Page 3 Advertisements Column 4

Dunstan Times, 6 May 1881, Page 3

Finance BANK OF NEW ZEALAND. HALF-YEARLY MEETING. mHE ordinary half-yearly meeting _L of the proprietors of this Institution was commenced at noon on Thursday, 21st April, 1881, the Hon. James Williamson (Chairman of the Board of Directors) presiding. The usual preliminary business having been gone through, the general manager (Mr D. L. Murdoch) submitted the following report and balance sheet: — The Directors have pleasure in submitting to shareholders the following report and balance-sheet for the half-year ended 31st March The net profit at that date, after ample appropriation for all known bad or doubtful debts, and in reduction of bank premises and furniture accounts, amounts to L 76.464 9a 6d ;to which has to be added balance from half year ended 30th September, 1880, L 23.337 6s 9d —giving a total available for division of L 99.801 16s 3d : the following appropriation of which is now recommended :—To payment of dividend at the rate of 10 per cent, per annum, L 50.000 to bonus of 5s per share, equal to 5 per cent per annum, L.25,000 ; to balance carried to profit and loss new account, L 24.801 16s 3d —total, L 99.801 16s 3d. The dividend and bonus will be payable at Head Office, Auckland, to morrow (Friday), 22nd instant, and at branches on recipt of advice. For the Board of Directors, JAMES WILLIAMSON, Chairman. Aggregate Balance-sheet of the Bank of New Zealand at the 31st March, 1881, including London Office at January 31, 1881. LIABILITIES. Capital ... ... 1,000,000 0 0 Reserve Fund ... 555,000 0 0 Notes in circulation ... 473,233 0 0 Bills payable in circulation 1,875,014 16 11 Deposits and other liabilities .. ... 7.992,405 10 1 Balance of profit and loss 99,801 16 3 £11,995,455 3 3 ASSETS. Coin and cash balances at To dividend on 100,000 shares of £lO each at rate of 10 per pent per annup) ... ( . ... Bonus at rate of *sa per share, equal to 5 per cent per annum Balance carried to profit and loss new account.. By balance from half year ended Sept. 20, 1880... Net profit for half year ended March 31,1881... §OO,OOO 0 0 25,000 0 24,801 16 £99,801 16 3 23,337 6 9 76,464 9 6 £99801 16 3 RESERVE TON I'. To balance ... • ... 555,000 0 0 £555,000 0 0 By balance from half year ended Sept 30, 1880 ... 555,000 0 0 £555,000 0 0 We hereby certify that we have examined the accounts of the Bank of New Zealand for the half-year ended 31st of March, 1881, and we have counted the cash balances and examined the bills and other securities held at the Head Office,and compared the returns ef the Branches with the statements in the foregoing balancesheet, and have found the same to be correct. Allan K. Tatloe ) . G. R. Owen { Auditors. The Chairman then said : Gentlemen, the report and balance sheet which have just been read, beyond affording evidence of the continued success of our operations, do not, as compared with previous statements, present any features so marked as to call for more than mere passing notice. The principal difference in the figures in the bal-ance-sheet will be observed in the amount of bills received and securities in London on the other—the latter item being swollen over a million partly by the more profitable investment of about L 770,000, which, at time of last statement, was on short call in London, and the balance being due to the more active exchange operations, of the period of year, the past six months comprehending the wool season, when our remittances are much increased. The bills in circulation, representing the current outstanding bills oa London and elsewhere, have naturally been considerably increase! by sale of exchange to provide payment for these remittances. It will be observed that our resources remain abundantly ample for every contingency, and while not disposed tc encourage or foster speculative business, we are fully prepared to take advantage of any opportunity likely to increase legitimate transactions. It will not he expected with so large an amount of the Bank’s resources invested in securities affording a narrow margin of profit, that the result of the past half-year’s operations can show any material increase, but our profits have been more than raaintaincd.and that under the heavy taxation of the past year, towards which this Bank has contributed nearly L 17.000. I am glad, however to congratulate shareholders on our ability to maintain our usual dividend, and to carry forward such an amount as practically to ensure the continuance of a like return for the next half-year. I will only add one word more of congratulation to shareholders on the improved and improving condition of the Colony. Public finance appears now to have attained a stable and healthy condition, and with continued prudence, we may reasonably hope to see the credit of New Zealand second to none of the Australasian colonies. Trade is gradually but surely progressing, population fast increasing, settlement both North and South rapidly extending, and we have been favored with a most bountiful season in both pastoral and agricultural pursuits. With these few remarks I beg to move the adoption of the Report and Balance-sheet as read. THE Key. J. Lothian will hold Divine Service as follows : Mat Bth. 11.30 a.m. 3.0 p.m. 6 30 p.m. May 15th. 11,30 a. m. 7 pjn. Matakanui, Blacks, Ida Valley, Alexandra, Clyd.®