BANK OF NEW ZEALAND.

Waikato Times, Volume XV, Issue 1299, 26 October 1880, Page 2

BANK OF NEW ZEALAND.

Mr.J, 0. Firth: Tha that has been laid before you in the report and balance-sheet and. the comments made upon it by the President, leave me. very little to say. Indeed, as to the entire operations of the Bank during the past half-year they leave little to be said from whatever point of view they be regarded. They do not require any comment. They have been eminently satisfactory. Such being the case during a very difficult period, I see no reason to doubt that in the new period which is now opening, that its success will continue. I think the shareholders have every, reason to look forward to no less prosperity in tne succeeding half-years of the future than has been attained in the past. I have much pleasure in seconding the motion for the adoption of the report and balance-sheet. ' Carried unanimously.

ELECTION OF DIRECTORS, The President .said : The next business is the election ottwo directors— one in the roomof jMr.G. B. Owen, who retires by rotation; the other to fill thovaeancy caused by the resignation of Mr. Alfred Cox in the early part of the past year, to which vacancy the Hon. F. Whitaker had been temporarily nomimated by the Board, and now retires in terms of the deed of settlement, but is eligible for re - election . John I*. -Campbell, Esq., and the Hon. Mr. Whitaker being the only ., candidates, I declare them dtdy elected — the former to succeed Mr.G-. B Owen, and the latter to complete Mr. Cox's term. Carried' unaroiously. The Hon. "F. Whitaker said : I should like to avail myself of this opportunity to thank the shareholders for the position in which they have just placed me. Six months ago a vacancy occurinj?, the directors asked mo to take a seat at their Board. I felt flattered by their confidence, inasmuch as they ha 1 opportunities of judging of the value of my efforts on behalf of the Bank, having been from tho commencement very active in my efforts to promote the interests of this institution, and having beeu connected with it ever since. 1 can only gay that I duly appreciate the honour you have conferred upon me. I look upon this institution as one of the most valufthifsnd' important in the colony. 'It has been one of the moat successful during the period of ita career, it has conferred the greatest advantages on the sharehqlder«, and has assisted the colony very largely from its resources. I could not feel otherwise than honoured by your confidence, and I again thank you.

active m my efforts to promote the interests of this institution, and having beeu connected with it ever since. 1 caa oaly gay that I duly appreciate the honour you have conferred upon me. I look upon this institution as one of the most valuftbJyK&bd' important in the colony. 'It has been one of the moat successful during the period of ita career, it has conferred the greatest advantages on the sharehqlder«, and has assisted the colony very largely from its resources. I could not feel otherwise than honoured by your confidence, and I again thank you. ELECTION OP AUIMTOBS. On the motion of Mr. P. Coxisky, t seconded by Mr. T. Hill, Messrs. A. K. Taylor "and G. B. Owen were elected auditors. , ' THBDIBEarOXS Alfll OFFICERS, The Rev. Shirley Baker moved, " That the thanks of the shareholders be, given to the direiiorsand officers of the Bank for their efficient services during the past year." He was sure that, they were all ( much pleased at the report whioh had been .presented, and with what they had heard. He could only hope that' the Bank would be as successful in the- future as it had beeu in the past. Mr. Joseph Hcwabd ■" seconded the motion. He considered the. thanks of the shareholders had been well earned. The shareholders had every reason to be proud of the report and balauce-sheet submitted to them, and to support the policy which bad been foreshadowed by the Pxesident in his address. Carried unanimously. The President said, in acknowledging the compliment : I may state tha€ I feel very much gratified by the frequent repetitions we have had of this vote of confidence. There has been nothing with which I have beeu connected in the co ony in which I have taken a greater interest than in the rise and grogress of this institution. I might quote part of a quotation which we sometimes hear, and say, " 1 have rocked its cradle," but the second part of the quotation is not applicable, and I trust it will be a very long time before ijb.is " followed to its grave." The-*e recognitions of service afford us the inducement to do all in our power to promote the interests of this institution. For my own part, my endeavours will be continued to assist the Bauk to pay the beet dividends possible iinder thVcircumstances of the country. I thank you sincerely on the part of directors of the Bank. The General Manager said: I" have much pleasure in returning thanks on behalf of the staff for the vo e which the shareholders have just passed. As the Cha-innnn remarked, it is truly gratifying ■ that such votes are so uniformly passed at our half-yearly meetings, and I can assure, you the repetition of it now will be duly appreciated by the staff, who, I doubt not, will use every exertion to bring about the results foreshadowed in the Chairman's speech. I beg again to thank you for your vote. i ' The scroll minutes were read, and the proceedings terminated.

ELECTION OP AUIMTOBS. On the motion of Mr. P. Coxisky, seconded by Mr. T. Hill, Messrs. A. K. Taylor "and G. B. Owen were elected auditors.

Dr. Liabilities. £ s. d. i Capital ... ... ... 1,000,000 o o Reserve Fund ... ... 555,000 o o Notes in Circulation .. ... 482,417 o o Rills Payable in Circulation ... 1,428,501 o t Deposits and other Liabilities 8,001,750 15 3 Balance of Profit and Loss ... 98,337 6 9 £11,566,006 2 1

At the 30th Scptemper, 1880, including London Office at 31st July, 1880.

Cr. Assets. £. s. d. Coin and Cash Balances atßankers .. Money on Short Call in London Bullion on Hand and in Trausitu Government Securities Bill? Receivable and Securities in London ... Bills Discounted, and other Debtb due to the B:ink Landed Property, Bank Premises, &c. 1,481,219 q 5 1,442,000 o o 172,402 7 7 246,230 14 o 1,020,812 13 4 6,984,454 2 8 218,866 15 1 2 1

To Dividend on 100,000 shares, of £10 each, at ra.tc of jo per cent per annum ... ... 50,000 o c To Bonus at rate of 5s per bharc equal to 5 per cent per annum 25,000 o o To Balance carried to Profit and Loss New Account ... ... 23,337 6 9 £98,337 <3 9 Cr. £ s. d. By Balance from half-year ended 31st March, 1880 . ... 22,195 3 9 By Net profit for half- year ended 30th September, 1880 ... 76,1^2 3 o

BESERVE FUND.

Ur. £ s. d. To Balance ... . ... 555,000 o o •o « 1 r I,r , , £555>000 o o J3y Balance from half-year ended ji:>t March, 1880 ... ... 55=;,000 o o £555.000 o o

PEOFIT AXD LOSS ACCOUNT.