BANK OF NEW ZEALAND.

Southland Times, Issue 1659, 8 November 1872, Page 3

BANK OF NEW ZEALAND.

The ordinary half-yearly meeting of shareholders was held on the 23rd ult., in the chief office, Queen street,— Thomas Russell, Esq., Chairman of the Board of Direetors,"^>residing. The Inspector read the advertiaemenb convening the meeting, the minutes of the last half-yearly meeting, and the report and balance-sheet as follows : — Twenty-second report of the Directors of the Bank of New Zealand to the half-yearly general meeting of the proprietors, held at the Banking-house, Auckland, on Wednesday, the 23rd day of October, 1872. The Directors have to report that consequent on the cheapening of money, and its abundance in the colony, with the absence of an active demand for its employment, profits do not compare favorably with past half-years. They have, however, to congratulate shareholders on the maintenance of the Bank's leading position, as evidenced in the attached statement, and express a hope that development of commerce will soon offer more profitable employment for | the Bank's resources. The net profit at 30fch September, after making provision for all known bad and doubtful debts, • and for usual appropriations in reduction of Bank premises and furniture accounts, amounts

Audited [ aj . STOOT . The Chairman, in moving the adoption of the report, expressed his belief tkat, although the dividend which was proposed to be declared was 2\ per cent, per annum less than was paid for the previous half-year, yet when everything was considered, he thought the shareholders would agree that a dividend at the present time of 12| per cent, per annum was more than the equivalent of 15 per cent, under the circumstances of twelve months ago. By way of explanation, he deemed it right to state that during the last half-year, although the officers of the Bank in every part of the Colony had been as active, zealous, and energetic as ever, yet they had not been able to employ within the Colony by £600,000 so much of the Bank's resources as they were employing six months before. The diminished dividend was the result, to some extent, of a restricted demand for banking accommodation, combined with the diminished rates of interest on advances. The causes which brought about a lea- j sened dividend were causes of congratulation to the shareholders as Colonists, and for that reason he did not suppose that any dissatisfaction would be expressed. Owing to the increased Talue of wool, many of tke Bank's customers had been rendered independent of assistance, and hence arose the limited demand for Bank advances. The Chairman quoted at length from reports of similar institutions doing business in the Colonies, to show that the causes which had affected the operations of the Bank of New Zealand, and diminished its dividend, had affected those Banks in a similar manner. The position of the Bank, he said, ought to be a subject of congratulation to the shareholders. Referring to the published returns, he pointed put that of the notes in circulation, which amount to a total of £651,539, the amount of the Bank of New Zealand

was £344,085, as compared with £307,454 of all the other Banks, or more than half the note circulation of the Colony. After quoting obher figures, fco abovp that the business done by the Bank in the Colony was fully equal to that done by all the other Banks together, the Chairman thought that while they could regard the past and present with pleasure and satisfaction, the shareholders might be invited to loik to the future with confidence. The Directors and all the officers of the Institution # took a more than pecuniary interest in it» management and success. They regarded its operations as a great Colonial Institution with pride and pleasure, and the shareholders might rest aßsured that no efforts would be spared to maintain the Bank in its present leading position ; and he asked them everywhere to co-operate with the Bank authorities to so desirable an end. The Chairman concluded by moving that the report be adopted, printed, and circulated for the information of the shareholders. Mr James Williamson, in seconding the report, mentioned that as a sign that the Colonies are beginning to be their own creditors, there was lately offered in an Australian Colony £400,000 of 5 per cent, debentures, with thirty years to run. They wore offered in the Colony for sale, and the result was that tenders were sent in for about £1,200,000, and the average at which this loan was floated was 4 per cent, and a fraction over, or better terms than we had been able to obtain in England. He believed that there was a great future in store for the Bank of New Zealand, and that in a year or two they would have as good dividends as had ever been paid. Mr Cherry wished to know whether Mr W. S. Grahams, on© of the directors of the National Bank, was still a director , of the Bank of New Zealand. The Chairman intimated that Mr Grahame had resigned the latter post. In regard to the new jßank be expressed his opinion that there was no opening for such an institution at the present time. Mr J. L. Campbell and Mr C. J. Stone, the only two candidates, were elected Directors, in place of Mr Gh B. Owen and the Hon. James Farmer, both of whom had retired. Mr GK B. Owen and Mr W. J. Taylor were elected Auditors. On the motion of Mr P. Dignan, seconded by Mr Gh P. Pierce, a vote of thanks to the Directors and officers of the Bank was carried unanimously. Mr Murdoch, in returning thanks for the officers, felt quite sure he was speaking the mind of every officer of the Bank when he said that every possible, effort would be made by the staff to maintain and continue the success of tho Bank, and merit the approval of the shareholders.

to £38,760 2 0 To which has to be added — Balance of undivided profit at 31st March, 1872 £7,600 3 0 Mating a total available for j airisloa ol ... y ... ... J84&,36t> t> 0 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 Bonus of 2s 6d per share, equal to 2* per cent, per annum 7,500 0 0 Balance carried to profit and loss N new account ... 8,860 5 0 £46,360 5 0 The dividend and bonus will be payable at the head office, Auckland, to-morrow, the 24th October, and at branches on receipt of advice. For the Board of Directors, THOMAB RUBSBLI,, President. Aggregate Balance-sheet of the Bank of New Zealand at 30th September, 1872, including London office balances at 30th June, 1872. Dr. Baat stock £600,000 0 0 Eeservefund 180,000 0 0 Notes in circulation ... ... 322,166 0 0 Bills in circulation 900,324 19 8 Deposits and other liabilities... 3.212,444 13 9 Balance of Profit and Loss account at 31st March, 1872... 7,600 3 0 Net profit for half year ... 38 760 2 0 £5,261,295 18 5 Cr. Coin and cash balances ... £385,625 9 9 Bullion on hand and in transitu 492,341 5 8 Government securities .... 349,528 14 3 Notes and bills of other Banks 3,117 10 8 Landed property ... • ... 22,796 8 4 Bank premises, furniture, and stationery 71,425 17 0 Insurance account ... ... 898 9 0 Bills receivable, bills discounted and other debts doe to the Bank 3,935,562 3 9 £5,261,295 18 5 PROFIT AND LOSS ACCOUNT. To dividend at the rate of 10 per cent per annum ... 30,000 0 0 Bonus of 2s 6d per share, equal to 2i per cent, per annum ... — ... 7,500 0 0 Balance carried to profit and loss new account 8,860 5 0 £46,360 5 0 By balance of profit at 31st March, 1872 £7,600 3 0 Net profit for half year, after writing off bad debts ... 38,760 2 0 £46,360 5 0 BE9EBYE FUND. To Balance £18O,C0O 0 0 £180,000 O O By balance from last statement £180,000- 0 0 £180,000 0 0