BANK OF NEW ZEALAND.

Taranaki Daily News, Volume XXIV, Issue 33, 8 February 1902, Page 2

BANK OF NEW ZEALAND.

HiLF-i&iBLY MKSTIHGR Fit PRESS iMbflUWO*. Willihgton, February 7.< At the half-yearly meeting of thr IBank of New Zealand to-day *w was only a small attendance ®fci* cbairman, Mr F. 0. Da Malet, explained that the meeting wee hew merely to comply with the require* meats of the Act, aod do accounts would bo presented. He assured the Meeting without hesitation that compared with the figure* of the ooitesponding petid of twelve months back there is a Kni-fwtory increase fat tb volume of i>u n<"s», and that the f relto for the half-y. ar were folly maintained. » There wa« ro iwon to suppose tbefc ™ the current h»lf-year would pttn leeo satisfactory, though in the m«tlo» of deposit) it was only was enable thefc with less money coming to tbe ooloojr by reason ol the low price for some of the chief products the ourrent aoooutiti m%y not show as well as at March last. However, it waa useless to prophesy, as the actual figures would be laid before llie annual meeting. The abnormal condit ion of the wool market required consideration, and it behoved the Bank to carry on bu«MS» ; with caution. He pointed out the industries of the cjlony varied, atid really that all the productions of th > eolony Were not depressed at ono and tbe cam* tints. When one was depressed mmi» other important one ia ihe reverse, foe ,iugtii ce, the dairy induetry. He said <hai despite the praesnt condition of the wtfJ wiiket the clients of the Bank were in a better position to withstand the depression of tbemarkefc than they were a year back. Tbf have experienced a few yesri of P*®~ perity, acd no doubt profited by »• experience gaiwd. Moreover, th» tfduced value of money had been in weir favotir. He had referred puticnlarlj to wool as one of the staple product# of the colony, and the Bank was*trusted with the disposal to a considerable proportion of that valuable item of , * X The Ohairi«an announced that Mr. Kennedy had bee® electdd a diiutv without opposition. The latter, ia thanking the shareholders* referred to 1 the anomaly existing with respect to . the election of director*. He •w ' und»r the conetitutiou of the director* ' officers were not empowered t» exerdoe proxies; therefore whila tb«ie weT» ! I shareholders in Engl»nd, Australia!

and New Zealand, the electi n of the directors pneticatly rested with th® shareholder* residents ia Wellington. He explained that whete a direoto* obtained proxies he bid tos.oar«th* services of a friend who was a shareholder to attend the meeting* This wss an anomaly wbioh ought to b» remedied by future legislation; and b» suggested such e, system as adopts by the A.M.P. Society, where tbe proxiat were sent to the Sooiety through the Poet Office. He referred t« the previous election, and asVed ' whether certain candidal ■ were satisfied that proxies bad been exer- , cised os ds'oribed. Then eg'in those ' sending proxies demanded advice as to sale or purohase of shares, and be could, as director, only reply quo Out what the Legislature had deddM should, under certain conditions, be done with the profits. He gave hi* opinion, whioh he said was a doof committal one, that if the earnings ei • the Btnk for the current year and the , next six months were maintained, there should be a dividend, aad would 11 his vote in favour of it. I; | The meeting then closed.