BANK OF NEW ZEALAND.

Waikato Times, Volume XXIX, Issue 2388, 29 October 1887, Page 2

BANK OF NEW ZEALAND.

Half-yearly Meeting. The ordinary half-yearly meeting of the shareholders of the Bank of New Zealand was held in the banking-house, Qncenstreet, Auckland, yesterday, at noon; Dr. J. Logan Campbell, President, in the chair. There were about 35 shareholders present. Mr D. L. Murdoch, General Manager, read the advertisement calling the meeting, and the minutes of the last half-yearly general meeting. He then mad the following report, the balance-sheet, in accordance with usual custom, being taken as read : Fifty-second report of the directors of the Bank of New Zealand, to the half-yearly general meeting of the shareholders held of the banking-house, Auckland, on Thursday, the 27th October, 1887. In submitting the following report of the operations of the half-year, the directors regret that the result does not admit of the declaration of a dividend. The net profit for the halfyear ended 30th September, after appropriation forbad debts, amounts to ... t‘2C,SIII(J 11 To which was to be added—balance from half year ended 31st March, 1887 ... 11,bill 11 3 Giving an available total of £4l, lOti 8 2 which it is proposed to appropriate as follows £ s. d. To bad and doubtful debt contingency account ... 35,000 0 0 To balance carried to profit and loss new acensnt ... 0,10(1 3 2 £41,100 8 2 For the Board of Directors. J. Louan Campbell, President. Aggregate balance-sheet of the Bank of New Zealand at 30th September, 1887, including London Office at 31st July, 1887. Dr. Liabilities. £ s. d. Capital paid up 1,000,000 0 0 Reserve Fund 500,000 0 0 Notes in circulation ... 514,740 0 0 Bills payable in circulation ... 1,230,705 0 2 Deposits and other liabilities ... _ 11,970,043 18 5 Balance of profit and loss 41,100 S 2 £15,203,255 12 9 Cr. Assets. £ s. d. Coin and cash balances at bankers ... ! 2,529,879 19 4 Money on short call in London .... 783,400 0 0 Bullion on hand and in transit 113,282 12 0 Government securities ... 21,045 2 0 Bills receivable and securities in London ... 902,552 8 1 Bills discounted, and other debts due to the Bank 40,502,322 17 1 Landed property, Bank premises, &c 347,172 13 3 £15.203,255 12 9 Puot-'iT and Loss Account. Dr. £ s. d. To bad and doubtful debt contingency account... 35,000 0 0 To balance carried to profit and loss new account 0,100 8 2 £41,100 8 2 Cr. £ s. d. By balance from half-year ended 31st March, 1887... 14,594 XX 3 By net profit for half-year ended 30th September, 1887 20,511 10 11 £41,100 8 2 Reserve Fund. Dr. £ s. d To Ballance 500,000 0 0 Cr. £ s. d. By Ballance from last halfyear, less amount then written oil 500,000 0 0 We, Samuel Browning and George P. Pierce, hereby certify that we counted the cash and examined the bills and other securities held at the Head Office, as at close of business on 30tb September last; and we, George P. Pierce and Joseph Liston Wilson—Mr Browning being incapacitated by illness, —hereby certify that wo examined the accounts of the Bank of New Zealand for the half-year ended 30th September, 1887, and compared the returns with the statements in the foregoing balance-sheet, and have found the same to be correct. (Signed) S. Brownino, 1 G. P. Pierce, > Auditors. _ J. L. Wilson, j The President, in moving the adoption of the report, expressed his regret for the inability of the directors to declare a dividend. He said there had been a persistent fall in values of nearly all colonial products, and a state of commercial and industrial depression, which were the outcome of a period of inflation. There are indications of a lower range of values becoming permanent, which is a condition they have to provide against. The directors had been compelled to come to the conclusion that it would be unwise, in the general interest of the shareholders, to adopt for the second time a course tantamount to paying a dividend out of the reserve fund. The President also said that the bank advances show as great an increase as they wished to see under the circumstances, the coin and money at short call in London being the large sum of £3,300,000. The directors would endeavour to profit by the wholesome lessons of adversity. The Hon. Jas. Williamson seconded the motion, and said that though he felt aggrieved with such an unfavourable statement, he agreed with the course the directors had adopted. Tho report was adopted, and the usual compliments wore paid to the directors and bank officers. The President said : In returning thanks on behalf of the directorate, I can but express my gratification at the remarks which have fallen from shareholders in accepting the position which has been laid before, them in tho report and balance sheet. I feel that we have done what is onr duty, and it is exceedingly gratifying to know that onr efforts have been appreciated. Mr Murdoch acknowledged the vote on behalf of tho staff. He said ; During tho last twenty-three years it has been my privilege on occasions of this kind, but under happier circumstances, to have the pleasure, of returning thanks to yon on behalf of the staff. Jt is especially gratifying on this occasion to obtain the expression of your confidence and support, seeing that we have been forced to put before yon the adverse report you have just heard read. I am sure that no exertions will be spared on the part of the directors, and I am equally sure on the part of tho staff, to redeem the past. It is futile to prophesy ; but f think it would bo most unreasonable to suppose that there are not brighter days in store for ns, I hope that by the time another half-

year cmne-: round wi; >hall beab!*‘b» 1 »y before V"ii a ni'-r-t > iti-Ucrm y r»*[> it, and that a divid-nd will rh* *: i b» •!»*.:! »r-'J.