BANK OF NEW ZEALAND. HALF YEARLY MEETING. [BY TELEGRAPH—PRESS ASSOCIATION.] Auckland, Wednesday.

Waikato Times, Volume XXVII, Issue 2232, 28 October 1886, Page 2

BANK OF NEW ZEALAND. HALF YEARLY MEETING. [BY TELEGRAPH —PRESS ASSOCIATION.] Auckland, Wednesday.

The half yearly meeting of the Bank of Now Zealand took place at noon to-day. Dr. Campbell in the chair. Th« report showed the result of last year's operations to be net .profit of £70,491 ss^ 5d which, with the balance from the last half-year of £30,649 12a g.xve an available -total of £107,14 Q 17a* 5d which it wri^ ..proposed to .appropriate as follows :— To ]payindht of dividend of 10 per cont. per 1 annum, £50,000 ; bonus of 2s (id per share, £12,500 ; carried to bad debt account, £33,500 ; carried to profit and loss account, £11,140 17s sd. The figures . in^the balance-sheet show ac increase in the. ordinary deposits of ( £200,000, and a deoroas^' in' advanced of £500,000. < The amount of coin and money at short call in London' is £2,000,000. The President, in his address, said the Battle had suffered exceptionally heavy losses in Sydney and South Australia. He 'said : *' Bat for" the visible improvement' in our future prospects we further had it in contemplation to ask your authority to transfer £56,000 from the reserve fund, which, standing at £025,000, could well have borne such withdrawal, but, encouraged by the recent favourable turn in affairs, the break-up of tho drought in Australia, the ri*e in the price of wool and other produce, and generally the more favourable outlook, we have thought it better to test the result of another half year's operations, in the hope that there will ba a general recovery in prices and a better margin of profit on our operations. JFhe depression which culminated six jnonths ago, not only tended to limit safe^ajgld profitable business, but necessitated ajftrictly conservative policy. The effects of this are apparent in the figures of our balance-sheet, to which I will now ask your attention. He confidently antici- . pated an improvement of business in the colpoy, signs of which had already come through the rise in wool.