BANK OF NEW ZEALAND.

Wairarapa Age, Volume XXXII, Issue 10265, 17 June 1911, Page 6

BANK OF NEW ZEALAND.

ANNUAL MEETING,

By Telegraph—Press Association. WELLINGTON, Last Night. The annual meeting of the B.nk of New Zealand took place to-day.

' The chairman (Mr Harold Beauchamp) said the reserve now stood at | £1,000,000, half of which was invested in British Government securities. The deposits have increased bq £3,199,006. and bills payable and other j liabilities by £292,503. Coin, bui!u:n, and money, on short calls, etc., uhowed an increase of £2,818,595, now standing at £6,710,239, coin and cash balances being £324,829. The total j under this head constituted 67| per cent, of the Bank's liabilities. Investments in the colonies totalled £1,338,010. showing an increase of £193,265 [ as the result of renewed activity generally. Advances and bills discounted had 'increased by £989,544, which j showed that the Bank was getting a fair share of business offering. The Assets Realisation Board assets showed a steadv and satisfactory reduction. The profits for the year, after paying guaranteed stock and interest, and allowing for necessary appropriations, amounted to £295,270. Mr Beauchamp advocated a policy of economy and caution for the ensuing year. "The trade returns," he said, "are not as encouraging as one could wish. Although they are not actually disconcerting, they point to the possibility of some little stringency in the near' future. Exports in 1911 increased by £29,818, and imports bv £2,611.245. In four years, to March, 1911, the imports were valued at £65.939,067, and the interest due on the Public Debt in the same period kas approximately £14.000.000. New Zealand had, therefore, to find a sum of £79,939,067, but the exports for the same period only totalled £77,596,252, showing a deficiency of £2.342,815. The main cau?e of the deficiency is the smaller amount received for wool clips, and the sniallei quantity being shipped. Dairy produce shows a shortage for the first four months of this year, the decrease on butter amounting to £79,826, and on cheese to £65,709. The unfavourable weather is accountable for this. The exports of frozen meat have increased this season. There is no doubt that there is an abundance of money available in New Zealand. The scope for its employment, however, is restricted. The immediate outlook, i speaking generally, is by no means unsatisfactory. Trade and commerce the world over appear good, and money everywhere is reasonably cheap. Excepting the years 1908 and 1909, the I profits this year are greater than in any previous years. To mark the jubilee year, a bonus of ten per cent, has been paid to the staff.-" During the discussion, Mr T. S. Weston moved that the directors be voted a bonus of £3OOO in recognition of their services, and on account of the inadequacy of their remuneration considering the growth of business and the responsibilities attaching to them. The chairman said that he could not accept the motion without notice, and he added, moreover, that the remuneration of the directors was fixed by law. Subsequently, the chairman was Voted a bonus of £SOO in recognition of his services, and in view of his visiting Europe.

The chairman said he saw no reason. under normal conditions, why dividends of 15 per cent, should not be continued.'

The usual votes of thanks were passed. , "