BANK OF NEW ZEALAND.

Taranaki Daily News, 25 June 1917, Page 7

BANK OF NEW ZEALAND.

DISCUSSION ON REPORT,

By Telegraph.—Press Association.

Wellington, La6t Night. At the annual meeting of the shareholders of the Batik of New Zealand today the lollowing discussion took place on the motion for the adoption of thij report and balance-sheet* Mr. Kettle congratulated Mr. ICane on attaining a seat on the hoard.

In reply to a question, the chairman paid it seemed to be the policy of ail well-conducted banks to get the "value of

their property ivell written down. The value of the hank's landed property and premises (including furniture and stationery) as per balance-sheet at March 31, 1917, was £450,812. He then submitted the following table:—Book value land in New Zealand, £100,879; managers' value £377,558; land tax value £389,756; premises in New Zealand, £160,610, £402,848, £351,813; land in Australia and Fiji, £54,262, £58,650, £61,490; premises in Australia and Fiji, £28,199, £53,000, £55,450; premises in London (manager's value), £1000; total, £433,950, £882,756, £858,509. Mr. Beauchamp explained that the difference between the amounts £433;950 (book value) and £450,812 (amount per balance-sheet) was made lip by the value of the furniture and stationery. The book value of the landed property and premises, etc., in 1907, was £319,859, as against £450,812 in 1917. Hie balancesheet at March 31, 1907, showed £319,000, and since that time the bank had purchased land, etc., and erected premises at a cost of £513,000, making a total of £832,000. During the same period the bank had sold properties amounting to £48,5005 al, d written off £333,000 and £381,5(X), leaving a'balance at date of £450,500. j

Replying to another point, Mr, Beauchamp stated that the amount invested in, London was 'very liquid, nearly all being treasury bonda. "We are," he added, "on a' particularly good wicket i# regard to money invested in London." Speaking of the Assets Board, the chairman said it was set up in 1805, the book value of the assets handed over by the bank to the board for realisation being £2,680,285. The estimated deficiency on these assets was £850,000, the bank's payments to the Assets Board amounted, however, to £1,247,890. In 1900 a valuation of the board's unsold assets disclosed a surplus on the book values, and in December of that year the remaining assets were taken over by the bank, and the board was dissolved. The assets bo taken over (other than mortgages representing balances outstanding on account-of sales by the board) were valued at £461,047. These assets were practically all disposed of in Ave years, the realisation resulting in a slight deficiency on , the taken-over value. The remuneration of the directors and general manager of the Assets Board wbb £2250 per annum, but the directors of the bank received no extra ■remuneration for their services in connection with the realisation of these as--1 sets..

The motion for the adoption of the report and balance-sheet was then passed. Mr. John Mill (Port Chalmers) said that the' balance-sheet showed a reserve of £2,135,000. This proved that the bank was in a position second to none in; the Dominion, and all through careful guidance during the last seventeen years. In the matter of remuneration of. the directors, he held that the time | was at hand now for them to receive a fair remuneration for their untiring services to the bank and the shareholders. The chairman explained that the question of remuneration was fixed by statute, and the only method would be by recommendation to the Government.

Reference was made by Mr. Weston to Mr. Beauchamp's recent visit to Canada, which would be of considerable benefit to the bank, and he suggested that the bank should contribute £250 towards the expenses. After discussion it was resolved that, if practicable to do so, Mr. Beauchamp's services to the bank be rewarded in a manner that (be board should decide, the amount not to exceed £SOO. Votes of sympathy with the directors and members of the staff who had lost relatives in the war closed the meeting