HALF-YEARLY MEETING OF THE BANK OF NEW ZEALAND.

Wairarapa Daily Times, Volume 2, Issue 604, 26 October 1880, Page 2

HALF-YEARLY MEETING OF THE BANK OF NEW ZEALAND.

The Bank of New Realand half-yearly meeting was held at Auckland' on the 22nd October. The report states the net profits on 30th September, after full appropriation for all debts bad or doubtful, and usual reduction of bank premises and furniture, as L 76,152 The balance from the half-year ended 31st March, 1880, waß L 22,185, niaking a total available for division's 0f'L98,337. The following appropriations are recommended: —Dividend, 10 per cent per annum; L 50.000; bonus of 5s per share, equal to 5 per cent per annum, L 25,000; balance carried forward to profit and loss now account, L23;33'G; total, L 98,337. Jamos."Williamson, Esq., M.L.C., President of the Directors of the Bank,: in moving report arid balance-sheet, said —" The result of the last half-year's operations, as embodied in the report and balance-sheet, is not so good as I had hoped when last addressing you from this chair. When I called attention to the handsome balance carried forward, and expressed a hope that, at this period, we would be able to, make a substantial addition to the reserve fund, still it affords ample ground for congratulation, as we have been ablo to maintain our dividend out of the legitimate profits of the half-year, without trenching on the balance held over from the previous period. Shareholders will, no doubt, lmve been paying some attention to the reports of other colonial banks during the last six months, which all bear test£ mony to the general depression in business still prevailing throughout the colonies, and this, combined with the difficulty of finding a temporary outlet, for the large resources at our command, and the ' high rates which, till recently have ruled for deposits, sufficiently account for the limitation of our profits, You will, howover, understand that X do not consider 15 per cent on a capital of a million—an annual return to shareholders of one hundred and fifty thousand pounds—leaves room for any apology. We see no difficulty in continuing to pay.it, and as trade revives ana opportunity occurs to make more active and profitable use of the resources at our command, we will no doubt be able, in addition, to increase our already handspme reserve fund, which the surplus profits of past years have built up, and which'no'w so'materially adds to the dividend earning powers of the bank; Share- , holders resident in this provincial district, which has,been comparatively, free from the result of over speculation; cannot well realise the effect of the over inflation of the past two years in. other parts of the colony. With such a large proportion of the banking; business .of the colony, it oouldinot'be expected that we could avoid losses, nor do we wish in any way to blind the fact of our having had considerable losses; but it is a satisfaction to bo able to assuro you that we are able to provide for them out of proStß, and we have now 'more cheering prospects of reiving trade and increased success in all the staple industries of the colony. Our rescources in London are maintained at a'.very high point, that being the only market in which we oan command temporary employment for our. surplus funds; but I trust the growing requirements of business in this colony will ere long enable us to useotfr funds locally, and to better advantage,' than the existing low price of iponey in lohdon has enabled us to do. A consider, able increase has been made to the item of bank premises during/the half-year, which is due, to our having paid for handsome buildings purchased in Sydney, and to partial payment of premises in course of erection in Duncdin. It may, however, be satisfactory to shareholders to - know that the revenue of the bank's properties would amply provide more than sufficient to pay the annual dividend, but the policy has been and will continue,to bo, to write down this item far below ita valuo. With these remarks I beg'to move the adoption of the report and ballance-sheet as read. J 0. Firth Esq., seconded the motion, which was carried unanimously., . ' Dr Campbell and the Hon F.Whitaker were re-elected directors, Messrs A. £ Taylor and G. B Owen were elected auditors.

The Rev Shirley Baker moved a vote of thanks to the directors and officer!, w hloh was acknowledged,