BANK OF NEW ZEALAND.

Southland Times, Issue 1165, 15 November 1869, Page 3

BANK OF NEW ZEALAND.

The sixteenth half-yearly meeting of the proprietors was held, 27th ult., in the Banlriu^-house, Queen-street, Thomas Russe.l, Esq., chairman of the board of directors, presiding. Taw inspector, Mr D. L. Murdoch, i\icid the advertisement convening the meeting, als) the minutes of the last halfyearly meeting, which were confirmed. The manager next read the report and balance sheet for the half-year : — SIXTEENTH RFPORT OF TSE DIRECTORS TO THE SHAREHOLDERS OF THE BANK OF NEW ZEALi.NO. The directors hare again the pleasure of nieefcing shareholders with a report of the result of another half-year's operations, which, considering the stagnant condition of business in several provinces, will, thoy trmt, be receive I with satisfaction. The net profit at 30th September, after making liberal provision for all bad or doubtful debts, and the usual appropriations in reduction of bank premises and furniture accounts , amo unts to £33,725 17 2 To which has to be added — Balance of undivided profit at 31st March last 8,313 6 3 Leaving available for division £42,039 3 5 Of which the following appropriation is recommended : To payment of dividend at the rate of 10 per cent, per annum £25,000 0 0 To bonus of ss. per share, equal to 5 per cent, per annum £12,500 0 0 To balance carried to profit and loss new account ... ... 4,539 3 5 £42,039 3 5 The dividend and bonus will be payable afc head office, Auckland, on Friday, the 29th inst., and at branches on receipt of advice. For the Board of Directors, Thomas Russell, President. AffORKCJATE BlLAircs Shbst of the Battk OS New Zeai/awd, at 30th September, 1869, INOIiITDINQ- LONDOIf OfFIO-B BALANCES AT 30th Jpxe, 1869. Dr.

. „. , f James Robebtson, Audited J c j SIONB The Chairman in moving the adoption of the report and balance-sheet, said : — Gentlemen, — It is again a very light and pleasing task that I hare to perform today, in asking you to adopt the report that has just been read. I have again to congratulate you that we are able to pay you the usual handsome dividend of fifteen per cent., and that, too, after making reductions upon the item " bank premises," and, further, after making a clean sweep of everything like a bad and doubtful debt. (Hear.) This result, I may say, in explanation to those shareholders resident in Auckland who do not, perhaps, know so much of the other provi&ces as we necessarily know by our connexion with this Board, would have been very much larger but for the very serious stagnation of trnde existing in several of the other provinces of New Zealand. That state of things has been effected by depression in the wool interest, by the lessened quantity of gold produced in other parts of the colony, and by various other causes, resulting in a paralysis of trade in those provinces, and, consequently, restricted banking profits. (Hear.) I think, therefore, gentlemen, that on the whole the result we present you with to-day is a very fair subject for congratulation. (Hear, hear.) And now as to the future. We may look forward, I think, with the greatest confidence to the future of the bank and of the country, for the two are inevitably wrapt up together. We have provided, at all important points at which the Bank is represented throughout the colony, permanent and suitable buildings. There are, therefore, no large charges to come in under this head in the future. Nearly all our buildings are of a permanent description. The only remaining outlay going on for a permanent building is the charge for the substantial and handsome building now being erected at Graharastown, and I think you will consider that we are warranted in putting up this building by the very rich dia-

coveries m^de in that district ; and I think we may, seeing the signs of the times, look forward to the future, and our operations in it, with very great confidence. 1/Ooking to the millions of acres of flax which this country possesses ; to its large production of wool of a superior quality ; looking to the increased growth of cereal crops all through the colouy ; to the gum and timber production ; looking, moreover, to the very extraordinary discoveries of gold in various parts of this island and the Middle Island — but in this islaud of an unexpectedly rich character ; seeing, as we do, duly diminishing, those difficulties with the natives which once threatened the destruction of this Island and paralysed the energies of the Middle Island ; looking to all these circumstances at this conjuncture, we may anticipate a brilliant prospect for this colony — a prospect that old colonists have long hoped and waited for, and which we believe, is now about to be realized. (Hear, hear, hear.) As I have already said the future of the colony and the bank are inevitably wrapt lup together. The influx of population from Europe and the other colonies which may now fairly be expected, and ! the development of our great natural resources must be attended with an amount of trade which has never yet been realised. With such prospects before the colony I congratulate the proprietors on the prospects of thi3 institution. It will be for you and those you elect to manage the affairs of the Bank, to continue the policy that has guided us in the past, so that, as we have ever been foremost in enterprise, we will also be foremost in caution and discretion. (Hear, hear.) I move the adoption of this report. Mr James Kobertson seconded the motion, which was carried unanimously. The Chairman announced that the next business was the election of two directors. A vacancy was caused by the retirement of Mr. W. C. Wilson, and another by the resignation of Mr. James Williamson who was in England, but would shortly return to the colony. M!r. Williamson was a very old friend of the Bank, and was acandidate forihe vacancy occasioned bj the retirement of Mr. W. C. Wilson. The Chairman proposed the election of Mr. James Williamson. The Hon. James o'Neill, M.GLA., seconded the proposition, which was carried unanimously. Mr. James Farmer, M.Gr.A., proposed the election of Captain James Stone for the vacancy in the Board of Directors. The Hon. James O'Neill, M.G.A., seconded the proposition, which was carried unanimously. Mr. David Burn moved that Mr. W. C. Wilson and Mr. J. Earmer be appointed auditors for the eusuing year. Mr. Gardiner seconded the motion, which was carried unanimously. The Chairman announced that the last motion concluded the formal business for which the meeting had been called. He would be very glad to hear any proprietor who had any questions to ask of the directors. The Hon. James O'Neil, M.G-.A , said : Before separating, I think that the shareholders will be glad to place on record their appreciation of the manner in which the affairs of the Bank have been conducted during the past half-year. I am one of those who know very well that there is at present great depression of trade in various parts of this colony. I also know that there is very keen competition in banking business through the whole colony. That circumstance should make the proprietors the more thankful for the very handsome dividend they are about to receive. Keeping those circumstances in view, I beg to propose a vote of thanks to the Board of Directors aad the officers for the manner in which they have managed the affairs of the Bank. Mr. P. Dignan, M.G-.A., seconded the motion, whicb^was carried unanimously. The Chairman, in returning thanks, said : On behalf of the Board of Directors, I may state that the greatest reward we can have, is to meet with your confidence on these occasions, more especially when expressed, as it is to-day, by this unanimous vote of thanks. It affords us encouragement to renew and increase our efforts. lam glad tbat the gentleman (Mr. O'Neil) who moved this vote knows something of the difficulties, and on that account the vote gives us great encouragement. I trust that you will second our efforts out of doors, and not merely in this room ; and that you will let your influence as shareholders be felt in the community. Mr D. L. Murdoch, on the part of the manager and officers of the bank, thanked the proprietors for the vote of thanks they had just passed. He could only reiterate the assurances given before, that every effort would be made by the staff to maintain the high position which the Bank occupied in New Zealaud. (Hear.) This concluded the proceedings, and the meeting separated.

£ s. d. Bmk stock 500,00? 0 0 Reserve fuud 150,000 0 0 Nofes in circulation ... ... 286,537 0 0 Bills in circulation 944,131 9 10 Deposits and other liabilities ...1,856,628 16 11 Balance of profit and loss ' account at 31st March, 1869... 8.3L3 6 3 Net profit for half-year ... 33,725 17 2 £3,779,336 10 2 Or. £ a. a. Coin, and cash, balances at London bankers 367,245 6 0 Bullion on hand and in transitu 428,881 10 3 Government securities ... ... 174,650 0 0 Notes and bills of other banks... 2,298 18 0 Landed property 22,255 4 2 Bank premises, furniture, and stationery 82,584 16 4 Insurance account ... ... 1,572 4 10 Bills receivable, bills discounted, and other debts due to the bank 2,699,848 10 7 £3,779,336 10 2 PBOSTT XST> IO3S ACCOUNT. Dr. £ s. d. To dividend at the rate of 10 per cent, per annum ... ... 25,000 0 0 To bonus at 5s per share ... 12,500 0 0 To balance carried to profit and lo6S new account 4,539 3 5 £42,039 3 5 • Cr. £ s. d. By balance of profit at 31st March last ... ... .•■ 8,313 6 3 By net profit for half-year, after writing off bad debts 33,725 17 2 £42,039 3 5 BESERVE FUND. Dr. £ 8. d. To balance :.. 150,000 0 0 £150,000 0 0 Ob. By balance from last statement 150,000 0 0 £150,000 0 0