COMMERCIAL.

Poverty Bay Standard, Volume III, Issue 271, 12 May 1875, Page 2

COMMERCIAL.

BANK OF NEW ZEALAND. The half-yearly general meeting of the proprietors of the Bank of New Zealand was held on April 29, at the banking-house, Queen-street, at noon. There were about twenty five shareholders present. The Hon. J. Williamson, M.L.C., chairman of directors, presided. D. L. Murdoch, Esq., the Inspector, read the advertisement, convening the meeting, and also the minutes of the last half-yearly meeting, which were confirmed. REPORT AND BALANCE SHEET. The following report and balance-sheet were then read :— Twenty-seventh Report of the Directors of the Bank of New Zealand to the half-yearly general mating of the proprietors, held at the bankingboose, Auckland, on Thursday, April 29. The directors are enabled again to meet shareholders u ith a report and balance-sheet which cannot fail to be satisfactory, The net profit at 31st March, after making very full allowance or all had and doubtful dependencies, •nd towards reduction of Eauk premises and furniture accounts, amounts to £48,058 4 10 To which has to I® added ijalance of undivided profit at 30th September, !574 £13,916 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 5s share equal to 5 per cent per annum 15,000 0 0 Th auce carrel to pro t and lo s account 16.974 11 1 £61,974 11 1 The dividend aid bonus will be payable at the head office, Auckand, to morrow (Friday), 30th A nril, and at the branches on receipt of advice, —For the Boar I of Directors, James Williamson, Chairman. Aggregate Balance Sheet of the Banff of New Zetland at 31st March, 1875, including London office to 31 st December, 1874Dr. £ s d Bi nk Stock ; .. 600,000 0 0 Reserve Fund .. .. .. .. 180,000 0 0 Notes in circulation46B,42o 0 0 Bills payah'“ in circulation .. ..1,450,368 0 6 Deposit and ther H bilities .. ..3,884,117 15 3 Balance of profit and loss at 30th September, 187413,916 6 3 Net profit for half year.• • • •• 48,058 4 10 £6,644,880 6 10 Cr. £ ■ d Com and cash balances .. .. 507,403 011 Bullion on band and in transitu .. 256,664 12 10 Government securities 300,000 0 0 Lauded property, Bank premises and furniture 102,620 1 3 Bill' receivable and securities in London 1,447,029 8 6 Bills discounted and other debts due to the 8ank4,001,163 3 4 £6,644,880 6 10 PROFIT AND LOSS ACCOUNT. £ s d To dividend at the rate of 10 per cent per annum 30,000 0 0 To bonus of 5s per share, equal to 5 per cent 15,000 0 0 To balance carried to profit and loss new account 16,974 11 1 £61,974 11 1 £ s d By balance of profit and loss at 30th Septe.nb r, 1*74.. -• •• •• 13,916 6 3 * By net profit lorh if-year, after writing off aad 48,058 4 10 £61,974 11 1 RESERVE FUND, £ s d To balance 180,000 0 0 By Irom la.-1 statement •• lBu,ooo 0 0 The Chiiirmnii said : It devotees on me to make a few remarks on matters connected with the business of die past li. If-year. I will only notice one gratifying f ature, that,

notwithstanding the initiation of a policy by other Banks, which is calculated to interfere with banking profits, we are enabled to meet you with the same dividend and bonus, and to add something to the balance to be carried forward to the next half-year. In view of the continuation of the competition now existing, the directors consider it prudent to keep a good bnlance in hand, which may possibly be needed in the future to equalise dividends. The policy to which I have referred, was the offer by the National Bank of New Zealand of rates for deposits much in excess of those previously current, which were adopted by the other Banks, and subsequently increased by the Bank of Australasia. Previous to this step being taken, the Banks acted in concert as to rates, but, on the pretext of forcing us to join in a general agreement in Australia, the Bank I have last named withdrew from, and consequently upset, the agreement in the colony. When I tell you that our business in Australia consists almost only of our own agency business and dealings in exchange, it will at once be apparent to you that to join in the same agreement, as the other Banks have for general business would practically be consenting to close our Australian branches. We therefore offered in Melbourne the same rates as were being publicly offered here by other Banks, and though this action has been severely and very unjustly commented on by some portion of the Australian press, you may take our assurance that it is not working or likely to work to the disadvantage of this Bank. I need scarcely tell you that the offer of the present extreme rates for money is altogether foreign to the policy we would desire to adopt, and I am sure subversive of the best interests of the colony; for though it gives depositors a present advantage, it withdraws money from the ordinary channels of business, and inevitably leads to correspondingly high rates for advances. This has not yet been much felt, the competition between the Banks keeping down lending rates, but the time will come when the Banks will try to make up for the present low scale of profits, and 1 hope the commercial community will then remember that the pinch has not been caused by this Bank. The figures in the balance-sheet require little comment from me ; they prove satisfactorily that the business of the Bank is being well maintained, and before sitting down, I will only add that in consequence of the maintenance of high prices for wool and a most abundant harvest, the trade of the colony is in a very buoyant condition, while the late successful negotiation of a further loan by the Colonial Treasurer gives assurance t hat his scheme of public works will continue to be vigorously prosecuted. The motion for the adoption of the report and balance-sheet was then put and carried unanimously.

NATIONAL FIRE AND MARINE INSURANCE COMPANY. The third half-yearly report of this company. ending 31st March last, has been issued, from which we cull the following :— Report, and financial statement to be submitted on Monday, the 10th May. The total receipts for the half year (including £5586 8s 6d carried forward from previous balance) are £43,865 5 5 The expenditure for the same period has been ... £24,291 11 3 Leaving for distribution the sum of £19,573 14 2 Which the directors recommend should be appropriated as follows : — Ist. By placing a further sum to reserve fund of (which will then stand at £30,000).. £15.000 0 0 2nd. By payment of a dividend of 10 per cent, on paid up capital, which will absorb ... ... ... £2,500 0 0 3rd. By carrying forward to next half-year the balance £2,073 14 2 At Mr. W. K. McLean’s horse sale at the Napier Repository on the Bth, draught horses realised from £27 to £5O; light hacks, £5 to £10; light trap horses, £7 to £l5.