THE BANK OF NEW ZEALAND.

Oamaru Mail, Volume IV, Issue 1319, 3 November 1880, Page 2

THE BANK OF NEW ZEALAND.

'REPORT OF PROCEEDINGS .AT THE HALF-YEARLY GENERAL MEETINr OF THE PROPRIETORS, Held at Auckland on Friday, 22nd OctoW ISSO. The ordinary half-yearly mooting of tli o shareholders was held yesterday—tlio Hon .James "Williamson, M.L.G., President hi the chair. ' The General Manager (Mr. I). L. Mur-doeh)-read tlie advertisement convening the meeting, also the half-yearly report and balance-sheet, as follows : Beport <if the Directors of the Hint n « Now Zealand, to tliu Half-yearly General Jleutm.r „[ the Proprietors, held nt the Bankiiifc-house Auel-. mi Friday, 2'! ml October, ISSO. ' The Directors have the satisfaction of submiltinr, the following- as tliu result of the past half-year's operations:—

The Net Profit, at 30th September, after " ' full appropriation for all debts known to he had or doubtful, and for usual reduction in Hank Premises and Furniture Accounts, amounts to .. .. 70,152 s ip To wliiuh has to be added— Balance from Half-year ended 31st March, 1880 .. 22,?.t55 .1 9 Staking' a total, available for division, 0f.." £08,337 (, (), The following- appropriation of which is now reevmmended— To Payment of dividend at the rale of 10 per cent, par annum ..£50,000 0 0 To Bonus of 5s per share equal to 5 per eeut. per annum .. .. .. 25,000 0 0 To Balance carried to profit and loss new account .. .. .. 23,337 0 ft The Dividend and Bonus will be payable at Hnil Olliee. Auckland, on' Saturday, 2:ird October, and nt Branches on receipt of advice. For the Board oz Directors. James Williamson, President.

Aggregate Balance-sheet or this Bank of Nnv Zealand. At the 30th September, 1880, including London OHk'o at 31st July, 1880. Dr. Liabilities. £ s , ( ] Capita! .. 1,000,000 0 0 V.osevvo Fund 555,000 0 0-?-rotcs 111 circulation .. .. .. 482,117 0 (>. Mills payable in Circulation .. .. 1,428,501 0 r Deposit's and other liabilities.. .. 8,001,750 15 :t Balance of Proiit and Loss .. .. 118,337 t; J) £ll,sG(i,ootl~2~] Cr. Asskts. £ s. (I. Coin and C.ish Balance:; at Bankers.. 1,481,210 0 ii iloney 011 Short Call in London .. 1,4-12,000 00Bullion 011 hand and in transitu .. 172,402 7 7 Government Securities... .. .. 2-10,230 14 0: Bills Receivable and Securities in London 1,020,812 13 4' Bills Discounted and other Debts duo to the Bank C,054,45l 2 S. Landed Property, Bank Premises, &e. 2iy,ssn 15 i £11,650,00(i 2 1 VROI'IT ANI) LOSS ACCOUNT. Dr. £ b.-iI. To Dividend on 1.00,000 Shares, of £lO each, at rate of 10 per sunt. ]ter annum 50,000 9 0 To Bonus at rate of 5s per share, equal to 5 per cent, per annum .. .. 25,000 0 0 To Balance carried to Profit and Loss New Account : 23,337 C !) £08,337 To Or. £ 8. il, iV Balance from Ilalf-ycar ended 31st 'Mia-cli, 1880 .. ' 22,185 3 9 By Net Proiit for Half-year ended 30th September, 3880 .. .. •• .. 70,152 3 0 £08,337 (I 9 RESERVE FUXII. Dl\ £ S. (1, To Balance 555,000 0 ft £555,000 0 0 Or. £ s. (1,. Bv Balance from Half-year ended 31st jLarch, 18S0 555,000 0 0 £555,000 0 0V'e hereby certify that wc have examined tho Accounts of tlie Bank of New Zealand for tlie half-year■ ended 30th September, ISBO, and that wc have counted the cash balances and examined tlie liills mid. other securities held at tlie Head Olliee, mid conipiircil. Iho returns of the Branches with the statements im the voreyoin"' Balance-sheet, and have found the liO oc correct. Johkeii L. Wilson, ) .„„ Allan K. Tavloii, ) Alulltol s*

The Chairman, in moving the adoption of the report and balance-sheet, said Thu result of the past half-year's operations as embodied in the report and balance-sheet which .you have just heard road, though not so good as I had hoped when on last addressing, you- from this chair, I cailed attention to the. handsome balance wo carried forward, and. expressed a hope that at this period wcwould be able to make a substantial addition to the reserve fund, still ailords. ample ground for congratulation, as we have been able to maintain our dividend out of tho legitimate profits of the half-year, without trenching on the balance held over from tho 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 beattestimony to the general depression in business throughout the Colonies, and this,, combined with the difficulty of finding; temporary outlet for the large resources at, >nr command, and the high rates which, till, recently, have ruled for deposits, sufficiently account for the limitation of our profits,. You will, however, understand that I do not consider fifteen per cent, on a capital oil a million, or an annual return to shareholders of one hundred and fifty thousand pounds, leaves room for any apology. We see no ditliculty in continuing to pay it; and aa trade revives, and opportunity occurs to make more active and profitable use of the. resources at our command we will, no doubt,, be able in addition to increase the already handsome reserve fund, which surplus profits or past year- have built up, and which now so materially adds to the dividendearning power of the Bank, Shareholders, resident in this Provincial District, which, has been comparatively free from the results, of over speculation, cannot well realise the fact of tho over-inflation of the past two years in other parts of tho Colony. A\ itl» such a largo proportion of the business of the Colony, it could not be expected that ivceould avoid, nor do we 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 wc have been able to provide for them out of the profits, and wei have now the more chcerisg prospect of reviving trade and increased success iu tho staple industries of the Colony. The prospects of agriculturists have rarely bocn brighter than, at tho present time, arid pastoral interests also appear to have a bright future before them. In the general prosperity which these prospectsforeI shadow this institution must participate, and when I have the privilege of agwa addressing you from this chair I have. no. dor.bt I will bo able to congratulate vou. on increasingly favorable results. Thu iigurcs in the balance-sheet require little couiiW.it at this time, as practically they remain as they were at the last balancing period. It wdl ho seen that our resources in jjondim are maintained at a very hiirh point, that being the only market in which wo <•»« command temporary employment for surplus funds ; but I trust the growing requirements of business in the Colony will enable us to use p.ur funds locally, and to bettor advantage than the existing low price of llloUl ry in London has enablod us to do so. It will b : noticed that a considerable increase lias, been made to tho item of Bank premises, during tho half-year, which is duo to ou having paid for the handsome building pa'* chased in Sydney, and to partial payment, o premises in course of erection, in J ju.uct in. ft may, however, bo satisfactory to s ), iaie holders to know that a re-valuation or > Bank's properties would amply provide mo than sufficient to pay a full dividend, J i our policy has boon and will continue o to write'down this item far below • With these remarks, I beg to movo ¥> adoption of the report and balauce-suee U Mr. J. C. Firth : The statement that l>i» been laid before you in the ropoit baiance : sheet, and the comments made "I it by the President, leave mo very litt« i j say.' Indeed, as to the entire operation jor the Bank during tho half-year, they lea\c little to be-said from whatever pomu ot m tliey may bo regarded. They do not req any comment. Thoy have been satisfactory. Such being the easeduii fe* very difficult period, I see no reason to that in the new period which is now °P® its success will continued. I think the holders have every reason to look '® nu \ v| u no less prosperity in tho succeeding years of th& future than has boen attaii: the past. I have ™ uc M jl °\ lsll Vthe report ing the motion for tho adoption of tl and balance-sheet. Carri edu n animously, OF DIRECTORS. : The President, said : The. next buai e£ the election, of two Diroobors ouo

f Mr. C. B. Owen, who retires by row °. the*other to fill the vacancy caused * siirnation of Mr. Alfred Cox in the 6 - tart of tht; P a9t y ear ' towhlch vacan .®y (tfO p Whttaker had been temporarily tlw : jb v the Board, and now retires in Bo<ni: of the deed of settlement. but is terni i 3 i. fiir re-election. John L. Campbell. fjon. Mr. "Whitaker being the I declare them duly elected y L former to succeed Mr. G. B. Owen, -'"i. titter to complete Mr. Coxa term. unanimously. ■n > Hon- F. Whitakcr said : I should like \il mvsel: of thia opportunity to thank 40 h-irehold«r» for the position in which t, " ! h'ive inat placed me. Sis months ago, - oeetirvinir. the Directors asked me a v: 'f a y aKa t 3.6 their Board. I felt Battered 40 confidence, inasmuch as they had iy \*>in : ti«* of judging of the valne of my on behalf' of the Bank, having been S the commencement very active in my t0 promote th* interests of thia matiel', n iri'l having been connected with it f can only say that I dttly ap<V'*hte th« honor you have conferred upon P rUU look upon this institution as one of r moat valuable and important in the 1 I nv - It has been one ofc the most sr.cfridttrinsr the period of its career, it lias CMi fcrrcd the greatest advantages on the c,m e ; l0 [(Irr», arid has assist'd the Colony « lar"<-'U* from its resources. I eonld not f C 'l otherwise than honored by your coutiwce an' l £ a - 3 ' n tbank J'onu ' EtKi-rtox of ,\.ci>m>E!s.

n„ the motion of Mr. I*. Comisky, Hil'. M«a™. A. K and <>. B. Owen were elected attdst °TKß DIRKC'TOP.S AND OETirEP.S. Tjie Kav. Shirley Baker moved—"That , , ujanka of the shareholders be given to !"u directors ami officers oE the Bank for tk'ir efficient services during the past year." r, van sure that they were all miieh ftltfed at ths report that had been pre■ntßii and with - fl ' vl iluar,{ - He SC |il(i only hop® that the Bank would be a3 succcsatiil in the future as it had been in the .foaeph Howard seconded the motion, flj considered the thanks of the shareW.icrs had be? n well earned. The shareholiti'M had « ver y reason to be proud of the mnor't and balance-sheet submitted to them, ami to support the policy which had been foreshowed by the President in his nitons- . I arrfeit nnanrciouslj. Xij,- President said, in acknowledging the tomulimeat: I may state that I feel very miJi aratitied by the frequent repetitious ve iiave had of this vote of confidence. Tiwrii been nothing in which I have foen connected in the Colony in which 1 Vive token a greater interest than in the lisc and P ogress of this institution. I j,i,rhii qnctc part of a quotation which we sometimes hear, and say, '• I have rocked jjj craillo," but the second part of the quotation is not applicable, and I trust it ■willbe along time before it is •' followed to its ifravtv" "These recognitions of service aiFuril us the inducement to do all in ortr power to promote the interests of this institution. For my own part, my endev vors wiE be continued to assist the B.'vnk to wvtlie host dividends possible under the arounstaaees of the country. I thank you aiimrcfj" on the part of the Directors of the Bank. .. _ T , Thu General Manager said : I nave much uicMtire in returning thanks on behalf of the staif for the vote which the shareholders have juat passed. As the Chairman remarked, it is truly gratifying that such votes are so uniformly passed at our half-yearly jwccinsJ. and I can assnre you the repetition of' it now will be (Inly appreciated by tlw staff, who, I doubt not. will use overexertion. to being about the results foreshadowed in the Chairman's speech. I beg serin to thank yon for yovtr vote. "Thu scroll minutes were read, and the proceedings terminated. —[Advt.]