BANK OF NEW ZEALAND.

Taranaki Daily News, Volume XXIII, Issue 74, 10 August 1901, Page 2

BANK OF NEW ZEALAND.

GENERAL MRETING OF SHARKHOLDERS. PES PBESS ABSOOIATI»X. Wellington, August 9. The general meeting of the Bwk of S"ew Zealand was held to-day. The jhairaiaD of directors (Mr. J. R. Blair) in moving the adoption of ttio report said the capital wan now £2,421,860 as igainsfc £2,919,519 last year. The desreasa was caused by the purchase of preferred shares for £500,000 from the Government, which enabled the Bank - ;o make a Urge saving in interest.! The deposits were £8,682,504, an in-1 ;rease of £94,645. Bills payable outstanding stowed an Increase of £299,682 in liabilities, which was chiefly accounted for by Govflrnmant transactions. Bills re-discounted, £274,936, was a detail »f London finance. During the twelve rao<»ths London had been a profitable field for the investment of money at short dates, and the London management had taken advantage of this position. Busings was first-class, although necessitating re-disounting of bills held. It would be seen from the credit side that the Bank maintained a very strong position. The amount of cash balance w<is £1,554',129, an increase of £146,603, while at short call and in securities in London they hid decreased, the amount standing at £2,523,090. Investments in the colony hod incnas-d from £2,385,284 to £2,507,584. The Assets Realisation Board debentures had been paid eff duriag the year to the amount of £125,000. The net increase in investments was £122,300. Bi'ls discounted, £2,008,832, showed ao increase of £289,495, and might ba taken to indicate considerable business activity on the part of the Back's customers. Other advances, etc., showed the substantial increass of £149,499. Landed properties', etc., £388,762, had been written down by £34,417, which brought them wi'hin their valuation. Furniture had he«n written down at £3887. Tbo Bank of New Zealand Estates Company assets were £71,000 lessthan laßt year. It was unlikely that there would be any further considerable sum required to provide for shortages in the realisation of the remaining properties. The profit and loss account showed a Very marked aod continued improvement. Profits available lor appropriation bad inoreved from £145,020 in 1900 to £210,665 in 1901 The appropriations fir 'he present yew were a» follows: —Writ'en off the Bank of New Zealand Estan. a Company (in liquidati n) £17,000; debenture conversion account,£3s,36o; Colonial Bank goodwill account, £60,000; Colonial Bank property red premises, £10,000; Bank of New Zealand property, p-emises and

furniture, statutory payment to A c se's Realisation Boird .£50,000. The chairman said i' was beyond his power to forecast the future of the colony or the earning power of the bank. Toe p st few ye »r* had been wonderfully free from b d debts. They had undoubtedly been favoured by the gre»t prosperity of th< colony, and he took a very hopeful via*

ot the tuture. The Chairman added that without desiring in any way to appear to think they were not going to have prosperous time?, the most prudent man would consider that the busioew of such an! institution should be conducted with ft view to any such contingency arising. When they approached the question of the prosperity or dej>r s ion of the '• colony, they we>e bi«s*ed by conditions that did not exis '• in this c lony, such as the convulsions of bus'ne-s that had occur/ ed in older countries". Here thny had particularly a new weld to be developed, when it wascoosider-d in con- j nection with what hud been done and what remained ti be doi<\ Theie «•;« cot the risk of any similar deposs oo to thit which older countries had »uffered. From a look at the resources of the coloi.y it wouH be feen that in

Gisbwn", for insane-*, there were immenpe art-as of undeveloped land which, when opened up, would go a long way toward securing the prosperity not only of the bank but of the countiy H 8 w 11. There were, ag.in, large tnicts <f land held by the natives on the boundary of the Mokan, so far absolutely untouched. When these things were befsre them, the peopld should take There wa« an indication, too, that outside of the colony there were those who were in'Curflbttd in it to the highest degre", land who abso'utely re'i-ved in the

colony's progrew. In i lust-a ion of this, Mr Blair referred to the recent additions to the fl ets of the Now Zetland Shipping Company, aud the Shaw, Savill aud Albion Company. These controlling these interests would not embark upoti sucn an en'erprise un'e s they had confideno* in the eclony. The vigour and adaptability of ff New Zva'and would cury t;bem fu:th r than those in any othf r pjrt of

ihe world. H<i was sura th<y o uld look forward to carrying the buiiioess of the »»nk to a mcoessful termimtion, et pocinlly if the same amount ef interest continued to be inariife-ttd in the Bank's affairs, a-s had been iu the past. Mr Martin Kennedy, in seoonding the adoption of the report,-siid ih.t without the consent of the Government, jthe directors could not dec'a<e a divijdend, but) if the business progressed as it h*d progressed during the ptsty-ar, he thought tha directors would ba ab'.e to show the Gove nment that tl:ey .would b» justified in declaring a divijdend nesr, yeir. It was only just jto the shareholders that a dividend should b>> looked forwa-d to as a possibility in the re>r future. ' Mr. 0. T. Richard on thought they ought to protest Against the imputation | that had been mide that sh reholders ! wore clamouring for a dividend b*fore paying ofl their liabilities. They we>e not responsible for the r iisini; of the [share value'. Shareholder suffered a great deal iu the pibt, and now that things were looking be'tor they ww entitled to eoine coisideiution aud ' sympathy. j The 0 hairman said he had not re- ' ferred to the question of a dividend for the reison that it did rot aris» j until year. The whols matttr , would be deilt with at the proper time. I What ho had siid on the hubject last year still held good. | The motion was adop'ed, and the meeting concluded with vlie customary vote of thanks to the Cbaimian and officers. I