BANK OF NEW ZEALAND.

Waikato Times, Volume XVIII, Issue 1530, 25 April 1882, Page 2

BANK OF NEW ZEALAND.

The half-yearly general meeting of shareholders was held at the Bankinghouse, Queen-street, Thursday, at noon —the Hon. James Williamson in the chair. The General Manager (Mr T). L. Murdoch) read the advertisement calling the meeting, also the minutes of the last half-yearly general meeting, and the report and Balance-sheet as follows :—: — Forty-first Report of the Directors of the Bank ' of New Zealand, to the Half-Yearly General Meeting of the Proprietors, held at the Bank-inß-house, Auckland, on Thursday, 20th April, 1882. , . . The Directors have much satisfaction in again meeting- Shareholders with a favourable report, as exhibited in the following statement of the result of the past half-year's operations. The Net Profit for the Half-year ended 31st March, after full appropriation for all known bad or doubtful debts, and in reduction of Bank Premises and Furniture, Accounts, amounts to L 82,258 13 0 To which has to be added— Balance from Half-year ended 30th September, 1881 23,744 18 7 Giving a total, available for division of L10G,003 12 2 The following appropriation of which is now re- , p commended — To Payment of Dividend at the rate of 10 per cent, per annum L 50.000 0 0 To Bonus of 5s per share, equal to 5 per cent. per annum 25,000 0 0 To Addition to Reserve Fund 20,000 0 0 To Balance carried to Profit ,mJ Loss New Acconnt ... 11,003 12 2 L10C.003 12 2 The Dividend and Bonus will be payable at the Head Office, Auckland, to-morow (Friday), 21st instant, and at Branches on receipt of advice. For the Board of Directors. J\mks Williamson, Chairman.

AVc hereby certify that we have examined the Accounts of the Bank of New Zealand for the Half-year ended 31st March, 1882, and that we have counted the Cash Balances and examined the Bills and other Securities held at the Head Office, and compared the returns of the Branches with the statements in the foi egoing Balancesheer, and have found the same to be correct. (Signed) GEO. P. PIERCE, ) AaA{tnn BENJ. TONICS, } Au(lltor<iThe Chairman, in moving the adoption of the report, said :—Gentlemen,—Yon have heard read the report and balancesheet of which it will be my pleasing duty presently to move the adoption. The figures themselves c ill for little lemark ; they exhibit gratifying progress in every department of tho Bank's business, and notwithstanding the exception' ally low price of money during the p.ibt six months, the volume of the business of the Bank has been so great as more than to compensate tor any shoitcoming in this respect. The policy of the IJ.mk has ever been to endeavour to meet every legitimate requirement of it-> constituents, and not to enter on a speculative race for business, either by undertaking what may be termed riskly transactions or offering special inducement in the matter of rates. We rather endeavour to cultivate confidence in an unvaiying support to all honest enterpiise, and study so to conserve our resources as to enable us to continue that support in tunes of scarcity as well as in timed of abundance of money. The result of this policy, as exhibited in the statements put before you to-day, affords satisfactory proof that it appreciated by the public, and, although is our profits arc not staitling, they give evidence of careful management, which, sifter all, is the best test of the success of any institution. We have for some time deemed it prudent to cany for*aid a I laige balance to the profit and loss account of each succeeding half-year, but the amount at our comm.md at this period and the general outlook of business throughout the colonies, in the opinion of the board, warn-nit our proposing to making the handsome addition of £20,000 to the reserve fund, which will then stand at £573,000, and we are still enabled to carry forward to next halfyear £11,002 12s 2d. I have much pleasure in congratulating shareholders on the steady progress of the colony, of which there can be no better criterion than the reported healthy condition of the public revenue. The icccnt abnormal state of the London money market, showing rates higher than were current in the colonies has, for a time, checked the flow of money for investment, but with returning cheap rates and the growing appreciation of the safety of colonial investments, we may resonably look for capital finding its way here as fast as we are likely to require it. Notwithstanding the almost total cessation of assisted immigration, } which we may hope will soon be resumed, there has been a steady iupour of population of a class calculated to assist the rapid development of our acknowledged great resources. Tho general result of our pastoral and agricultui.il operations has been very satisfactory, and from an Auckland point of view, the increased r attention being given to wheat-growing, '■'and the very successful result of the ''season's cropping, appear to justify the expectation of this branch of business '"being largely extended in the future. The whole outlook, lam pleased to say, is of a most cheering character, and I have the satisfaction of submitting results at ' least as favourable as those now put be;<forc you.' AVitli these remarks, 1 beg to -ijiiove the adoption of tho report and {(balance-sheet as read. The motion was seconded by Mr U. B. Oweni'aud. carried nuanjuiously.

Dr. .LiAiiiMUib. i, s u. Capital paid-up 1,000,000 0 0 Reserve Fund .Vm.OoO 0 0 Notes in Circulation .. . 500,507 0 0 mils Payable in Circulation ... '2,118,074 7 0 Deposits and other Liabilities, 7,01.">,440 11 10 Balance of Profit and Lo;,b .. 100,003 12 2 Ll-2,19.-),!)!)! 11 0

" Cr. AsbKis. £ s. d. Z<i\n and Cash Balances at Banker*. ." 1,'2J5,1-2l (i b Money on Short Call in . London . . . tT>O,OOO 0 0 Bullion on hand and in . transitu . . ... . 10(i,:W2 11 0 Government Securities . . 21)2,172 0 I Hills. Receivable and Securities. in London 1,795,!)!)!) 10 10 Bills Discounted, and other .. Debts due to the Bank .. .. 7,81'),000 U 5 Landed Property, Bank Premises, Sec 2JO.UO'), i ."> £12.1<).-»,0!)2 11 0

Dr. jL s il. To Dividend on 100,000 share* of LlO each, at rate of 10 pet tent, per annum . 50,000, 0 0 To Bonus at rate ol 5s pur share equal to f> per cent, pci annum ... . ."iO.OOO 0 0 To Proposed Adnition to Recurve Fund .... . 20,000 0 0 To Balance carried to pi ofit and Loss new account £1103 12 2 £100.003 12 2 Cr. £ s d

Uy Halancc from Half-} car ended SI September, ISSI 2*,7»1 18 7 Isy Net Profit for H.ilf-ye.ir ended 31st March, 1882 82,258 13 7 £100,003 12 2

Dr. £ s d. L'o ii ilancc (including Proposed Addition) r.75,000 0 C Cr. £57:>,000 0 C \iy Kalancc from rLilf-j car ended £ s. d, 30th September, 1881, and as at 31st March, ISB2 555,000 0 0 3y Proposed Addition 20,000 0 0 ,£573,000 0 C

Aggregate H.ilance-shuet of the Hank of New Zealand .it 31st March, 1832, iacluding London Office at 31st January, 1832.

I'KOlll AMI JOSS ACCOUNI.

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