NATIONAL BANK OF NEW ZEALAND (LIMITED).

Taranaki Daily News, Volume XXIII, Issue 205, 4 September 1901, Page 2

NATIONAL BANK OF NEW ZEALAND (LIMITED).

At the 29: h ordinary general meeting] held on Tuesday at Winchester House, Mr. Jsinps Mac Andrew, who presided, said tLat it was gratifying to tha dirj ectors to be enabled to submit such a favourable account of the bank's business. In some meisure this had beon owing to the piwpeious time that New Zealand had experienced during the period under review. The Board h d 'b. eu able, o®iug to the demand for land and other real property, to make satisfactory sales of securities which bad hren held for a long time. The accounts bore testimony to the expansion of the business in the principal items. Discounts and advances exhibited an increrse of .£193,030 as compared with the previous year, and the note circular was ,£25,000 larger. Cash was j£4G,OOO over last year's figures, wh'ch were exceptionally large, and sfcurities had been sold or written down in value to tue extent of £ 1.7,000 and l.indod property had been reduced by sales by ,£3200. Their liabilities to depositors and on bills, ttc., which were now upwards of £3,000,000, showed an increase -of £68,000. The gross profit amounted to £114,000, or £19,400 more than in the preceding twelve months. Tb > charges had increased by £3700, of which, however, £2OOO was a mere book entry. In the appropriation of the balance of net profit the transfer of £30,000 to reserve would, he thought, meet with general approval. The reserve account would be thereby rai-ei to £lll,OOO. The 8 per cent, bisis which had been "Stablisbed for the dividend contained, ce trusted, "elements of permanency, and it afforded the B mrd much pleasure bo i dd a bonus of 2 per cent, or this occas ; or'. The Bank was doing a sound and p o r, p tous business, and i r f influence and standing in the colony were steadily growing. In conclusion, he moved the adoption of the report', which was seconded by Mr, E. C. Morgan, and agreed to unanimously aft' r a short discussion.