BANK OF NEW ZEALAND.

Waikato Times, Volume XXXIII, Issue 2698, 26 October 1889, Page 2

BANK OF NEW ZEALAND.

The usual half-yearly meeting of the bank was held in Auckland, on Thursday, and was largely attended. Captain Col beck presided. The report and balance sheet showed that the net profits for the halfyear, ended 30th September, was £40,901 is 9d, tn which was added balance £50,38G 12s 7d, from last period, making a total of £96,347 17s 4d. It was proposed to pay a dividend of 7 per cent, equal to £39,375, and carry forward £5(i,972 17s 4d. The liabilities and assets amounted to £11,977,937 11s 10d.

The president after elucidating the report summarised by saying that as regards ordinary deposits, there is no material alteration, while ordinary advances show a considerable increase. During the twelve months in whbh the new Board have been in office, the losses arising out of ordinary current business have been quite trivial, and there was no reasonable ground for anticipating material los-s by the accounts now on the bank's books, which were not embraced in the scope of the report of the Shareholders' Committee. The net profits amount to £>]0,%0, inclusive of revenues from certain globo assets. Ho also referred to the necessity that had arisen for transferring the head office of the bank from Auckland to London, where its alfaire would ba managed by au entirely now set of directors. A large amount of bad business had been cleared from the books, and the best of the properties, remain to be realised on a market obviously improving. Mr Buckley took exception to thebalancesheet, and moved for a postponement of its adoption. Ho estimated there were losses and deficiencies exceeding fiSOO.OOO 1 not provided for, and over and above the £800,000, previously written for. He referred to information which had been received after the Shareholders' Committeo had made their report, and that the certified reports from the branches had turned out unreliable and misleading. He went into details, naming a number of individual accounts, which would prove great losses to the bank. Major George strongly denounced Mr Buckley's statements and said they were false. Messrs Buckley and McLsiui, who had drawn up the former report, when they found the affairs of the bank not in the state they anticipated, had sold out their shares until they ceased to hold the qualification for office, instead of calling the shareholders together. He characterised Mr Buckley's conduct as most dUhouurable. An acrimonious discussion followed, several speakers referring to Mr Buckley in plain and unmeasured terms. Mr Buckley in reply declared they had repeatedly drawn the director's attention to continuous heavy losses, and that he had warned Mr Murray that the life-blood of the bank wa.s slowly dribbling away. Tho shareholders had been misled and he blamed the lioad officers. He had sold his shares when he ceased to be a director. The President said much of what Mr Buckljy had stated was bunkum. The globo accounts would come out perfectly fair if nursed for a reasonable time. The report was adopted and Messrs Mur-