrhoj, I doubt not, will use exery exertion to bring about the results foreshadowed in the Chairman's speech. I beg again to thank you for your vote. \ The scroll minutes were read,, and the proceedings terminated. ■

Dr. Liabilities. £ s. d. Capital 1,000,000 0 0 Reserve Eund 555,000 0 0 Notes in Circulation ... ... ... 482,417 0 0 Bills Payable in Circulation ... 1,428,501 0 1 Deposits nnd other Liabilities ... 8,001,750 15 3 •Balance of Profit and Loss gj g..; ,98,337 6 9 #11*566,008 2 1