THE BANK OF NEW ZEALAND.

Wairarapa Daily Times, Volume 5, Issue 1359, 21 April 1883, Page 2

THE BANK OF NEW ZEALAND.

Auckland, April 20. . The half-yearly meeting of the Bank of, New Zealand was held to-day. The Directors' report showed that the net profit during the half-year ended 31st March, after appropriations for known bad and doubtful debts, and in reduction ot bank premises and furniture accounts, amounts to £89,525 15s Id, The balance from last half-year was £9925 9s lid, making fotal sum available for division £99,451 Bs, proposed to be appropriated as follows:—Payment of dividend at the rate of 10 per cent per annum, £50,000; bonus of 5s per share equal to B„ per cent per annum, £25,000; balance to profit and loss, new account, £24,451 Bs. The Chairman (the, Hon. J. Williamson), in moving the adoption of the report, predicted that money would .be easier shortly, though much could not be expected during the coming six months. He also predicted that the frozen meat trade would increase the value of inroad land, and lead to a settlement of waste lands, The report was adopted, , Later. In moving the adoption of the halfyearly report of the Bank of New Zealand, the Chairman, the Hon, James Williamson, said: —"The report and balance-sheet read will, I am sure, commend themselves to the shareholders. The figures in the balancesheet, while affqrding evidence of the extent of the Bank's. business, do not materially differ from those in the previous statement, The most noticeable feature being a satisfactory increase in deposits and other liabilities; The other items do not call for any special remarki When I last had the privilege of addressing you from this chair, I expressed an anticipation that the inflation of imports to the colonies would increase the demands on the local resources of the banks, The experience of the last six months throughout tho colonies fully justifies the forecast I then made. The demand for money to meet the increasing requirements of importers has been so great that a 6 per cent, rate for twelve months deposit has become general throughout the colonies, and in some cases where prosure has been more marked even higher rates have been given by some of the banking institutions. Such excessive rates for money would fully have warranted a corresponding • advance in lending rates, but recognising the burden which most imports, are now carrying, our policy has beon rather' to suffer a temporary diminution of profit than to insist on rates which would unduly press on commerce, Our Profit and Loss Acoount consequently 'does not show as favorably as it otherwise would, as we have been obliged to allow current rates for deposits with no compensating alteration in our lending rates. While offering this explanation, you must not understand that I am in any way apologising lor a report whioh gives you a dividend of 15 per cent, and cames forward the handsome sum of £24,451 Bs—a result which, 1 feel assured, will be generally regarded as most satisfactory, It mayreasonably be expected that as a brake has long since been put upon importations to the colony, an easier condition of the money market will ere long result, but I cannot hope for much progress being made in this direction during the current six months, Importers have not been singular in having their calculations upset."