THE COLONIAL BANK OF NEW ZEALAND.

Clutha Leader, Volume IV, Issue 186, 1 February 1878, Page 3

THE COLONIAL BANK OF NEW ZEALAND.

The following is the seventh report ,of the Directors, adopted at tho half-yearly meeting of the proprietors, held at the Colonial Bank Buildings (late University), Princes-street, Dunedin, on Wednesday last ;■— The Directors have pleasure iv layiug before the Proprietors the accompanying Statement of Accounts for the Half -Year ending 31st December, 1877. The vet profit for the Half- Year, after deducting Interest paid and accrued on Fixed Deposits, all salaries and expenses of management, rent aud other charges, and .amply providing for Bad and Doubtful Debts, amounts to £13,930 5 2 The Balance of Profit and Loss carried over from 30th June last was ... ... ... 2,038 17 3 Thus making a total of ... ...£15,969 2 5 to be appropriated by the Meet* ing. The Directors recommend its dis* tribution as follows :— To Reserve tfund (which will then amount to £16,000) £4000 0 0 To pay a dividend of 0 per cent, per annum, on the Paidup Capital at 31st December last ... 9,857 8 0 — £13,857 8 0 Leaving a balance of ... ... £2,111 14 5 to be carried forward to next Half-Year. Should the proprietors confirm the foregoing recommendations, the dividend will be payable at the Head Office on and after 12th February, and at the Blanches upon receipt of the Dividend Warrants, whioh will be duly notified by advertisement. The figures in the accompanying Balance Sheet will show that the business at Head Office and Branches continues to make satisfactory pro* gress. The Directors lost no time, after getting possession, in pushing on the alteration of "the Bank's new premises ; but they will not be able to transfer tho Staff and business to them at so early a date as was anticipated ; they hope, however, to do so during the month of March. Mr John Reid, of Corner Bush, retires from the Board at this meeting, in accordance with the Deed of Settlement, and is not eligible until the next ensuing election for re-election. The Candidates who have given the notioo requisite under the Deed ure 'f^"'"" Hon. Henry Samuel Chapman, Richard Oliver, Esq. Two Auditors will also have to bo elected for the ensuing year, Messrs Edmund Smith aud Keith Ramsay retiring from offico. Of these two gentlemen the latter only is eligible for reelection. A. Chetham Strode, • Chairman of Directors.

As at 31st December, 1877, including London Office at 30th September, 1877. -Dr. £ s . d. Capital paid up to date ... 328,580. 0 0 Notes in circulation ... ... 85,190 10 0 Bills Payable and other Liabilities 03,870 13 0 Deposits ... ... ... 659,31)7 7 4 Balances due to other Banks ... 15,025 14 5 Reserve Fund... ... ... 12,000 0 0 Proft and Loss ... ... 15,969 2 5 £1,179,943 7 2 Cr. £ s. d. Coin and Cash Balances ... 114,826 18 10 Bullion on Hand nnd in Transitu 20,590 10 6 Notes of aud Balances due by other Banks ... ... 12,825 19 9 Landed. Property and Bauk Premises ... ... ... 46,315 0 0 Bank Furniture and Stationery ... 6,697 0 8 Bills Discounted, Bills Receivable, and all other Debts due to tho Bank ... 978,681 17 5 £1,179,943 7 2 Profit and Loss Account. •Dr. £ s. d. To transferred to Reserve Fund, in accordance with resolution of proprietors at half-yearly meeting ou the 25th J u1y,1877 1,579 511 „ Dividend at 6 per cent, per annum ou the Paid-up Capital at 30th June, 1877... ... 9,855 0 0 „ Charges for tho half-year, including rent, taxes, salaries, remuneration to Directors, and Auditors, and all othor expenses at Head Office and 14 Branches ... ... 14,348 11 4 „ Proposed addition to Reserve Fund ... £4,000 0 O. „ Proposed Dividend at 6 per cent, per annum on Paid-up Capital at December 31st ... 9,857 8 0 13 )857 8 0 „ Balance 2,111 14 5 £41,751 19 8 Cr. £ ' 8 7d7 By Balance Profit and Loss at 30th June, 1877, 13,473 3 2 „ Gross profit for half-year (after making provision for Bad and Doubtful Debts and interest paid, and accrued on fixed deposits) ... /.. ... 28,278 16 6 j £41,751 19 8 ! Reservj. Fund. Dr. £ 8 . d. To balance ... ... ... 16,000 0 0 £16,000 0 0 Cr.' ~~£ sTdT By balance 30th June, 1877 ... 10,420 14 1" „ Transferred from profit and loss 25th July, 1877 ... 1,579 511 „ Proposed addition now ... 4,000 0 O £16,000 0 0 A. Chetham Strode, Chairman of Directors, We have examined the Cash, Bills, and General Balances, and hereby certify the foregoing statement to be correct. Ed. Smith, ) . „, _ Kioth Kamsay, }. Auditors. Dunedin 22nd January, 1878. Want of space prevents our giving a report of the^ procee.duigß. oil: Wednesday 1 last in this issue. ....,,