BANK OF NEW ZEALAND.

Southland Times, Issue 1161, 19 May 1869, Page 3

BANK OF NEW ZEALAND.

FIFTEENTH HALF-YEARLY - GENERAL MEETING.

(•Southern Cross,' April 29.) ' The fifteenth half-year general meeting of the shareholders of the Bank of New Zealand wo 3 held at the Banking-house, Queen-street, Auckland, at noon yesterday. There were about . tweDty shareholders present, and Thomas Russell, .Esq., Chairman of Directors, occupied the chair. . Mr D: L. MtrBDOCH, inspector, read the notice , convening the meeting from the ' Daily Southern Cross.' He also read, the minutes of the last halfyearly general meeting held on Thursday, the *' 29th October, 186 S. "■ ! The minutes were unanimously confirmed. • Mr D. L. Murdoch then read tbe following report: — „«„ O?rF!E_ENIH BErOKT Of the Bank of New Zealand, at the HalfYearly General Meeting of the Proprietors, held at the Banking House, Auckland, on -• Wednesday, the 28th day of April, 1869. In submitting the result of another half-year's operations, , ,tb»\ -Directors congratulate *^;the Shareholders on again *m. eting them with a favour--1 able report. The net profit v at r 3lst March, after providing for every bad s or doubtful debt, and making tho usual ' appropriations in reduction ' of Bank premises and fur--1 ' nitnTe accounts, amounts to £,37,258 9 11 To' which has been added — Balance of undivided profit at 30th September, 1868 ... 8,554 16 . * Leavings now available for divi* . sion *v .... : £45,813 6 ! • . Of. which theTDirectors recom - mend the -fpUowing; appropriation : To payment of C dividend at ' ''• the rate of .<■ 10 per cent. ' • per annum £25,000 0 0 v ._Po;|»onuß of 5s , v v^j per "share, „,„ , , equal to 5 _ „. ______

I annum ... 12 ; 5"»0 0 0 .. "* j To bal in.v ca---rio I t > profit :.n! iivs new a.v)i:,t. ... 8,313 C 3 £45,513 6 J The Di.-i And -ail Bv.un will bo payable a' H'>a ! O!i -p, Au'ilcl uid, to.m >rrow, Thursday. t)io "> .i \. - aur., al l at B/an/lies on receipt oi a I F )■• ' a ■ 15 -arJ of Directors, TH0 .M. 13 RUSSELL, President. AaaREO-VTR BALANCE SHEET OF THE BANK OF tfEW ZEALAND, At _lst March, 1869, including London Office Balances at 31st December, 1868. Dh. £ .s. d. Barik Stock 500,000 0 0 Reserve Fund 150,000 0 0 Notes in circulation 284,147 0 0 Bills In circulation . 761,715 14 6 Deposits and other liabilities 1,710,405 0 1 B ilance of Profit and Loss j Account at 30th Sept. ! 1868 8,554 16 4 ' Wet pi-out for half-year ... 37,258 9 11 , £3,452,081 0 11 1 Cn. £ s. d. Coin and Cash Balance at London Bankers 449,688 14 2 Bullion on hand and in transitu ' 253,530 8 0 G-overnment securities 360,500 0 6 ___. J2UI-. .. cx£ . .- o±_-oi! . Banks 3,517 11 3 Landed Property 22,079 19 2 Bank premises, furniture, and stationery 80,194 16 6 Insurance account ... ... 4,237 10 3 Bill* receivable, Bills discounted, and other debts due to the Bank ... ... 2,278,332 1 7 £3,452.081 011 PKOFIT AND 1033 ACCOTTNT. Dlt. £ s. d. To dividend at the rate of 10 I per cent per annum ... 25,000 0 0 ITo bonus of 5s per share ... 12,503 0 0 To balance carried to Profit and Loss ' New Account ' 8,313 6 3 £45,813 6 3 Cr. £ s. d. By balance of profit at 30th September last ... ... 8,554 16 4 By net profit for half-year aft;r writing off bad debts .... 37,254 9 11 £45,813 6 3 BESEBVE FUND. Dr. £ s. d. To balance 150,000 0 0 £150,000 0 0 Cr. £ s. d. By balance from last statement ..; ■ 150,000 5 0 £150,000 0 0

. „., -, V JAMES ROBERTSON. Audited ) c.j. STONE . Mr Thomas Russell, in moving the adoption of M <•> report, said : Gentlemen, it has been tho good fortune of the chairman presiding at the half-yearly meeting of the Bank of New Zealand from lime to rime, to be able to present to you a balance-sheet which required neither an explanatory, nor yet an apologetic, speech, and I am happy to say that our balance-sheet on this occasion follows the general rule. These figures will commend themselves for your adoption without any recommendation on my part, and therefore I do not on this occasion propose to make a long speech, as it would be altogether unnecessary and oul of place. But there are a few figures connected with the Bank's transactions which may not bo observed generally by the shareholders, and which persons residing out of the colony may not hove an opportunity of getting access to, and which I think, if laid before you now, will afford convincing proof of the satisfactory position of the Bank's business throughout the colony, and of the progress it is still making in the estimation of the public, the increasing confidence which the public are reposing in this institution. The first fact to which T ehall direct your attention is the note circulation of the various banks now doing business in the colony of New Zealand. Aa you are aware we have four competitors for tbe banking business of the country — the Bank of New Zealand making the fifth bank in operation in the colony. Now, taking the note circulation of these banks affords a tolerably correct idea of the ■ amount of business done by them as a whole and relatively to each other. Gentlemen, I shall quote now, in 'all the 'figures I shall give from the sworn Government returns published from time to time in the ' General Government Gazette' — on the 31st December, 1868, the total note circulation of the Banks in New Zealand was five hundred and ninetyone thousand nine-hundred and eigl'y-nine pounds, of which the Bank of New Zealand had two hundred and eighty-eight thousand three hundred and sixty-six pounds, or within seven thousand of half of the whole, leaving among the other four banks tho other four banks the other half, which is, I think, gentlemen, a very fair -and proper division of the banking business of the country, and one that must be highly satisfactory in you. (Hear, hear.) Now, gentlemen, I will just refer again to figures token from the same Government return?, showing the progress in the amount of deposit? in the Bank. I think no better test can be taken at any time of the confidence which the public repose in a banking institution than tbe test of deposits, and I shall be able to show you from these returns that the bank deposits have jrone on steadily increasing. Before I quote the figures I would call , your attention to the fact that the amount of the " deposits" appearing in the Government return do not correspond with the " deposits and other liabilities " appearing in our balance-sheet. Tbe " deposits " appearing in tho G-ovor-monfc refc_ruo are simply deposits in the bank; the item appearing in our balance-sheet includes the whole of those deposits and " other liabilities." I make this explanation leßt it may bo said that I have not. taken the correct figures. To show the continued increase of the deposits I will go bad as far as the September returns for 1867. Th« bank then held deposits to the amount o: £1,167,647. Three months afterwards (at th< December quarter in the «ame year) they had in creased to £1,228,373. In the March followin' they had increased to £1,296,142, and in thi June quarter of 1868 to £1,335,565. In th< September quarter to £1,361,126, and in th December quarter, 1868, the last retun published, they had increased to £1,415,984 I Now, gentlemen, you will observe tha there is not a single quarter of that whol period that does not exhibit a steady increase o I the deposits in tho bank. I place these two im portant facts before you, and they are very im portant, to show that there is somethiugJJ t< warrant the satisfactory figures which we brin before you from time to time — to show that ther i 6 something to warrant the dividend which w declare to-day. Mr G. B. Owbn : After the very able manne in which Mr Russell has moved the adoption t the report, I am Bure it will be quite unnecessar for me to add anything. I beg to second th adoption of the report. The motion was put and carried Unanimoush Mr ThoSias RttsseiX: The next businei I before the meeting is the election of a directo: I The vacancy we s have to fill to-day is that cause by the death of our old friend. •. Mr Richar

Ridings. There is one candidate for the vacant seat —Mr W. C. Wilson — who has by the nomination of the Board of Directors held a seat for the last half-year. We have great pleasure in recommending him for election today. The motion was carried unanimously. Mr Thomas Russell : If any other gentlemen has any questions to put, or requires any explanation, it is now competent for him to do so. If not, it only remains for me to declare the formal business of the meeting over. Mr Dionan : Alter the very satisfactory report that has been presented to us to-dajr, we should be wanting in our duty if we did not accord a hearty rote of thanks to the directors and officers of the bank. I therefore move a vote of than lis to the directors and officers of the bank. Mr James O'Neill : I have great pleasure in seconding the motion; The motion was carried by acclamation. Mr Russell : On behalf of the directors I have | only to say that we esteem your thanks and continued confidence, and you may depend upon continued effort on our part. No opportunity will be lost for promoting the bank interests, and in doing so I would remined you we shall promote ! our own interests and those of the shareholders ' i individually. Mr D. L. Murdoch : On behalf of the staff, I have very much pleasure in acknowledging this renewed record of your appreciation of the services ot the officers, and which I wilLhave very much pleasure in communicating to them. Tbe results that have been placed before you to.d*y could not have been arrived at without great care and judgment on tbe part of the managers, and they are reasonably entitled to your commendation, I trust that, by future good ,' PJIoIS-B— th-jrAot" -»__ aho»l» of m_»-~,— -.iIUU- ' as well avoided in tho future half-year as they J have been in the past. I have tery -much pleasure in acknowledging the vote of thanks on behalf of the oflicers of the Bank. I The minutes of the meeting were then read, after which the meeting terminated. j