Page 2 Advertisements Column 2

Oamaru Mail, Volume IV, Issue 1104, 1 November 1879, Page 2

[a d vertisejiest. ] JJANK OF NEW ZEALAND. The half-yearly general meeting of shareholders was held yesterday, John Logan Campbell, Esq. (Chairman of the Board ot Directors), presiding. There was a large attendance of shareholders. The General Manager read the advertisement announcing tiie meeting, alio the halfCriv report, as foDows; — Tr-sixffl Ritokt or TUB DmtctoßS or TUB Bask i or N't* Ziuu'rv. to TUB H.\l.r-Y!URLT GMBaAL f or the Proprietor*. iirli* at tub Bank-tS.J-UIM.SIE. At.C*LV.XD, OS TIUTJD.YV. -J2RD OCTOsir it. HTIX ... TTv. Ihrector* Wsr to mlmiit the resnlt of the la't ' half-year"* operation*. whi-:h v ill, no doubt, •■*-* *Mrr"iV. ..*r Th- n* t at a»Kh altor tnufcrrii arx'.j'N: £ o i- r<! > ..-••n-'flerr.l lia-l -r lul, the uaual ruluctimw •«> f.r*mazx ami furniture motiiiu, amount* to . i -' " J To whieh has to be aiWcl I'rcmiam oo new shares taken -U|». |ort of -.5,300 iuucU under authority of the half-yearly nrectiiK: of tlw prttprietors, hcIJ o:i -Jtli October. IsH lV),<;in 1.. 0 fulam.-!: fr»io half-year cii'k<l -list March, li''J ' 11 v Maliiiis a total avaiUMi; f»r dhlsio" of 1 :• WTii,:h it l-t now rrrommvmlcil 'jc »!►- |»f»>|»rtatc»l o» follows To |wvmcnt of diviilend at the rate of 10 ixer cent, jwr annntn £19.010 10 0 T»» Wins of 5s fcr share, equal to S per cent p«r »nnam_ .. 21,500 5 0 To proiMiMetl tuldition to> rt-»er<c faiui .. 1 ib.QQO 0 0 Tn balance carried to pen A: and ton- 1 * new irtiian: .. .. 5.550 G 5 Thu ili»ideiulan«l bonta will he royalite at this Head *>rfi. r. Ati- ktir.tl. Krwlay. the 24tli (Ktoher, ami at Kranchea on receipt of ads ice. For the Board of Director*. J. Loti.is C'AXt-Er.Lt., ('resident. Aoomo vtb Kvuxcr-Snrrrr r,r Tim 11ask or New Zea-L-tXta AT SrrtT.HSßlt. IS7O, ISCtt'OINO Orrtcr, at 3lsr Jilt, IsTU UAMUTIE^ I>r. £ s - U " Capital, Cl.WO.OOO; less CIO.TOO—por vatne of 1.9T0 new snares ot £lO each, held in reaerrc .. -. ® X Reserve Fttnd .. .. .. •• 3*;»,0€l) 0 0 Notes in eiTvtttation Wo 0 0 : llitb pnpbteindrcttbtiofl .. -• 0 Dep»n»iW and other liabilities.. .. S Salmce of prufit and lod3 .. .. * ** ' £10,221,025 15 0 ASSETS. Cr. s - "• Coin ami cash balances at Rankers .. 2,f'->l,B I 3 10 -I . lkiUU>a on hand and in trarvsit .. -If.orS 10 0 »t»>*ertiment seenritiea 'JOO.OJO 0 0 mil-, receivabfe.amliectiriticsin LoniliEb and other debts due to the llinfc 15 «; Landed property, UUnfe premiies .. ls«>li 3 3 £10,221,625 15 0 Ftir.rrr axd toss ACtors-r. Dr. £ s - »• To di'Mfitfcl on W.tvil shares, of elO each, at the rate of l*> per cent, per annum .. I'J.OIO 10 0 To bnnns at rate of sst. per ifusr,' eiinal to 5 per cent, per annum .. Cf,-'or> 0 To propped in. r»"a»«r to rvxrte fund liO.fr 0 0 0 To tiataneu- >"»rri>:il to protil and !"aa, " new a«:i mill" ""."■t'O G ;■ tiitVl'W 1 Cr. £ *- ,! - Bt liulance from half-year end>»l SUt Jlarch. tSTO H By premium on 25.52! rew shares taken tip. part of 27.5 x> bsucl ttniler aathority of the hilf yearly 'general of the proprietor?*, herd oo the 2;« h »>jtot>er, ISTS .. Ia'J.CIS 13 0 fly net profit for half-year ended 30th September, IS7S OO.CCo 11 £i'o, !•>; 1 5 RsanKvc rvsD. I>r. £ s- «'• ;To bttUnce 0 *' £5.*5.0'J0 0 o Cr. £ s. iL By tmtancc from half-year ended 31at Starch. 1-T> 3T5.t»0 0 0 F.y proposed increase IsO.MO 0 0 -.1,000 0 0 Atnlitftl. _ Juj«rrii L. Wioaojf. Tiie Chairman, in moving the adoption of the report and balance-sheet, said :—Uentlerii< n. lit risintr to move the adoption of the rwfiort and baEance-. a hv«jt which have just been read, the ttsu.il pleasant dnty is as>sigiied to me of cf>nrrat«!atinz shareholders on the success with which the Hank's has been conducted daring the last half-year, and the balance-sheet adonis the best evidence of the maintenance of the IJank's position. When I last had the pleasure of ad- ! ttressinjr yon from this chair 1 took occasion to recount certain adverse influences which then existed, and which for the time being had unfavorably affected Colonial interests. But we had not then fully realised the effect of the disasters of the previous period, nor did we then anticipate aiich an iiiiSortnnate resnlt in the ajrrictiltnra! operations of thi? Colony, nor sneh a Ions; continuance _of low prices for wool anil cereals which hiw since prevailed. The diminished speiidtnsf power of the people, the contraction of flovemment works cxjieiiditiire, the necessity to provide large remittances to RnsjEand for public and private liabilities of the Colony, have all hail a tendency to increase the pressnre on onr monetary institution?. lot the alwence of any heavy failures autlicten'ly proves the readiness with which these institntiona responded to the demands made upon them, and is the best proof of the genet al soundness of the commerce of the country. As a cot. ?ef[iience of the lavish orders which a previous season of unexampled prosperity had induced importers to send to Kngland. and the diminished consnmption from the causes to which I have alluded, stwfca have in many cases accumulated toan mi-onventent extent : l>nt the corrective measure* wiiti h have now long been in operation are already producing an appreciable effect, and we may confidently look at an early date to have this UwiwrarV difficulty fully remedied. Tiie past aeaaon has Ijeen one of unusual severity to agriculturists, who, in many cases, were overburdened by speculative ptirehaaea of land ; and this, in conjunction with the bad harvest an i low prices, has caused not a few failures among this class of the community. _ But though numerous, they have not involved any : seriotts amount, and with the improved prospect* for this season in the exoep-. tion-iEEy promising c-'lid it ion of the .-Towing erVtp-i. and the enhanced price of wheat - it may tic reasonably expected that much of last" season's toss to our fanning population will this year be recouped. As affecting this institution, although we have as usual been exposed to exaggerated reports of heavy losses, I am happy in being able to assure yon that these have not exceeded the average, and ample provision lias been made for them. A\ hen I last addressed you I reported the result of the issue of the new shares which had been only partially completed. The final result, as noted in the balance sheet, is that of the 27,500 shares offered to shareholders we are left 'with only 1979, which have not yet been offered for sale, but which the Directors will take a favorable opportunity to realise. From the public prints shareholders will have been made aware that we have given notice of our desire, at the end of six months from the Ist inst. to terminate the existing agreement as to the Government acconnt, ehc terms of which have proved of a disadvantageous character. Beyond a mere acknowledgement of onr notice, no indication has as yet Seen given of the intentions of the Government, which is sufficiently accounted | for in the present political complications, j which practically have bronglit tmblie business to a stand. While prepared for a severI ancc of the connection, which on the whole i has existed so satisfactorily dnring eighteen ' l year*, we have intimated that we are willing ; t»> negotiate tor a continuance of the account. :if terms can be satisfactorily arranged. The Directors have given much consideration itn tht.« subject, and ill the course they have adopted are assured they Ixiat conserve the interests of shareholders. Inferring now to the tignres in the re|x>rt and l>alance-aheet, shareholders will. I am sure, be pleased to find that, notwithstanding the largely increased amount of eaoital on which dividend has to be paid, the profits of the last year admit of the usual dividend and Itonns, and we arc able to carry forward to next half-year the sum of LSS2O 6s sd, after crediting account with LISO.OOO-the premium on the issue of the new shares, as far as these have been floated. The anticipation of a reduction in dividend has had n depressing influence on the prices of ah. rest, bat the Directors are glad to assure shareholders that although the net profit shows a diminution on the previous halfy«ar, owing to the increased provision which the (KUcnt condition of the Colony makes it expedient to pnt aside for possible losses, the usual dividend and bonus is conJidcntl; expected to be .maintained. The