BANK OF NEW ZEALAND.

Temuka Leader, Issue 1961, 26 October 1889, Page 1

BANK OF NEW ZEALAND.

The annual meeting of the Bank of New Zealand was hold at Auckland on Thursday. 'Captain ‘Colbeck presided, and there was a large attendance. ’ The amendments to the deed, which had been proposed at the previous meeting, were unanimously confirmed. The following report was read The result of the '/half-year's operations is -as follows: The net profit for the half-year ended 30th September, ,1889, after appropriation for bad and doubtful debts,; with an exception explained in the president’s speech, is £40,961 4s 9d, to which has been added the balance from the’half-year ended 39th March,' 1889, £55,38612s Id, making a total available of £96,347 T7s ! 4d, which it is proposed to appropriate as follows: Dividend at 7 per cent, per annum, £39,375 ; balance carried forward, £66',972 17s ’ 4d. The dividend will be payable to-morrow- The balance-sheet shows a coin iand cash balance of £2,058,09,0. Advances have increased by £56Q,000 on securities of a sound , and liquid character,”

In moving, the report Captain Colbeck referred to Mr Buckley’s resignation as a director, which had pliced The directors ; in a serious difficulty, arid in consequence the directors had 1 decided to recommend that the head office of the' bank should be ; moved to! London;' ; A i meeting would be cal ed .shortly to consider the proposal. There was a reduction in the ordinary deposits of £52,000,, but this waa trivial on The total of £8,009,000, At', was ex"pebted 1 that the balance of the remaining 'assets w'ould Realise well in thb improving market. '" ’ - ,

Mr Buckley tbok exceptioh to the statement of the half-year’s 1 accounts. The capital of The; bank should be‘reduced 1 by losses of £390,000 from interim account,; Proof of,w;hat he.said could be found in the bank’s safe. The certificates of accounts made ’out' previously 1 , to" the corn-' mittee of inquiry were‘quite unreliable, and 'dh'oWed the lossei to be : much loss than 'They actually were. " The Waikato properties were absurdly oVer-valhed, and the estimates of losses*on other accounts were absurdly .wrong. .He characterised some of the. accounts as disgraceful, mantioning a number which showed that £354.000 at least, was To be accounted capital lost; He 1 said that had' the real state of the bank’s affairs been mdre fully disclosed to the shareholders’ committee, they would have* had to report in consequence of half the -bank’s capital being then lost. It, would have had.to be wound up. He prQposed~“That consideration of the report and balance-sheet be postponed, to allow the directors to make further provision for bad and doubtful debts, the present provision being inadequate.” Mr Reader Wood seconded the amendment.

Major George, Mr Upton, Mr Boardman, and Mr Murray spoke controverting Mr Buckley’s statements, after which the report and balance-sheet were adopted. Messrs J. Murray and F. Peacock were elected directors, and Messrs Boardman and Scott auditors.