COMMERCIAL.

Nelson Evening Mail, Volume XVI, Issue 261, 2 November 1881, Page 3

COMMERCIAL.

BANK OF NEW ZEALAND.

Thb half-yearly general meeting of slnreholderg was held on October 26,—The Hen. Jaeies Williamson in the chair. The General Manager read the advertisement calling the meeting, also the minute* of the last half-yearly general meeting, and the report and balance-sheet as follows : — Tbe Fortieth Report of the Dirsetore of the Bank of New Zealand, to the Half-Yearly General meeting of the Proprietors, held at the Banking-houee, Auckland, on Wednesday, 26th October, 1881. The Directors congratulate Shareholder on tbe result of the past half-year's operations, ss exhibited in the following Beport and Balanca-sheet. The Net Profit for the Halfyear snded 30th September, after ample appropriations for all known bad or doubtful debt*, and in reductions of Bank Premises and Furnitura Accounts amounts to £73,943 2 4 To which has to be added — ] jSaiaßcefrom Half-year ended 31at March, 1881 ... ?4,801 16 3 Giving a total, available for division, of £98,744 18 7 The following appropriation of which is now recommended : To Payment of Dividend at at the late of 10 per cent par annum £50,000 0 0 To Bonus of 5s per share, equal to 5 per cent per annum 25,000 0 0 To Balance carried to Profit and Loss New Account 23,744 18 7 . £98,744 18 7 The Dividend and Bonus were payable at Head Office, Auckland, on 27th October, and at Branches on receipt of advice. For the Board of Director*, James Williamaon, Chairman. Aggregate B&lance-»beet of the Bank of New Zoaland at 30th September, 1881, including London Office at 31st July, 18S1. Dr. Liabilities. £ g. <l. Capital 1,000,000 0 0 Beserve Fund 555,000 0 0 Notes in Circulation ... 469,035 0 0 Bills Payable in Circulation 2,051,008 5 10 Deposits and other Liabilities 7,624,141 5 9 Balance of Profit and Lobb 98,744 18 7 £11,798,019 10 2 Cr. Assets. £ b. d. Coin and Caih Balances at Bankers 973,495 8 8 Money on Short Call in London 935,290 12 6 Bullion on Hand and in tr*mitu 161,611 16 0 Government Securities ... 273,371 4 2 Bills Receivable and Securities in London ... 1,926,606 7 2 Bills Discounted, and oilier Debts dua to the Bsnk 7,296,209 2 6 Landed Property, Bank Premises, &c 232,434 19 2 £11,798,019 10 2 PBOriT AHD I£SS ACCOUNT. Dr. £ fl. d. To Dividend on 100,000 sharei, of £10 *ach, at rate of 10 per cent per annum 50,000 0 0 To Bonus at rate of 5§ per thare, equal to 5 per cent, per annum ... 25,000 0 0 To Balance carried to Profit and Loss New Account ... ,„ 23,744 18 7 £98,744 18 7 -Cr. • £ b. a. By Balance from Halfyear ended 31st March, 1881 24,801 16 3 By Net Profit for Halfy*ar ended 30th Sept.. 1881 ! 73,943 2 4 £98,744 18 7 BESEBTE FUND. Dr. £ B. d. To Balance 555,000 0 0 £555,000 O O By Balance from Halfyear anded 31st March, 1881 555.0C0 0 0 £555,000 0 0 We hereby certify tbht «c have examined (be Aocaunis of the Bank of New Zealand for

the Half-year ended 30th September, 18S1, and that we have counted the Cash Balances and examined the Bills and other Securities held at the Hes'l Office^ and compared the Returns of the Brandies with the Statements in the foregoing Balance-sheet, and have found the «atn« 'to be correct. (Signed) Allan K. Taylor, "),,., G. B. Owen, j Audltor3The Chairman, in moving the adoption of the report aud balance-sheet, said :—Before •formally moving the adoption of the report and balance-sheet, which have just been read, it devolves upon me very shortly to remark on the results they embody— results which I feel sure must be as gratifying to you a* they are to the- Board of Directors. Darin« tlf~ half-year just past, which embraces the most stagnant portion of the year, banking profits generally have been adversely aiYeeted by the continued plethora of money and consequent low rates, but the large measure of s»j.jn-,rt ■which the Bank enjoys enables us to-day to meet you with a report- which i 3 tho'be?t evidence of tlio continur-d success of our operations. Glancing at the figures in the balance-sheet, the note circulation remains practically the sarao as in previous statement • bills payable are incroasa;] £170,000. In ordinary course this necosmt at this period of the y?;rr should he considerably lower.—its present condition is whoiiy due to operations t>n Government account. Deposits ami othc-r liabilities show a decrease of £300,000. also due to liuetuations in public accounts, the private deposits being somewhat in *?xufss of those of last half-year. The coin and equivalents are considerably reduced, but the advances are proportionately increased, showing that to that extent the resources of the Dank are more actively employed than at the last baiance period, but this greater activity does not sensibly affect tl<- profits now to be dealt with,—the benefit will bo experienced durin" half year now current. The balance of profit and loss vs about the same as in last statement, which, considering the circumstances to ?;hich I have previously alluded, will, I tmst, be considered amply satisfactory. We see no reason to anticipate a worse result in the future. Commerce is gradually returning to its wonted activity. local industries are springing up around us : a specially favorable season promises exceptionally good results to the agricultural and pastoral interests, and the marked attention now drawn .to this Colony as a field for capital mid skilled labor points to the probability of our largely benefiting from the migration of the belter class of English fanners, wl o, we are led to believe, will ivi large numbers seek a home in these colonies. I have much pleasure in moving the adoption of the report and balar-.ce-sheet. jlr J. C. Firth said, in seconding the motion : There is hardly anything left for me to say in seconding this resolution. The ehort speech made by the Chairman embraces* every point that can be interesting to the shareholders in an institution like this Money has been cheap, and in such case bankers are not able to present reports so highly favorable, in the shape of dividend, as, under other circumstances, they could submit to the half-yearly meeting. But I recognise, and I am sure every shareholder present must recognise, the fact that while cheap money is not so advantageous to bankers, it assists in the development and progress of every form of industry, and, as new industries are established, will ultimately strengthen the position of institutions such as this. We may, therefore, I think, congratulate ourselves on the favorable prospects that are at present opening for this Colony. The very favorable season we are now having, the fair rates we are getting for our staples, wool and grain, the increase that appears to be general in the yield of gold, are all facts favorable to the future prosperity of this institution, of the Colony at large, and of this community. I have, therefore, much pleasure in seconding the motion for the adoption of the report and balance-sheet. The motion wag put, and carried unanimously. Questions having been invited and none being forthcoming, the meeting proceeded to the election of directors and auditors. ELECTION OF DIRECTORS. The meeting proceeded to the election of two directors, in the room of Mr Whitaker, who retires, and of Dr Campbell, who retired' to proceed to England, but on his return was eligible for re-election. Mr G. B. Owen was elected in tha room of Mr Whitaker; Dr Campbell was re-elected. AUDITORS. On the motion of Mr A. K.Taylor, seconded by Mr F. Battley, Messrg Georgft P. Pierce and Benjamin Tonks were elected auditors. The Eev Shirley Baker proposed a cordial vote of thanks to the Directory and Oiiicera Gf the Bank, which he thought they were fnlly^entitled to after the satisfactory report thatnad been submitted to the shareholders. Mr Abraham Boardman seconded the motion, which was put, and carried unanimously. The Chairman : I thank the shareholders for their vote of thanks. While lamen my feet I may as well atato that I feel on the present occasion the same satisfaction which I have had the pleasure of feeling on many former occasions, that we have so far succeeded in promoting the prosperity of the Bank, and the shareholders in it. It has been the endeavor of your directors to advance your interests to the best of their ability. I think I may say the directors now see the way before them as clearly as they have seen it at any other period, to continued prosperity. The shareholders may rely on continued exertions on the part of the directors to prsmote the advancement of this institution. Mr D. L. Murdoch : I have much pleasure, on behalf of the staff, to return thanks to the shareholders for their vote. I can only renew, on their part and for myself, the pledges we hare so often given you that no effort will be wanting to promote the interests of the Bank. This concluded the business of the meeting.

Bishop Redwood has issued an appeal to the clergy of his diccese on behalf of the Roman Catholic Industrial School at Nelson. His Lordship states :— A bill instituted The Neglected and Criminal Children Act Amendment Act, ISBI, has passed both Houses unopposed. and the result is, that the Catholic Industrial School at Nelson i« no longer a provincial institution ; but magistrates everywhere in the colony can commit Catholic children to it, and, when thought expedient, remove them from such reformatories as Caversham and Burnham. You will readily understand the far-reaching import of this enactment. We have now in our power to secure our Catholic neglected and criminal children and youth from the dangers to their faith always existing in secular and nonCatholic establishments. It becomes, therefore, a serious and urgent duty for us not to lose our opportunity. With all reasonable speed, we must take efficient steps to remove our hoys from Cavcrsharu and Burnham. and other kirdred institutions, and put them under our own management. For this purpose, we require the immediate erection of additional bui!dings!at Nelson, and such buildings must be at our own expense, because the Government grant is only at so much per head for each child admitted iutG the establishment. The cost of conveyance of children from any part of the colony will a^so be paid by Government. There is no doubt that, wten a sufficient number of people are sdmittid— and tl:at will boas soon as there is accommodation for them— the institution will be self-supporting, especially as it will, at no distant period we hope, be under the management of a Brotherhood, which will ensure and greatly increase its efficiency." A monster hotel has just been opened nt lockway Beach, distance from New York about 40 minutes. It is seven storeys high, is constructed of 31,200.000 feet of timber, and contains 1200 rooms. To the main floor there are 50 entrances. The frcnt piazza is HOOffc long by 70 wide. The piazza at either end of the building is 400 teet long and 56 feet wide. The kitchen has 22 steam tallies. Three miles of sewer-pipes have been hud, 30 miles of water-pipe, and S'2 of gns. Soven tbousa'id people to dincer is not reckoned a " boom" by any means. At a large meeting re the fmall birds nuisance held at Christchurch, it was resolved to petition Parliament to p.,ss an Act empowering Boad Boards to levy a rate for providing funds to exterminate sparrows and other BpaaU birds.

•'Winter is a mean Beason," said one pickpocket to another, "and very bad for business besides Everybody has bia hand in his pockets. I don't like it at all." In the Auckland education district the average attendance for the last two quarters has been from $00 to 1000 less than previously. The Rev Dr Steel, of Sydney, recently baptised m St Stephen^ Church, four Chinese converts to the Christian faith They are all men of intelligence and good position, two of them being merchants, one a storekeeper and one n. book Keeper in that city. They have been for some time under instruction. It is only when we regard our globe a? ft member of the planetary system, v.na that system iv turn as a unit among- the systems that we realise how infinitesimal are its con' corns, and how datively insignificant it is S\e may tot practical purposes treat the orb't ot Ac-ptune as the circumference of our pianetary system and state the diameter I oi it therefore as about 5,456,000,000 miles But if we could suppose all this vast planet c nvcrted m ji solid disc, instead of being- an now-, for the me st part empty space, and if to it were then given, by kogjg means or other, a slightly luminous surface, it would appear to an observer tinon the very nearer lixed st.ir :;o moro portentous than a. new sn-.uiig t: -moving in the sunshine would appear to_an observer^- distance of somewhat over a Hundred yards. In other words ifc would n-ant tairly good eyes to discern it at all. W e may safdy say then th«t the annual thermal loss of our own. little sphere, though suflicient to melt V 7/ miles of ice, would oven *bousn multiplied by centuries of cenI tu.nos, no more affect the temperature of space than the staking of a match would avail to moderate the climate of Siberia The Hungarian papers relate the following tragical story. Carl Wandl. a well-to-do flour merchant, a widower, had fallen in foVc with the daughter of a neighbour, a handsome young girl only 17, aud talked of marrvinher. Wandl's daughter, a girl of 2o" enflavoured to disuade her father from carrying his intentions into effect but he spoke roughly and forbade heir to broach the subject in bis lieariV.g again. This happened some months ago. One day last week Wandl ordercu his daughter to have a sumptuous I supper prepared as he expected some wealthy | guests l hey came, and amongst them the intending bride of Wuiidl and her parents. In the mi.lst of the supper tho widower r. se and announced his approaching marriage. \\ mist oeing congratulated by the guests lus daughter glided out of the room unperccived. A few minutes later a woman servant with cheeks life* ashes, burst into the room crying that her young mistress was lying dead in her bedroom. The frightened company followed the girl immediately The sad news was only too true. Amnliabad poisoned herself. On a visiting card she had written a few lines : » I w j.u have no stepmother younger than myself; I go to .my own dear mother in heaven." !