BANK OF NEW ZEALAND.

Wairarapa Daily Times, Volume VIII, Issue 3438, 29 October 1886, Page 2

BANK OF NEW ZEALAND.

United Press Association, Auckland, October 27,

The half-yearly mooting of the bank of .New Zealand took place at noon to-day, Dr Campbell being in the ohair, Tho roport showed tho reßult of last year's operations to be a net profit of L7u',49l 5a sd, which, with the balance- from last half year of L 30,649 12s, gave an available total of L 107.140 17s sd, which it was proposed to appropriate as follows;—To payment of a dividendof 10 per oont per annum, £50,000; bonus, 2a 6d por share, £12,500; carriod to bad account £33,500; carried to profit, and loss account, £11,14017s Gd. ; ' The figures in the balance-sheet show an increase in the ordinary deposits d £200,000, and a'deoroase in the advances of ; £500,000. The amount of coin and money at short call in London is £2,000,000. • ' '

Dr. Campbell, president of the Bank of New Zealand, in moving the adoption of tho report and bulanco-Bhoet, said that it would not be a matter of surprise to any who gavo head to the times that the margin of profits had narrowed lately,

and tliHt the ; -]riMi;s were exceptionally - heayy. Apartfrom, adverse condition's/ generally, 'uiuni lirf boon exceptional.' losses in Australia, first through thVmisconduct of the late Sydney Alaiißger, nnd secondly in Adelaide,- piiiily through •failure fo exorcise due care on the ;jmrt of the late, manager, whose resignation had been, accepted, and partly through the unparalled diaiistera.whichhnd ovortakon the agricultural and pastoral interests of Smith Aiwralia. But for tho visible improvinnont in the future pros'pects, it hud been in contemplation to auk the shareholders autlwitv to transitu' £50,000 from -the iwrve fundi' which, »tandtn« at £025,000 ootild well have borne stiuh a withdraw!.!, but encouraged by the recant turn of affairs it had been determined to test the result of nunther six months' operation. Oifliimry deposits showiyl a. substantial incronEß of £200,000 in tho Ivilf yp.tr. The total deposiferdid not »hii\v an increase, owing ko the dimunita of iii the Government; reliances'. On Mia Wiml<> \*hnb might lie called eaßiing adrarjCijs we lons by half-a-mijlimi. Tim tv*J IwknwMnd,moneyat■'short mil in loudou'Wi'Ve twi> millions, which av.m« at lyast (•ricli'iiceof. financial strength', bh-msjh it iras evidence. of leas active business. ' Sir F ' Whittakor seconded the adoption of tho report, which was. carried. 'The'Hon. James Wiliiamsonwas re-elected Director. Votes of .thinks wore accorded to tho. Directors and officers. > .