Bank of NeW Zealand Halfyearly Meeting.

Thames Star, Volume XV, Issue 4772, 25 April 1884, Page 2

Bank of NeW Zealand Halfyearly Meeting.

(Pee Pbesß Association.)

Auckland, This day. The half-yearly meeting of the proprietors of the Bank of New Zealand was held to-day. The balance sheet showed that the profits available for division amounted to £88,405, from which the usual dividend and bonus, at the rate of 15 per cent per annum, was declared, leaving £13,405 to be carried forward to new account. The deposits and other liabilities amounted to £9,853,799, show* ing an inrease of £1,233.921; advances to £9,557,542, beiog an increase of £1,172,606; coin and cash balances, money at short call, and Government securities aggregated £2,412,394, an increase of nearly £160,000 over the same items for the last half year. The Chairman, in moving the adoption of the report, said that notwithstanding an unfavorable condition of trade, they were able to declare the usual dividend. They could have increased the profits by raising the rates, but recognising that the prosperity of the banks depended upon the success of their customers, they bad refrained from doing so; besides, rates were heavy enough. So far as New Zealand business was concerned, the Bank was still contending with the results of •ver-importalion, but the break long ago put on was now telling. Prices in wool and wheat were exceptionally low, and farmers also had to contend against a bad season. As against these discouraging features, he noticed the rapid development of the frozen meat trade, and the establishment of numerous dairy factories which promised to be permanent benefits. The colony had had particularly adverse seasons for three years, and wool and wheat were so low that any change must be for the better. While capital continues to &ow to the colony, the population is increasing, and labour finds employment at good rates. The general outlook suggested caution, and the Bank was exercising it, though at the same time extending liberal support to every deserving industry.—The report was adopted.