COMMERCIAL.

New Zealand Times, Volume XXXIV, Issue 5642, 30 April 1879, Page 2

COMMERCIAL.

The following are the duties collected nt the Custom* yesterday i—i I . '■ ' \ ‘ ■ £• * tl. =P. - a r?

BY 'IELROItAPH. * OAMARU, Tuesday. >- ‘Messrs. 'Wright, Stevenson, and Co. to-day com- . mencod to sell.stock on tho Tofcara § estate. The ' attendance was largo and the . bidding spirited. .'Draught horses ranged from IS to 90 guineas.

.. BANK OF NEW ZEALAND. ,•' , . ..(From the Ncv> Zealand Herald. April 25.) Tho thirty-fifth half-yearly meeting of the sharo-. .. . holders in tho Bank'of Now Zealand was held yestor- ■ ‘ ‘day, at noon, in tho Banking-house, Quoen-streot, _ . There' was a largo attendance of shareholders Dr. J. L. Cami»boll preside 1. The minutes of tho previous meeting were read and confirmed. The directors’ report was read, as ( follows:—-Thirty-vi vrn Report op the Directors of the ,: ■ .Bank'or New Zealand, to the Half-yearly General Mbetino or tub Proprietors, held AT TfIK BaNKINO-HOUME, AUCKLAND, ON THURSDAY, 24th April, 1879. Th 6 Directors , have the satisfaction of again submitting to Shareholders tho result of a successful half-

, The dividend and bonus will be payable at tho head office. Auckland, to-day (Friday), and at branches on tccelpt of advice.’ .r . For the Board of Directors! J. Logan Campbell, President;

AnOlli'OATß IhVMNCH-*II''KT OP THB HANK OP NEW /BALAND AT 31st MARCH, 1879, INCLUDING L(>Ni»on Office at 3l«t January, 1879:

(B. Tonks. (3. Browning. Dr. Campbell, in moving tho adoption of the report and b dance-sheet, said: Gentlemen,—ln submitting for your approval and adoption the report and balance-sheet which have just b“en read, permit rno to make a few remarks upon them, and on subjects in which you, as shareholders, arc directly interested. It will be in your recollection that shortly before tho date of our last half-yearly meeting tho announcement had been made of the failure of the City of Glasgow Bank, and there followed a period of financial disturbance and distrust, such as had not been experienced in England for many years, and from which thero has been a very slow and gradual recovery. The disclosures in connection with this failure shook credit and confidence to their foundation, and it s only a natural result that all bank stocks became more or less prejudicially affected. When your directors at last meeting asked and obtained your authority to issue 27,590 new shares, the consequences of the City of Glasgow Bank failure had not been realised, and could it h ve been anticipated that this disaster would have been followed by such a calamitous period of depression, tho issue would either have been very much restricted or altogether postponed. But the issue has been a decided success, notwithstanding the untoward state of things to which I have alluded, and which, at last came homo to us hero in an intensified form. Contending against many adverse infl ences, it is a source “f congratulation to be able to record that, of the 27,600 new shares, only 3934 remain unallotted. Of these, 945 consist of “remainders.” not absorbed by the proportions in which the issue was made; and these will be put in tho market at a favorable opportunity. 'Chon, thero are 1503 shares which are held on behalf of shareholders travelling, and otherwise beyond reasonable distance, and to whom tho director yet accord a further period of grace. The number, therefore, of shares not taken up, as far as yet know-i, is only 1535 That the price of shares became prejudicially affected was only a necessary consequence arising from tho. peculiar juncture at which they were issued. But it is worthy of remark that, as compared with nearly every other colonial bank, the depreciation in cur sh ires iu London was very slight, and tho local depreciation was sufficiently accounted for by the extent of the issue, the large proportion of shares held in tlie colonies, and tho prevailing scarcity of money. Ana besides those influences there were others which more or less affected tho value of our shares, for reports were industriously circulated that this institution was a heavy Inserby the City of Glasgow Bank, so contrary was this to facts that we have not lost one shilling by that bank's failure ; and when it stopped we only held £3joo of its paper, half of which was covered by cash b dances wo held, and wo hart bills for collection in excess of tho total amount involved. Reverting to the figures in tho balance-sheet, it will be noticed that notwithstanding the increase of our capit d It stands the same as in the last report, because the new capital, as you are no doubt aware, was only payable on 31st March, tho day on which our books closed for tho halfyear. Had it been correct to show the increase as capital in the present statement, there could only have been shown tho amount paid in New Zealand, as tho Australian and London branches bad closed their books at a previous date. As payments from shareholders only became dividend-b aring from Ist April, these could not l»o regarded as capital until that date, and have therefore in the statement before you been incorporated under the heading ‘deposits and other liabilities.’ Tho deposits appear to have fallen £420.000, but this is wholly due to tho decrease of Government balances held by tho bank, as there has been an actual i crease of private deposits amounting to £IOB,OOO, irresp ctive of payments on account of capital. It will bo observed that, as compared with last balance-sheet, thero is a very material increase in coin and cash balances, the directors having considered It prudent to hold larger reserves during the disturbed state of the money market, to which I have alluded. In tho early part of the half-year wa therefore fortified our London account, allowing colonial balances to run low, but at 31st March we had made up our colonial holding of coin to ieTUO.OOO, and the balance was hell in London. Tho amount of tho bank’s advances decreased in proportion to the diminution of deposits. Tho amount of profit brought to account for the half-year is slightly less than last half-year, but I may remark that in view of the existing and prospective condition of business in this and adjoining colonies, it has been considered advisable to make more than usual*'provision for bad and doubtful debts, and should such provision prove overestimated, there will be an early return of the surplus to profit and loss. Shareholders will no doubt approve the intention of the Board to continue increasing the reserve fund, the directors considering the augmentation of this fund as of more imp >rtance than the payment of increased dividend. It will no doubt intero-it you to know that the late mischievous competition among the banks for deposits has ceased, an understanding as to rates having recently been arrived at. and it may be hoped that the experience of the past may prevent a recurreno of a course of procedure which must be regarded as alike Impoilti : on the part of tho banks, as it was subversive of the best interests of tho colony. Tho scarcity of money now prevailing throughout all the colonies must be well known to you all. Various causes have arisen to produce this, notably over speculation in land, over importation, losses in stock from severitv of last wider and subsequent floods, short crops from protracted drought during summer, and chiefly the great fall in value of our staple products. The financial t inch has no doubt severe, but U may te. hoped that, like other disagreeable corrective remedies, the after effects may prove salutary and more than compensate for the present inconvenience. It ia to be regretted .that a more cheerful picture ©f the present aspect of business in the colony cannot bo drawn, but do not suppose that I take apy gloomy view of the future. A repetition of such- a enmbinatlon of adverse influences as I have recounted need not be apprehended. On the contrary; there are manifest signs of progress in many directions, for population and settlement are rapidl increasing, and tho resources of the colony are being steadily and securely developed. Let us hava but a moderately good season, with that recov ry la the value of our products which maybe reasonably expected—let the Government exercise a judicious and careful foresight in pro ecuti ig the Public, Works policy—a policy w ich lias achieved an unprecedented advancement in our mate ial wealth by the development of our agricultural and pastoral resources, ■ and the colony, with that vitality and - recuperative power which has ever distinguished it, will soon recover from ’ existing depression, and taking to heart tho salutary experiences we have just passed through, there is no reason w-hy our prosperity in the future should not be as great as it has been in the past. With these remarks I beg to move the adoption of tho report and balance-sheet as read, Tho Hon. James Williamson seconded the resolution, and said: I have much pleasure in second! g the motion for tho adoption of this report and balancesheet. I think that, all circumstances taken into consideration, we have a right to be proud of it. As to tho depression that has existed here for some time, tho chairman has explained the cause of it. and we look with good faith'and hope tor tho renewal of prosperity in this place. I have seen a great deal of tho interior of the country hero, and I do a good cWt= myself towards bringing it into a state to produces the necessaries of life without having to send out o£ theprovince for them. What is wanted to ensure- the; rapid prosperity of this part of New Zealand is the completion of the public works undertaken some years ago. Our railways cann it bo expected to. pay unless they are connected with the rest of tho country I think that with a vigorous prosecution of these public works towards completion—to make us, at .all events, connected with Taranaki, would in itself create a remarkable effect in promoting the prosperity of, this country. Our chairman has gone so fully intb the subject before the meeting, that I do not feel it to bo necessary I should say anything further upon it, and will content myself with formally seconding ' the motion for tho adoption of tho report and balance-, sheet. The motion was agreed to unanimously.

Colonel Fraser : After the very satisfactory report wo have received, considering these depressed times. I think we cannot do bettor than return a voto of sincere thanks to tb * directors and officers of the bank for their services during tlie past half-* ear. Captain Daddy : I second the motion with great pleasure. I feel confident tha the report which has been read hero to-day will disperse many a cloud; th t had begun to gather about tho prosperity of the country. . For a very long time there h*s been no such important report emanating from the directors as that wo have received to-day. This result Is to be attributed entirely to tho directors and officers of the bank. (Hear, hear.) The Chairman returned thanks on behalf of the Board of Directors. j Mr. D. L. Murdoch (General Manager) returned thanks for tho staff. He said: The chairman .has alluded to th troubles of the past season, so to speak. I may sav that there bas been a good deal cf rowing against the stream. You may therefore understand how welcome it is to hear from you a word of encouragement. I am sure the officers wil : receive your vote of thanks with great pleasure, and that t will stimu ate them to still further exertions on behalf of thi-institution. This concluded the business of the half-yearly meeting. The draft minutes were read, and the proceedings terminated.

. £ 8. a. Spirits . , 6-1 4 2 Tobacco • ... .29 12 c Cisais'. . . 4 11 3 I'VVino ' ‘ ■' • •; • s 0 7 Tua';.. .. ... 15 5 0 Sugar.. ., 49 11 8 Hour .. . 2 3

CofFeo 15 2 9 Weigh ’ 30 11 11 Ad valorem . 205 G 9 Other duties. 1 0 0 Total . £122 6 10

- year's operations. ‘“The ‘net profits at 3Tst March,' after making very full appropriations for every bail or donb.ful dependency, and the usual reductions in Bank premises anti furniture accounts. £ 3 <J. To *'hich has to be added— - -' * Balance of undivided profit at 30th *80,240 2 t ,. - ‘ ’ 8 /•' ■ „ . .September, 1378 ;. .. .. ; S.SS3 9 0 Making a total ava lablo for division of... '*’* - Which it is now recommended should bo ap. roprlated as follows — £89,123 11 8 £>■ b. d. 1 ’ i- To payment of dividend at-the rate of 10 per . £ s. d. „ , cent, per aqnumj .. 30,250 0 0 To bonus of 5s “per share, equal td.5per.ieDt. per annum.; ... ..18,125 0 0 To proposed increase to - .. .reserve fund.,..... .. .25,000 0.0 j To balance carried to . ; profit and loss new’ RQ- * ■ — count-,. .. ■• .i 9,753 11 8 1 .-J -x .* .'■'T-"" 89,128 11 8

“Dr. Capital £ i 725.000 350.000 5. 1 0 0 d. 0 0 527,/// Bills payable in circulation .. ♦. Deposits and other Uabilltiea .. 15 7,715,870 4 7 Balance of profit and loss at Septem8,833 her 30. 1873 Net profit for half year.. £11.05-1,542 11 5 Or. £ s. d. Coin a-d cash balances 1,724.943 17 3 Tiu'llon o- hand and in transitu 107,410 1 3 Government securities 029,221 7 i Bills receivable, and securities in I.oni Landed i rnperty, Bank premises, fur108,857 0 10 Bills discounted, and other debts duo to the Bank 7,544.531 8 8 £11,851,6*2 11 5 PROFIT AND DOSS ACCOUNT, Hr. £ s. d. To dividend at the rate of 10 per cent. por annum 30,250 0 0 To bonus of 5s. per share 18,125 0 0 To proposed increase to reserve fund 25,000 0 0 To balance carried to profifciand loss. “new account" 9,753 11 8 £89,128 11 8 Cr. £ S. d. By balance of profit and loss at 31st March, 1879 80,240 2 8 By balance from last half-year 8,883 y 0 £89,128 11 0 RESERVE FUND. Dr. £ s. d. To balance 375,000 0 0 £375.000 0 0 Cr. £ s. d. By balance from Iasi statement 350.000 0 0 By proposed addition 25.000 0 0 £375,000 0 0 Audited.