Report of the Bank of New Zealand.

Thames Star, Volume XIV, Issue 4620, 25 October 1883, Page 2

Report of the Bank of New Zealand.

[Peb Pbess Association.]

Auckland, This day

At the Bank of "Hew Zealand halfyearly meeting to-day, the net profits for the half-year are reported as £84,500, being rather less than those of the last half year, The usual dividend of 15 per cent, was declared, £25,000 placed to the reserve fund, and £8900 carried forward. The coin and money at short call in London is £1,900,003, and the deposits and advances are both somewhat increased as compared with the previous half* year. The Chairman, ia moving the adoption of the report, said that the slight decrease in circulation, and reduced amount of bills recoverable and payable, are due to the general inactivity of business throughout the Colony, and less active exchange operations pertaining to the season of the year which the balance sheet comprises; the deposits exhibit a substantial increase, and advances are also slightly greater than those of the last half year; he anticipated a tight money market for the next six months, but the tendency is now in the right directien. Imports are lessening, and so affording relief to heavy stocks now in the colonial warehouses ; the season promises favorably for both agricultural and pastoral pursuits, and there appears to be a reasonable probability of a fair market for colonial products. The influence of the recent . large shipments from the South is being now felt in the stock markets, and enhanced prices are being obtained by producers, while the numerous cheese and butter factories being established throughout the country afford graziers a fair prospect of profit for their labors. He defended the banks against the charge of exercising a sevsre pressure, in consequence of the inability to afford ordinary facilities for customers. The sworn returns of banks shbwstl that, despite any efforts to the contrary, advances had continued to increase, the advances of June quarter of .1882 were two millions and a half greater than in the like quarter of the previous year; and the same quarter of the current year shewed a further' increase of seven hundred thousand pounds. It was impossible that an increase at such a ratio could be continued, but the policy of the Bank of New Zealand would be to afford reasonable support to every deserving customer, and where such support has been denied, it may be taken for granted that the request has not been within the limits of legitimate business. The report was adopted; and the Hon. F. Whitaker elected a director.