COMMERCIAL.

New Zealand Times, Volume XXIX, Issue 4247, 30 October 1874, Page 2

COMMERCIAL.

BANK OF NEW ZEALAND HALF-YEARLY MEETING. (From the New Zealand Herald, October 22.) The half-yearly general meeting of the shareholders of the Bank of New Zealand was held in the boardroom at noon on the 21st inst. About twenty shareholders were present. C. J. Taylor, Esq., occupied the ciiair, and read the advertisement convening the meeting. Mr. D. L. Murdoch then read the minutes of the previous meeting, which were confirmed, and afterwards the following report and balance sheet :-- Twenty-sixth Report of the Directors of tho Bank of New Zealand, to the Half-yearly General Meeting of the Proprietors, held at the Banking-house, Auckland, on AVedncsday, the 21st October, 1874. The directors have pleasure in congratulating shareholders on the continued success of the Bank's operations, as evidenced in tho following report and balance-sheet. The net profit at 30th September, after making ample, appropriation for all bad and doubtful dependencies, and for reduction of Bank premises and furniture accounts, amounts to .. £45,703 10 10 To which has to be added— Balance of undivided profit at 31st March, 1874 £13,202 9 5 Making a total available for division of .. .'.. £55,910 6 3 The following appropriation of which is now recommended: — To payment of dividend at the rate of 10 per cent, per annum £30,000 0 0 To bonus of ss. per share, equal to 5 per cent, per annum .. £15,000 0 0 To balance carried to profit and loss, new account .. .. £13,918 0 3 The dividend and bonus will be payable at head office, Auckland, on Friday, the 23rd October, and at branches on receipt of advice. For the Board of Directors. Charles J. Taylor, Chairman. Aggregate Balance-sheet of the Bank of New Zealand at 30th September, 1874, including London Office at

, ... ,)P. Dionan Audlted /James Watts. Tho Chairman said, in moving the adoption of the report which has just been read, it is no small satisfaction to me to have only matters of a congratulatory character to which to refer. AVlien I had the pleasure to occupy this chair at our last meeting, tho prospects of business appeared to warrant me in holding out a hope of the result of this half-year's operations being more satisfactory than tho previous one, and I am glad to point to the report which has just been read as evidence that I was not wrong in my anticipations. AVe have had, on the whole, a very satisfactory half-year ; business, as shown in the balance-sheet, has been well maintained, and rates, though considerably lower than in Australia, have not been disturbed, and havo yielded a' fair return on tiic -Bank's operations. Although wo must reckon on fluctuations in business, 1 see nothing to prevent a continuance of at least as favorable results ; but this is a matter which rests very much in shareholders' own hands, as it is in no small degree to their support and influence that wo aro indebted for the position tiio Bank occupies. AVith tho assistance of shareholders, and the same support from the public, which the Bank is ever ready to reciprocate with liberal dealing, its position may not only be maintained, but improved, and with improvement wo may reason ably look for increased profits. Duringtho half-year there has been ample outlet for money, and the Bank's resources have been very actively employed. 1 understand that, although the import trade of tho colony has continued heavy, and the demand for goods has been seriously affected by tho unusually Bovero weather, which has given us this yeaf at least four months of winter, the prospects of tho season aro reckoned fairly satisfactory. AVe know that tho population is steadily and largely Increasing; that public works aro being vigorously prosecuted ; and tho local market for staplo products is woll maintained ; and thoufjb. there has been a depreciation in tho yaluo ol

wheat in the English market, it has been more than counterbalanced by the continued high prices of the more important export, wool. Although there are not wanting elements in our future prospects to suggest great caution, I think wo have ample ground for hope and confidence in the future of the colony. It now only remains for me to move, “That the report ana balance-sheet, as read, be adopted, and circulated among the shareholders.” . Dr. Campbell seconded the adoption of the report, which motion was carried unanimously. ■ The Chairman said that the next business before the meeting was the election of a director in the place of himself, who retired from the Board. The only gentleman who was a candidate for the office was Mr. James Williamson; and he therefore declared him The next business was the election of an auditor in the place of Mr. James Watt. Mr, Jas, Hobinson proposed, and Mr. G-. P. 1 ieiice seconded, that Mr. C. J. Taylor be elected auditor. Carried unanimously. . Mr. W. I. Taylor said : There being no other business before-the meeting, I beg leave to move a vote of thanks to the directors and officers of the Bank for their services during the past year, and at the same time to .congratulate the shareholders the continued prosperity and success of the institution. The Chairman,- on behalf of the directors, said that it was a source of great satisfaction to receive the vote of thanks. It was a very great pleasure to them to forward as far as possible the interests of the Bank and shareholders. ■' , Mr, I). L. Murdoch said : Gentlemen, on behalf of the staff, I assure you that nothing will be wanting on our part to endeavor to advance the interests of the institution. There is one matter which has occurred to me on which the chairman has not touched, and which I think due to the Board to mention, that has particular reference to this vote of thanks. It is that during the half-year the Board felt justified in according to tlie staff d bonus of 10 per cent, on their salaries, a course which I need not say has been most welcome to the staff, and has had a most beneficial effect. Welcome as your periodical votes of thanks undoubtedly are, the 10. per cent vote has no doubt appealed more directly to their feelings, and I anticipate the best results therefrom, and hope the future of the Bank will warrant the action. Thc minutcs were read and the proceedings terminated.

30th June, 1874. Dr. £ s. d. Bank Stock C00.000 0 0 Keserve Fund 180,000 0 0 Notes in circulation 421,158 0 0 1,233,847 10 1 Deposits and other liabilitic 4,254,340 14 3 Balance of profit and loss I March 81, 1874 Net i>rofit for half-year ICC( mnt at 13,212 9 5 45,703 10 10 £0,743,202 10 7 Cr. £ s. d. Coin and cash balances . 450,452 14 0 Bullion on hand and in trar isit u 374,351 10 6 300,000 0 0 Government securities .. Notes and bills of other bai iks 4,012 10 3 Landed property.. ,25,500 4 0 Bank premises, furniture, an d stationery 72,107 17 4 Insurance account p.illa nralnMe bills (lisc.nn lltC! d, and 2,401 1 8 k .. IOOUNT. 5,510,280 12 2 £0,748,202 10 7 Dr. £ s. d. To dividend at the rate of 11 3pe sr cent. 30,000 0 0 To bonus of 6s. per share. CO, u lal to 5 per cent 15,000 0 0 To balance carried to profit an id loss, new account 13,010 G 3 £58,010 0 3 Cr. £ - s. d. By balance of profit and 1< MS at 31st March. 1874 .. 13,212 9 5 By net profit for half-y( 3ar, after writing off bad debts 45,703 10 10 £58,910 0 3 JVESEItVE 1 •UK D. Dr. ' £ s. d. To balanco 180,000 0 0 Cr. £ s. d. By balance from last statera ;ont 180,000 0 0