Waikato Times Office, Wednesday. BANK OF NEW ZEALAND.

Waikato Times, Volume XXIII, Issue 1922, 30 October 1884, Page 2

Waikato Times Office, Wednesday. BANK OF NEW ZEALAND.

At v the half-yearly meeting of the shareboldera'of the Bank on Tuesday the chairman (Dr. Campbell) in moving the adoption of the balance-sheet, spoke as follows:— Gentlemen,—You are all more or less intimately acquainted with the condition of business throughout New Zealand, and the influences which, for the past three years, have prejudicially affected it. ■ These have bo often been remarked on from this chair that I need not weary y>u with any repetition ; but it affords me much gratification to be able to notice symptoms of returning prosperity. Very considerable relief has been effected by tho reduction of merchants' stocks throughout the colony, and tho move rapid and reliable communication established with England by direct steamers will tend much, not only to prevent any future glut, but generally to economise capital. Appreciable recovery has taken place both in the demand for and price of wool, and the future prospects of the market appear favourable. Frozen mutton, which up to a very recent period left it open to doubt whether the export might not have to be discontinued, at events for a time, hat lately 'attained a position in the London market which seems to ensure * fair return to growers, and moBt j encouraging accounts have been received of the probable future markets for New Zealand tinned meats and dairy produce. Tho prospects for wheat growers are not of so assured a character. The high average of the harvests in America and England, and the rapidly-increasing supplies being obtainod from India, leave little hope of remunerative prices for the coming .season, but it is understood that a considerably diminished area is under this crop, farmers hating given more attention to grazing and the growth of other cereals, for which there is a better market. New Zealand being the chief field of operation for this Bank, and our share of its business being so large, we have naturally felt the influence of the past depression, and until a more marked recovery takes place we have thought it better to make provision for possible losses on a more than average scale rather than make further additions to reserve. I trust, however, that such caution will not long bo necessary, and that portion at least of what is now provided for possible contingencies may yet be returned to profit. Notwithstanding the influence to which I have alluded, and the general fall in the value of money, we are enabled to meet you with the very satisfactory repoit and balance-sheet which have just been read, and after paying our usual dividend and bonus, to open' the new half-year with tho respectable balance of £21,093 17s 7d, a result which, under the circumstances, will, I am sine, commend itself to shaieholders. As compared with last balance sheet, theie is little room for cou.inent on the figures put before you to-day. It will be seen that in point of resources our position is a stioiigone, and we are ready at any time to take advantage of any opening which offers for more active business The coin and equivalents show an increase of o\er £150,000, while our advances of all kinds exhibit a flight decrease. The circulation, in sympathy with inactive business, shows slight contraction ; bills payable, which indicate the volume of this,jßank's exchange transactions are, as is usual at this time of the year, at then lowest point, while the deposits and other liabilities are higher by more than half-a-million. The available balance of profit and loss is bettei by £8000 than in last report, and partly to the larger balance earned forward from last half-year. With an expression of confidence that befoie we again meet a very marked improvement in peueial business will have been experienced in the colony, I beg to move the adoption of the report and balance-.sheet.