COMMERCIAL.

South Canterbury Times, Issue 2692, 4 November 1881, Page 2

COMMERCIAL.

BANK OF NEW ZEALAND,

The half-yearly general meeting of shareholders was held on Wednesday, Oct. 26, the Hon. James Williamson in the chair. The General Manager read the advertisement calling the meeting, also the minutes of the last half-yearly general meeting,and the report and balance-sheet, as follows: — The Fortieth Report of the Directors of the Bank of New Zealand, to the HalfYearly General Meeting of the Proprietors, held at the Banking-house, Auckland, on Wednesday, 2Gth Oct., 1881. The Directors congratulate She Shareholders on the result of the past half-year’s operations, as exhibited in the following Report and Balance-sheet : The Net Profit for the Half year ended 30th September, after ample appropriations for all known bad or doubtful debts, and in reduction of Bank Premises and Furniture Accounts amounts to ... at 73,943 2 4 To which, has to be added— Balance from half-year ended 31st March, 1881... 21,801 16 3 Giving a total available for division of ... ... £08,744 18 7 The following appropriation of which is now recommended — To payment of dividend at the rate of 10 per cent per annum ... £50,000 0 0 To Bonus of 5s per share,equal to 5 per cent, per annum ... 23,000 0 0 To Balance carried to Profit and Loss New Account.. 23,744 18 7 The Dividend and Bonus will be payable at the Head Office, Auckland, on Thursday, 27th inst., and at Branches on receipt of advice. For the Board of Directors, James Williamson, Chairman, Aggregate Balance-sheet of tl*p Bank of New Zealand, at 30th September,lßßl, including London Office at 31st July 1881. LIABILITIES. Dr. £ s. d. Capital «. .. 1,000,000 0 0 Reserve Fund., .. 355,000 0 0 Notes in Circulation 469,035 0 0 Bills Payable in Circulation .. .', 2,051,098 5 10 Deposits and other Liabilities .. .. 7,024,141 5 9 Balance of Profit and Loss .. 98,744 18 7 £11,798,019 10 2

We hereby certify that we have examined the Accounts of the Bank of New Zealand for the Half-year ended 30th September, 1881, and that we, have counted the Cash Balances and examined the Bills and other Securities held at the Head Office, and compared the Returns of the Branches with the Statements in the foregoing Balance-sheet, and have found the same to be correct. Signed Allan K. Tatlor, G. B. Owen, Auditors. The Chairman in moving the adoption of the report and balance-sheet, said : Before formally moving the adoption of the report and balance-sheet, which have just been read, it devolves upon me very shortly to remark on the results they embody—results which I feel sure must be as gratifying to you as they are to the Board of Directors. During the half-year just past, which embraces the most stagnant portion of the year, banking profits generally have been adversely affected by the continued plethora of money and consequent low rates, but the large measure of support which the Bank enjoys enables us to-day to meet you with a report which ia the best evidence of the continued success of our operations. Glancing at the figures in the balance-sheet, the note circulation remains practically the same as in the previous statement j bills payable are increased £176,000. In ordinary course this account at this period of the year should bs considerably lower—its present condition is wholly due to operations on Government account. Deposits and other liabi itics show a decrease of £360,000,a150 due to fluctuations in public accounts, the private deposits being somewhat in excess of those of last half-year; The coin and equivalents are considerably reduced, but the advances are proportionately increased, showing that to that extent the resources of the Bank are more actively employed than at the last balance period, but this greater activity does not sensibly affect the profits now to be dealt with—the benefit will be experienced during the half-year now current. The balance of profit and loss is about the same as in last statement, which, considering the circumstances to which I have previously alluded, will, I trust, be consideredamply satisfactory. We sec no reason to anticipate a worse result in the future. Commerce is gradually returning to its wonted activity, local industries are springing up around us, a specially favorable season promises exceptionally good results to the agricultural and pastoral interests, and the marked attention now drawn to this colony as a field for capital and skilled labor points to the probability of our largely benefiting from the migration of the better class of English* farmers, who we are led to believe within large numbers seek a home ia these colonies. 1 have much pleasure in moving the adoption of the report and balancesheet.

MrJ. C. Firth in seconding the motion s .id —There is hardly anything left for me to say in seconding this resolution. The short speech made by the Chairman embraces every point that can be interesting to the shareholders in an institution like this. Money has been cheap, and in such case bankers are not able to present reports so highly favorable, in the shape of dividends, as, under other circumstances, they could submit to the half-yearly meeting. But I recognise, and I am sure every shareholder present must recognise, the fact that while cheap money is not so advantageous to bankers, it assists in the development and progress of every form of industry, and, as new industries are established, wiil ultimately strengthen the position of institutions such as this. We may therefore, I think, congratulate ourselves on the favorable prospects that are at present opening for this colony. The very favorable season we are now having, the fair rates we are getting for our staples, wool and grain, the increase that appears to be general in the yield of gold, are all facts favorable to the future prosperity of this institution, of the colony at large, and of this community. I have therefore much pleasure in seconding the motion for the adoption of the report and balancesheet. The motion was put and carried unanimously. Questions having been invited and none being forthcoming, the meeting proceeded to the election of directors and auditors. ELECTION OF DIBECTOBS. The meeting procceeded to the election of two directors, in the room of Mr Whitaker, who retires, and of Dr Campbell who retired to proceed for England, but on his return was eligible for re-election. Mr G. B. Owen was elected in the room of Mr Whitaker; Dr Campbell was reelected . AUDITOES. On the motion of Mr A. K. Taylor, seconded by Mr F. Battley, Messrs George P. Pierce and Benjamin Tonks were elected auditors. The Rev Shirley Baker proposed a cordial vote of thanks to the Directory and officers of the Bank, which he thought they were fully entitled to after the satisfactory report that had been submitted to the shareholders, Mr Abraham Boardman seconded the motion, which was put and carried unanimously. The Chairman—l thank the shareholders for their vote of thanks. While I am on my feet I may as well state that I feel on the present occasion the same satisfaction which I have had the pleasure of feeling on many former occasions, that wo have so far succeeded in promoting the prosperity of the Bank, and the shareholders in it, ft has been the endeavor of your Directors to

advance your interests, to the best of their ability. I think I may say the Directors now see the way before them as clearly as they have seen it at any other period, to continued prosperity. ' The shareholders may rely on continued exertions on the part of the Directors to promote the advancement of institution. Mr D. L. Murdoch:—l have much pleasure, on behalf of the staff, to return thanks to the shareholders for their vote. I can only renew, on their part and for myself,- the pledges we have so often given you that no effort will be wanting to promote the interests of the Bank. This concluded the business of the meeting. •

ASSETS, d. Cr. . ' ' ' £ -s. Coin and.cashbalances ! at Bankers 973,495- 8 8.: Money: on Shore Call . in London .. .. 934,290 12 6 Bullion on Hand and in Transitu .. 161,611 16 0 Government Securities 273,371 4 2 Bills Receivable and Securities in London 1,926,606 7 2 Bills Discounted and other Debts due to the Bank 7,296,209 2 6 Landed Property, Bank Premises, Ac. 232,434 19 2 £11,799,019 10 2 PROFIT AND LOSS ACCOUNT. Dr. £ S. d. To Dividend on 100,000 shares of £10 each, at rate of ten per cent per annum .. 50,000 0 0 To Bonus at rate of 6s per share, equal to 5 per cent per annum 25,000 0 0 To Balance carried to Profit and Loss New Account .. .. 23,744 18 7 £98,744 18 7 Cr. £ s. a. By Balance from Halfyear ended 31st March, 1881 24,801 16 3 By Net Profit for Half-year ended 30th Sept. 1881.. 73,943 2 4 £98.744 18 7 RESERVE FUND. Dr. £■ s. d. To Balance 555,000 0 0 £555,000 0 0 Cr. By Balance from Halfyear ended 31st March, 1881 555,000 0 0 . £555,000 0 0