BANK OF NEW ZEALAND.

Temuka Leader, Issue 1806, 23 October 1888, Page 3

BANK OF NEW ZEALAND.

AxrcKiA.ro, October 22. Mr Board man baa given notice that at the half-yearly general mooting of shareholders of the Bank of New Zealand, te bi'held to-day, ho will propose Bome alteration in the deed of settlement with reference to the appointment of auditors. At present no one other than shareholders possessing 20 shares can be an auditor, and the object in view is to abolish; the qualification, so that shareholders may be enabled, as in other binks to elect gentlemen to fill the position of auditors, whether they he shareholders or not. Later. The half-yearly general mealing was held at noon to-day, Mr Buckley in the chair. There was a large attendance of shareholders. The report and balance-sheet showed a dividend of seven per cent, and £34,000 carried forward. The Chairman in moving its adoption said that the Bank had undergone a trying ordeal, but the result* were reassuring arid enoouraging. Reviewing, the figures, of the balance-sheet to find out how the Bank had fared under the experiencesof the past twelve months, he pointed out that the available cash resources were £2,750,000, being half a million more than last half-year. Deposits had decreased by three hundred,; which upon the total of nine millions was insignificant, and under the circumstances it was gratifying on the whole. The Bank had been doing rather less business, and keeping large cash resources. This paiicy had been imposed by a prudent regard to existing conditions. The profits amounted to £32,605. Out of this they proposed a dividend of 7 per cent,, adding £BOOO to the amount canned forward, which thus stands at £34,C00. This outcome of so ltrge an aggregate of business would tee discouraging if all the assets were available for earning, which they were not. They hoped, however, ere loDg to obtain that position, with results in tbe shape of profits of a much more satisfactory kind. He believed they would be,assisted in thin by better times and brisker trade. Settlement on public lands was now more active than it had been for some years, and the demand for property showed a distinct revival. From such improvement (he Bank would benefit in a double sense, more of its resources would be free for legitimate employment, and the employment would be more remunerative. Mr Reader Wood uddressed the meeting, contradicting tin statements pre-* viously made that the Bank had lost £160,000 through the late Mr James WilliamsoD. Mr Rose, agent for the deceased, said that the executors were prepared to meet in Court any attempt made by the Bank to recover that money. Mr Law, the late manager of the Adelaide branch of the Sink, also spoke, defending himself against aspersions on his character. Sir F. Whitaker seconded tbe adoption of tbe report and the balance-Bheet. He said there was no doubt the Bank had gone through a great ordeal, but he questioned if there were many other iosti- , tutioos of a similar character that would have faced the same ordeal and come out of it with the samp success. The adoption was carried unanimously, without discussion.