BANK OF NEW ZEALAND. Half-yearly Meeting. [BY TELEGRAPH—OWN CORRESPONDENT.]

Waikato Times, Volume XX, Issue 1684, 21 April 1883, Page 2

BA NK OF NEW ZEALAND. Half-yearly Meeting. [BY TELEGRAPH—OWN CORRESPONDENT.]

Auckland, Last Night. Tin; half yearly meeting of the B.uik of New Zealand was held to ; ilay, when the usual dividend was declined. t The Chan man, ;n mo.viqg, tjhe adoption of the lep'ort ami' balance sheet} Saul :—: — Gentlemen, — The report and balance--sheet jitsfc read \vi\\, I aui sure, coin.mend 'themselves to the shareholders. << The figures in the, balance-sheet, while affording evidence of the extent of the bank's business, do not materially differ from those, in .previous statements, the most noticeable feature being the satisfactoiy increase .pn deposits and other liabilities! The other items do not call for special remark.," , 'When I last'had the piivilege of addiessing you iiom this chair, I expiessed anticipation that the inflation of imports to the colonies would .increase the demands <on ,t|ie .local resources of the banks. The expeiience of the last &ix months throughout the colonies fully justifies the forecast I then made. The demand for money to meat tlie necessary iequirenicnts * ot . importers hn&'b'eeivso gieWfc that tlie' present rate fortwehe months deposits hao become gemnal tlnonghout i\\o colony, and ni some cases where piessuie has been more inaiked, even higher rates lia\e lieeu given by some of the banking institutions, such 'excessive rates for money would fully have wairanteda coru's.pondnig advance in lending rates, hut recognising tlie bm den a\ Inch most impoitcis aie now eatrying our policy has been lather to suffer a tomiioiai'y diminution of profit than to insibt on Kites which would unduly press on commerce. Oiu profit and loss account' consequently does not show as favourably, as ,it otherwise ' would, as we* have been obliged ito allow current rat^Sifor deposits with no .con^ousating alteration ,ini our lending lates. ( WJiile oflcryig this explanation, yohniust not! under,staiiU{ that I am in anyway apologising tor a report Vhi'ch ' gives' yon a 1 dividend of 13 per cent, and carries forward the handsome sum of£ 24, 451, a result which 'l feel "assured will be generally regarded as most satibfactory. It may reasonably be expected that as the 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 tor in.ucli, progress , being, made in this diiection dining the current six months. Impoiteis ha\e not been singular in having then 1 .calculations -upset. ■•£ regret very much tha;t^tli ye v c' f 'acr t jeiUtviralpi\^oVestb have sufleroix 'ill 'some' decree frcjfij^the ..heavy rains damaging' portions of Vu'cat ; ''.other wise j tßelS' wou. ld, ; have, • \vse\\ an haryJesW, j /But jhot'with'star((Tihgl»«lHS misfortune, t believe that in the great majority of cases the farming, operations of -the past season will show a piofit. Our genial climate and the fruitful character of our soil are attracting increasing attention, and evidence^^ipfc wanting of a grqwjng. desire on 'the part of agi4cultrf{mts'in»tlie.a'dioining colonies to cast in their lots with us. A f part fi-orn o'thi's 1 < eWcburag ! iug feature, the rapid development of the export of tfi v bzeifjij)eati3,.nn'd % df daU-^^Aetories opens up a prospect fpr agi;iaulture which I have every coniide'ncVwill largely influence the value of all improved lands and the rapid settlement of 'the" "waste lands of the xiqlony, „,;.,,. „ ' ,Mr. ( jTfion^as Jiussell , .seconded the motion.' He congrattulated the proprietors upon the striking> and sustained progress ' of both bank and colony since his last [\^itj a)id )expi?dssed' t his^,f,^ll! jConfjdencd that both would continue to advance iat an unslackeng.dL pace. He pointed qut 1 the desirability of their lending a helping >hstfd;3p fdtaai-^h.^ii<t^§la^ '"Agrieul-J ture in the direction of the export 'of frozen meat, an'd the development loi dairy \ - tayijjs.j »ilt mightj . seem , $q ) spme that 'town people had 'very 1 'little to do. with agricultural concerns, but it was a splf-eyident facj;, ( that town 3 were de,- . pendent upon the country, and if , it, languished they certainly oould. ijot prosper, i/Hei /He '\ldi ple'asld to, hjdtd I th| great, strides by which the country was going ahead, an'd 'lie 'trusted that the people 'in. town T would pcognise., tb.,e ri imDqttauc y a ,' of furthering I ,' W far as'ihey coUld^'the 1 agriCttliuVaP ta&Sbll H I V) \ U . VZ The motion was carried, ; '"I'M -f-* f " > rr ' T <i '- '"-l