BANK OF NEW ZEALAND. Half-Yearly General Meeting. Profit of £77,000 FOR Half-Year.

Te Aroha News, Volume III, Issue 127, 7 November 1885, Page 4

BANK OF NEW ZEALAND. Half-Yearly General Meeting. Profit of £77,000 FOR Half-Year.

Tee forty-eighth tmn -yearly meeting of the proprietors of the Bank of New Zealand -was held «t noon on Oct. 29, in ihe banking--house, Queen street, the Hon. James Williamson, M.L.C. (President) being in the chair. About thirty of the proprietors were present. The general manager (Mr D L Murdoch) read the following report and balance-sheet, printed copies of whioh had been handed round : — Th i d rector, in again meeting shareholder*, snhm t the r^utc of the half year's opt rations &a t »Ilo - r :— The ue. troflt f«-r the ha f-y« ar e nde> 8,1th Sep'embar, after full appropriation or »l koo n bad and doubtful debt*, and in i\ riu»; ion of bank prt-mi • 8 *nd furnitu e account, amount-* to £76 9oO 19s 4d, to which hun to be ai1s3»»d b-ilanoH fr m ha f year ended 3lst Man h, 18S5, *25,Ul 18s 41 sivibgatoal avalaol«fo< division of £102,102 17* 8d which it is uropoa d to app o ria e as follows :— 'I o >as ment of dividend «t the ra, e of 10 per cent per annum, jgiO.OOO; b nu* of 5* per equal to A pei cei't per annum, £25 0 r 0; bslam-e carried tn p ofit «n«i li»-8 newa coun',£27,l02 >7s8d 'otal i £10.* 10? 17s 8<i The rfivu end and bonu- will be p*> "b « at the hf ai office a uckHnd, on Friday, the 30 h inst., and at branches on receipt of advic- —For the Board of Directors, James Williamson. Prwdmt. AGGREGATE BaI, »NCE SHEWT OF THE BANK of Nkw Zealand at 30th September 1885. mc>qdin« London office at 3lst July. 1885. Dr : Liibiaiii s— Capital paid Ui> £1 000,' CO ; m>erv • fm d £6.5 000 ; notes in circulation* £=>44 3M) ; bUl>< pj> ahle in circulation £1,74^.253 7a 3d ; de-po-its and other 'iaf»ilt es. £10 8d7 2Ub 4<* ; bdlance "f nrofie and loss, £i0s.lQ4 17^> 8(1 : total, £11827 561 8a I'd -O.' A s-ts-foin and cash b viances til bankers, *"1 05'I.xSt 10-« ; money on short <•«!] in London. £8 3..S17 ; bullion on hand and in tr<*mit '2S3,66313s; Government securitie , £730 2*8 7s 2d ; bi Is re< eivabJ- and 8 . cu - ities in Lu»di>n *>l 071 3 <2 6s 7d ; bills difcconmed an i o-b r <^eb a du.» to the bink, £10 598.300 (5- &\ ; l\n-ed property, b^nk p em>ses, £c. £.<27 774 16s K'd lo al. £U82 561 8 1 d. Hrofit a u Loss ccount. To dividend on 100,0.0 en-res of £i0encti at r^to of 10 percent p i annum. £5 000 ; b -nus at the ■ ate of ~s » eFh irt*. • qunl^o o »ior cent p< r Hnnum. £2i 00 ; b 1« net* oirrien >o profit and 'oes new accouut. £27,102 17d 8h : total, £102. 22 17' 8rt. Ry halnr c *> t om h.lf year ei»d«ja 3i»t M ich 8 3 5 "25,1411 s 4d; n^t rront tor hH.lf>oir ended 3Dth Sodtemb^r. lKg\ £76 «h0 19^ i • : to?a'. £J02 102 1 a Sd. He=ekve Kund. To bounce £6.'6 000; by balance fioin lobt half-year, £6io 000. The Chairmav, in moving the adoption of the report and ba'ance sheet, paid :— 'Gentlemen,— It will no doubt be a satiefac tion to you, as it i* ta the Board of Uirectois>, to find that, notwithstanding the long continued depression which has been experienced throughout the colonies, and which has more or le*s prevailed throughout the world, we are enabled to meec you with such a satisfactory report and balan^eshtet a« has just, been read It would be unreasonab-'e to expect, and futile for us to pretend, that, occupying the position we do in transaotingso large a «• hare of the business of thi« and the adjoining Colonies, we could pas* through such an exceptionally severe d^pre-sion without incurring our share of lo.<«es; but unless the depreaaion becomemnie pronounced, which we may reason ably bop« viill , s ot prove the case the pro vision we h-ive been enabled to make out of profit-* >bonld amply cover any deficiency. \Ve have thought it well, however, in view of pos-ibilHe*-, instead of otherwise appropnariDg the very considerable balance of j roti t and lo«-s, to continue to carry it forward in the meantime, that in ca*e of need it may be available, without disturbing our u*ual and longcontinued dividend. We see no reason to adopt a pessimUt view of the future, for although we are suffering now fromarange of. piices such as has not been experienced in the present generation, the factors for effecting a recovery are 50 numeroua, and the fluctuations of trade so rapid, that relief from one source or another may be looked for at no d stant date In the case of nearly all our colonial products, stocks on hai.d have rarely been lighter, and any little revival in trade mu.»t necessarily enhance future values The whole fabric of commerce is b-ised on land and its products, and as soon as our farmers and giaziers obtain profitable prices other branches of trade will quickly recover buoyancy, and the bufiness of the bank wi I not be slow to feel the effect Meantime, we are not disposed to aggravate matters by unduly restricting accommodation, believing that we best serve the interests of the colony and the bank by affordiny a liberal assistance to genuine and legitimate bupine°s At the same lime the policy of the Boax'd at present favours the extension of our bu-ine*s in the other colonies rather than in New Zealand, ■which, meantime, does not offt-r so good a field for extension. The figures in the balance - sheet, as contrasted with the previous one, call for little remark The liabilities remain practically the same, and the at-stts, while exhibiting a more active employment of our repources, thow ample provision for maintenance of the bank's position. With these lemarks, I beg to m »ve the adoption of the report and balance

sheet "

Mr J. C. Firth begged to second the adoption of the report and balance-sheet, and in his remarks, expreseed a confident hope that brighter times were not far distant. The motion havingr been put to the meet-

ing. was declared duly carried. The General Manager (Mr Murdoch) said that as he would naturally bo supposed to be more conversant with figures than the members of the Board, he might just make one or two remarks with regard to the statement laid before them that dav. It had been long apparent to the Board that the large and increasing resources and operations t f the Bank necessitated in the Bank's interest a wider field than New Zealand offers, and with this view in mind, many years ago they oppned in Sydney. They afterward* opened in Newca-tle, then in Melbi urne, and more recently in Adelaide ; and louking at the large amount of the afset-* of the bank, viz , £14 800,000, it was obvious that it could not be fully employed in New Zealand. But when he told them that they had over 1\ millions sterling of the aseets of the bank employed in * ustralia, and when they reckoned this in addition to what was held in London and the colony in coin and its equivalenta—viz , about 4 millions sterling alone thej had over 6 millions sterling not represented in ftew Zealand, or if represented, represented only in coin, He offered these remarks, not in the least doubting the thorough stability of this colony, but for the benefit of absent share holders, who might not know the circum stances under and the extent to which they •were trading with these 14 millions sterling The motion was then put and carried. As Mr Wm. Scott Wib-on was the only candidate to fi 1 the vacancy on the director ate caused by the enforced retirement of the Chairman, he waeduly elected upon the Chairman s proposition, SirF. Whitaker seconding. Upon the motion of Mr J. Nancarrow, seconded by Mr F L. Feimb, Messrs A. K Taylor and Itobert Rose were elected

auditors. Mr P Comiskey proposed, and Mr A. G. Horton seconded, a vote of thanks to the directors and officers of the Bank for their conduct of affairs during the year. The Chairman acknowledged the compliment on behalf of the directors. He f aid that with reference to the depression that

he had alluded to in his former remarks he felt no uneasiness on thia account It hud been a matter of wonder to him how quickly the colony recovered from pe iod^ of depression, and notably from the very severe ■»ne of 1876-7. He had every faith In the colony overtiding the present depression and getting once more into a time of prosperity. Population in the old country was now becoming so dense that the people there must have an i outlet and with the great improve ments now affected in the movement* of population, there was no doubt that in a very little time we should see in these colonies a continual influx of good immigrants from the old country seeking to establish a new home. He looked upon that as one of the surest guarantees for a return of prospeiity to the colony. The General Manager (Mr Murdoch) said it was again his privelege to return them the hearty thanks of the officers for the proprietors appreciation of their services for the past half year, and he would have very much pleasure in con veviug to the mt-mben* of the et&ff this ex pression of approval. Since they had last met in that room he had taken the opportunity to pay a very hurried visit to England, chiefly on private affairs, and he might add that from their nature it waa a melancholy duty for him to proceed home, He was partly reconciled to it, however, for the opportunity it afforded him of in ducing their president to take a sea voyage for the recovery of his health, which was then in a very bad state, The magic effect of that voyage was ap parent in his appearance that day. Now, in the regular order of rotation it had come the Chairman's turn to retire for twelve months from the Board of Directors, and he had no doubt they would greatly miss the shrewdness and sagacity which he had always brought to their deliberations, but he hoped when Mr Williamson again applied for re election in twelve months' time, we might ayain have the advantage of his presence at t ie Board.