THE COLONIAL BANK.

Evening Star, Issue 4030, 26 January 1876, Page 3

THE COLONIAL BANK.

The third half-yearly meeting of the shareholders was held in the City Council Chambers th’s afternoon, Mr Lainach, Chairman of Direct' rs, presiding. There was a large attendance. The following report was read:— The directors have pleasure in again congratulating the shareholders upon a successful increase to the business of the Bank, and feel confident the subjoined report for the past six months, ending 31st December, 1875, will meet their approval. The profit and loss account, which now shows a ba’ance of £9,84815s 4d, after providing for had and doubtful debts, and accrued interest on fixed deposit receipts, outstanding, they Recommend should be dealt with as follows, viz.:— To writing off in full the preliminary S * expenses ... 6,228 15 8 To balance earned forward to next-half-year 3,619 19 8 £9,848 15 4 Daring the past six months additional branches of the bank have been opened at Outram, Oamaru and Balclutha, the three chief agricultural, most populous, and thriving centres in this Province where they feel sure the support accorded to the Bank hitherto by the public will be obtained. Business has been commenced in London in offices well situate in the centre of the City,

_ The Chairman said his duty was a very simple one as he had to offer a good report, and the facts which he had to support it would show that the bank affairs during the past half-yea • had been very satisfactory. By unforeseen circumstances hen worthy President (the Hon. Mr Holmes) was not here to occupy his (the Chai; man's) place. Having been compelled to take a trip to Englan I, Mr Holmes fairly considered that he should tender his re ignation to the Board of Directors. In justice to the share olders and the bank, the s regretted. that they found it uece-sa-y to accepr, the resignation, and ihus was occasioned one of the vacancies which they had to fill up to-day He hoped that on Mr dolmes’s return to the Colony he would a.-ain fill his place, foi having the interest of the bank at heart he would do all he could for them. Their position was satisfactory, conside in 4 the trials they had gone through, aid the dull srateof trade for the pisi. six months, the bank no 1 ; receiv.ng that enoenrag-m nt which is would ha*e had had trade been in a different s ate. The present p siti'.n was this: 169 915 shares tad been sub c ibed for, up n which 35 s pr share had been caled-up t> the 31st Decembe-. Cals a lounging to L 6,116 were still unpaid, wlii hj was a very small amount, on suc.i a large number of shares, considering the money market was not so prosperous as it was eighteen mouths or two years ao. On 4,282 shaves, only 5s per share had been paid up; and with the_ confirmation of the shareholders, it was the intention of the directors to f rfeifc these shares, which would amount to LI,1)70 l*’s. It was intended bv the b-ard to iii\e notice o the shareholders that the

shares woidd be forfeited unices the calk weie t'incl within a tiiOii hj. There were ther sh res rule p rLly pjd up' on which a to al of L2,(»S:i wai d’e bv a call to March ill last, Consider ng the opposi ion they had had to contend with the directors had a right to congratulate themselves on the position taken by the bank throughout. t ’i 1 ® r [’ )au^c c ' a pi al amounted to Liob.OIO; in September to L2lB/J25; in December L‘»4B 435 ; and on J.'ecember r ora 1 !!" reached no less a sum than L2GB 41 1 3s 9d There were >ow fourteo i branches, and good reports regarding each. Although tlis bniiii vnTcd known a. : i the Oolonitil Er.ni:, it was meant to be a national institution. ! After wiping out preliminary expenses, fie di--1 rectors sskthem oca vitalise the remainder in i lace of decla iii' a dividend of live or six per cent If they . nee tasted blo-d in the s' ape of dividend-*, 'lie direc’ors would never be able to appease the shareh ddei-s’ apj e ites. He would move the adopt! m of the report. I air li S CnarAisN, in seconding the mo tion, said a bank was like a thermometer to the money market, and a sensible one too, an 1 dnu-e k CHU ' a,>t tw hj pmMr MMSTkiI the Chairman said that the gross profits for the half, v ear from tis Q7K to, tle ev/ Zeala nd offices wore t Ini?[ j u The expends were L 13,170, and LSOO had bees wiped off for doubtful debts.

Mr M‘Neil complained that now, ai at the last half-} early meeting, they had been deluded by the hope of better things at next meeting. _ nless be ter remits could be shown, it was time they had a ch ng • in tb; management—-(-d ght applau e.) Mr R Gillies p-'inted out that in banking institutions divid nds wore rarely paid during the first two years. P.udence was the first ste. to success. The report was unanimously adopted. The election f r two directors in place of the Hon. M. Holmes (resigned) and Mr H. S Chapman (uom nee < irector) was being proceeded with when we went to press.