BANK OF NEW ZEALAND HALFYEARLY MEETING.

Auckland Star, Volume I, Issue 249, 26 October 1870, Page 2

BANK OF NEW ZEALAND HALFYEARLY MEETING.

THIS DAY.

The half-yearly general meeting of the proprietors of the.Bank oOew Zealand was field this day, at the Banking House, the President (Thomas Russell, Esq.,) occupying the chair. The following report was submitted to the meeting : — Eighteenth KepOrt of the Directors of the Bank of New Zealand, to the Half-yearly Meeting of the Proprietors, held at the Banking House, Auckland, on "Wednesday, the 2(ith day of October, 1870. The Directors have the satisfaction of placing before Shareholders the result of another Half-year's operations. The Net Profit at 30th September, after makng liberal provision for all debts known to be bad or doubtful, and also the itsual appropriations in reduction of Bank Premises and Furniture Accounts, amounts to ..£37,232 S To which has to be added— Balance of undivided Profit at' 31stMarch last £8,013 8 11 Leaving available for division .. .. £45,245 11 7 Of which the following appropriation is now recommended :— To payment of dividend at the rate of 10 per cent, per annum .. £25,000 0 0 To bonus of ss. per share, equal to 5 per cent, per annum 12,500 0 0 To Balance earned to Profit and Loss New Account 7,745 11 7 . .£45,245 11 7 The Dividend and Bonus will be payable at Head Office to-morrow, 27th October, and at Branches on receipt of advice. Since the last half-yearly meeting, a general meeting of the proprietors authorised the extension of the Bank's capital, and 10,000 of the new shares were on the Ist inst. allotted to the share! lolders. The Directors have much pleasure in stating that, as far as their advices at present reach,- the whole of the allotted shares have been readily taken up at the reserved price. For the Board of Directors. Thojias Bussell, President.

Aggregate Balance Sheet of the Bank of New Zealand, at 30th September, IS7O, including London Office Balances at 30th June, 1870. Dr. £ s. d. Bank Stock 500,000 0 0 Reserve Fund 150,000 0 0 Notes in Circulation 283,974 0 0 Bills in Circulation 917,294 10 1 Deposits and other Liabilities .. ],635,453 3 0 Balance of Profit and Loss Account at 31st March, IS7O .. .. 5.013 811 Net Profit for Half-year .. .. 37,232 2 S £3,531,907 10 8 Cn. Coin, and Cash Balances .. .. 312,281 11 7 Bullion on hand and in transitu .. 302,707 0 9 Government Securities .. .. 180,700 0 0 Note 3 and Bills of other Banks .. 3,527 18 0 Landed Property .. .. .. "22,283 8 4 Bank Premises, Furniture, and Stationery 88,553 15 10 Insurance Account .. .. .. 3,754 0 8 Bills Receivable, Bills Discounted, and other Debts due to the Bank 2,558,160 15 G £3,531,907 10 8 THOFIT AND LOSS ACCOUNT. Dn. £ s. d. To Dividend at the rate of 10 per cent, per annum .. .. .. 25,000 0 0 To Bonus of ss. per share .. .. 12,500 0 0 To Balance carried to Profit and Loss New Account .. .. .. 7,745 11 7 £45,245 11 7 Ce. . By Balance of Profit at 31st March, 1870 8,013 8 11 By Net Profit for Half-year, after writing off bad debts .. .. 37,232 2 S £45,245 11 7 BESERVE FUND. Dr. £ s. d. To Balance 150,000 0 0 Cb. By Balance from last statement .. 150,000 0 0 Audited .. •■lJames Farmer. The Pbesident moved, and the Hon. James Williamson seconded, the adoption of the report, which, having been put to the meeting, was carried unanimously. The Chairman announced that one of the candidates for the recent seat at the Board having retired, Mr. W.C. Wilson was now the only candidate, and Mr. Wilson was accordingly duly elected; It was moved by Mr. James Robertson, seconded by Mr. R. Mackat, and unanimously carried, that Samuel Browning, Esq., the retiring director, be appointed auditor, in room of Mr. Wilson, who resigns.

A cordial vote of thanks to the directors and officers of the Bank having been proposed by Mr. Waltee Grahame, and seconded by Mr. J. Cherey, was carried nem. con.