Bank of New Zealand.

Poverty Bay Standard, Volume I, Issue 115, 25 April 1884, Page 2

Bank of New Zealand.

HALF-YEARLY MEETING. [Per Press Association.] Auckland, April 25. The half-yearly general meeting of the proprietors of the Bank of New Zealand was held to-day. The profits available for division amounted to £88,403, from which the usual dividend and bonus at a rate of 15 per cent, per annum was declared, leaving £13,405 to be carried forward to the new account. The deposits and other liabilities amounted to £9,853,799. shewing an increase of £1,233,921; advances to £9,557,542 being an increase of £1,073,606 in coin and cash balances, money at short calls, and Government securities are aggregoted at £2,412,394, an increase nearly of £160,000 over the same items of the last half-year. The Chairman, in moving the adoption of the report, said that, notwithstanding an unfavourable condition of trade, they were able to declare the usual dividend. So far as New Zealand business is concerned the bank still contended with the results of over-import-ing, but the break long ago put on was now telling. Prices in wool and wheat were exceptionally low, and the farmers also had to contend against a bad season. As against these discouraging features he noticed the rapid development of thefrozen meat tradeand the establishment of numerous dairy factories which promised to be a permanent benefit to the colony. They hid had particularly adverse seasons for the last three years, and wool and wheat we ■o so low that any change must be for the b «tter, while capital continues to flow into the colony. The population is increasing, and labor finds employment at good rates. The general outlook suggested caution, and the Bank was exercising it, while at the same time extending liberal support to every deserving industry. The report was adopted.