Commercial.

Evening Star, Issue 4111, 1 May 1876, Page 3

Commercial.

The amount of revenue received at the Customhouse on goods cleared for consumption this day was ' 1,495 Us Bd. The revenue collected at the port of Dunedin during the month of April was L‘26,441 4s sd, as against L 30,100 10s 5d for the corresponding month of 1875.

THE SHARE MARKET.

Mr J. Reid Mackenzie reports sales and closing prices for week ending 29th April as follows: Sales: Colonial Bank, 31s 6d and 325; National Insurance, 24s 6d and 255; Standard Insurance, 12s 6d. Closing prices: Ne»v Zealand Insurance, old issue, 80s to 81s, new issue 55s to 575; South British Insurance, 53s to 545; Standard Insurance, 12s to 12a 6d; National Insurance, 24s 6d to 25s ; Bank of New Zealand, old issue, 350s to 3555, uew issue 310s to 3415; National Bank, 75s to 765; Colonial Bank, 31s 6d to 325; Fiji Bank, 45s to 47s 6d; Otago and Southland Company, 21s to 24s 6d; Forhury Park Company, L 23 to L 24; Mosgiol Woollen Factory Company, 57s to 60s; Albion Brewing and Malting Company, 3s to 4s; Friendly Societies, 30s to 33s ; Walton Park Company, 4s 9d to ss; Hokitika Gas Company, 128s to 128s 6d (20 per cent. div. per annum); Energetic West Coast, ICOs to 1655; Wealth of Nations, 110s ; Mount Ida Pastoral Association, 200s; Shipping Company, 70s to 775; Kanieri Race, 2s 6d to 3s. Money: Interest upon freehold securities, 9 per cent. Air Frederick H. Evans reports for the week ending 29th inst. : Sales ; Standard Insurance shares, 12s 3d; National Insurance, 21s 3d, 2is; New Zealand do, 50s (80s paid); Colonial Bank, 31s. Sellers : Standard Insurance, 12s 6d : National do, 2is 3d ; South British, 665; New Zealand, 555; Colonial Bank, 325; National do, 755; Fiji, 50s; Mosgiel Woollen Factory, 555; New Zealand Shipping, 80s; Albion Brewery, 5s 6d; Friendly Secieties, 355.

San Francisco, April 2. — A stagnation in the Eastern wool trade had a depressing effect, ou the prices of this Californian staple. New York firms say the duty of 100 per cent, cm foreign wool has had a most injurious effect ou the manufactories. The trade outlook is very bad, causing decreased manufacture, and consequently lessened demand and price ; for the wool is found to lie not suitable for many fabrics—not being equal to foreign wool. Failures have been numerous, and there is a strong demand that the duty be taken off.

NATIONAL INSURANCE COMPANY

The report for the half-year ending March"], which is to be submitted at the general meeting of sh ireholders tn Monday next, is published. From it wo learn that, the total receipts for the half-yesr (including Lit),4ll IDs Id cm.ied forward from previous balance) have been LGt,2JJ, and the expenditure for the s.mopeiiod has been 1 3S.f S7 ; leaving for distribution the sum of L 25,313 7s Id, which the directors recommend should bo distributed as follows:—lst. By placing a further sum to R... solve Fund of (which will then stand at LO.OC.i) 1.15,001 2nd, By payment o; a dividend at the rate of 15 per cent, per annum on paid-up camtal, which will absorb L 3.753. 3rd. By carrying unavard to next half-year the balance. The report continues: — “ Provision has been made in the accounts for L 9,251 os 3d, unadjusted losses, also rc-iusurauces in Marine Department, and all known liabilities at date of closing books, which have been duly carried to profit and loss account. This company, unrvi:luua.tcly, Las not cleaned a. oharo of the rev ernes which have attended the operations of almost every oßice at Home or abroad doing marine business, having sustained several ‘total losses’ in first-class ships to and from the Colonies,”

BANK OF NEW ZEALAND.

n.u.p-TT?*.ni.T nuNEKAi. snnvnxu. The half-yearly general meeting of the propiiotors of the Bank of New Zealand was held at the head office, Queen street, on the 21st ultimo. An unusually large number of shareholders were present, The chair was taken by J. L. Campbell, Es.p The following' report and balance-sheet wore then read by Mr Murdoch “Twenty-ninth Report of the Directors of the Bank of New Zealand, to the Half-yearly General Meeting of the Proprictoi s, held at the Banking-house, Auckland, on Friday, 21st April, IK% “ The directors have much pleasure in submitting to shareholders the result of the past half-year’s operations:— The net profit at 31st March, after making very full appropriation for all dependencies considered bad or doubtful, and for reduction of bank premises and furniture ac-

The dividend and bonus will ho payable at the head office, Auckland, on Monday, the 21th April, and at She l-ranchos on x-cociptof advice. For the Board of Directors. J. Locan Campbell, President. Aggregate balance-sheet of the Bank of New Zealand at 31st March, 1876, including Loudon office at 31st January, 1876:

Audited— G. P. Pierce, \ Auditors A. K. Taylor, ) The Chairman, in moving the adoption of the report, said*—lt does not devolve upon me to make any special remarks. If the last half-year has been uneventful, it has, nevertheless, brought to the bauk that accustomed and satisfactory result which enables its shareholders to participate in the dividend and bonus now declared; with, also, the further assuring fact of a large increase to the reserve fund. The items all speak so plainly home to shareholders that comment is hardly necessary. The only one suggesting remark is deposits and other liabilities, which show a decrease of a million and a-half, which is wholly due to the reductions of Government balances. A corresponding reduction is shown in advances. You have of course seen from the punlic prints that negotiations for the transfer ot the Piji Bank to this establishment have been brought to a point, and now await confirmation of the Fiji Bauk shareholders, when the final ratification will take place and the business will shortly be taken over. This step lias not been taken without .serious consideration of your Board. Your directors felt that the critical moment had arrived when action must bo taken to secure a footing in the new Colony. The Fiji Bauk had done good service in having taken a good stand in that Colony; but it may, without disparagement, be said that the bank’s resources would not have enabled it successfully to compete with any strong bank which might star in opposition. It appeared, therefore, to your directors that they should not rnn the risk of allowing any foreign bank to step in and deprive New Zealand of the future benefit which wo hope to see arise by securing at least a fair shai'e of the trade of the South Seas. I say future benefit, because immediate results cannot be of great moment; but we feel it is our duty—if only looking to a future beyond our own day—to take such action as would best secure and draw to these our own shores the growing trade of the Islands. Having taken our stand, we intend to hold it against all comers. It shall not be the fault of your directors if New Zealand does not hold a high position in the commerce of the South Pacific With regard to tha Government account, you are aware that tenders are now before the Government. We have oilcrcd terms which wo hope will secure the continuance of the account with us, and if not—though wc should deeply regret the severance of a connection which has lasted ft a 1 fourteen years—shareholders need not be under any apprehension that the loss will materially atfect future results. At a later period of this meeting you will be asked to pass a resolution for alteration of the Deed of Settlement to remove existing restrictions on the increase of the Reserve Fund. The issue of 10,000 shares, referred to at last meeting, lias been successfully accomplished, only 381 shares remaining unallotted, and these are hold on behalf of shareholders living in foreign countries, who may be supposed not to have received timely notice of allotment. In consideration for them your directors have allowed a short extra time, to afford them the opportunity of taking up their proportion of shares. I need only remark, in conclusion, that the report put before you to-day exhibits gratifying proof of the measure of support the bank enjoys in the Colony, and it has boon the aim of the directors, in return, to use every endeavor to moot the requirements of our constituents. I bog to move the adoption of the report and balance-sheet. Mr P. Comisky seconded the adoption ot the report and balance-sheet, which was carried unanimously. The Chairman then said: It will no doubt be in the recollection of shareholders that the chairman, in his remarks at last half-yearly meeting intimated that a resolution would be proposed to you to alter the 102ud clause of the Deed of .settlement, to admit ot the Reserve Fund acquiring larger pro portions thau the existing limit-in fact to remove all limit to Hie extension of such fund. Copies of the proposed resolution have boon forwarded to all shareholders, and proxies requested from those who would not likely be present at this meeting. The ready response whico has ben made by return of proxies, fully satisfies the Directors that the proposal has met with the general approval of shareholders, I beg therefore to propose the following resolution: words after ‘that,* in clause 102 of the Bank’s Deed of Settlement, bo oinittod, and that the following words bo inserted in lieu thereof: ‘ It shall be competent for the Board of Directors, with the

approval expressed by a resolution of a majority of the proprietors present in person, or by proxy at any balr-yearly meeting, from time to time, to iirite onto, the not profitn such addition to tbo lesi'rvo ■ mid as the said Beard nbal' tliint fit; and if at any time tbo Paid reserve fond is reduced below au amount equal to threa-lciiibs of the actual pnid-nn capital of tbo bank, there shall be rppropiiated an amount equal, if required, 'o ton per cent, of the net profits for the increase ef the said reserve fund until it no--.; n amounts to throe-tenths of the naidnp capital.’ ’’ Dr Ellis seconded the proposition, which was canned ncm. can.

The next, business was the appointment of a,n an lld or m the olacoof the lion C. J, Taylor, who reined from office.

filr Wm. Gooi'Fcllow proposed the election of Air Allan Kerr Taylor. Seconded by Mr James uobektrof, aud carried. The Chairman roqueted the gentlemen present toi* Dunn ou the termination i»f fee present meet--IU»VS,J r * ,fsu)u *.iL'iis just passed mii?bi be conhnned at a special meeting of the shareholders. JUr J>. loxks said: Before the meeting conchides I have to propose that the cordial thanks of the proprietors be accorded to the directors and officers of the hank. lam sure I need not say one word in support of this resolution, but 1 will refer you to the written report in your hands to show that the bnomosn has been conducted most, judiciously and n ? oa,; .energetically. 1 hive great pleasure in propoSing the resolution. 1

Mr Thomas Hill seconded (bo vote of thanks, and the motion was earned unanimously. The Chairman : I have to return thanks to the meeting on behalf of myself and co-directors for the vote you have passed. Mr D. L. Murdoch: Gentlemen, I have very ranch pleasure, on behalf of the staff, in aeknoivledgmg your vote of thanks, and 1 need only assure you that, as n the past. our efforts in the in t )°r Vll be aovolGd 10 tho bost interests of the

This concluded the business of the half-yearly meeting, and the chairman vacated his seat. J

counts, amounts to £58,410 17 6 To which has to he rule 1 , cl — Premium on issue of y,616 shaves on 1st January Inat 48,080 0 0 Balance of undivided profit at 30th September, 1875 19,077 13 2 Giving atotal available for division of 125,598 10 8 The following appropriation of which is now recommended — To payment of dividend at the rate of 10 percent, per annum £32,500 0 0 To bonus of 5s per share, equal to 5 per cent per annum 10,250 0 0 To increase proposed to he made to reserve fund... 70,000 0 0 To balance carried to profit and loss new account ... 6,818 10 8 £125,598 10 8

Dr £ 3. d. Bank Stock 700,000 0 0 Reserve Fund 180,000 0 0 Notes in circulaf ion 431,987 10 0 Bills payable in circu'ation 1,220,4 GO 13 11 Depoiits and other liabilities 4,291,109 13 11 Balance of profit and loss at 30th Sept., 1875 19,077 13 0 Net profit for half-year 58,440 17 6 Premiums on new shares 48,080 0 0 £6.961,102 8 6 Cr. £ s. d. Capital unpaid on 381 shares allotted to, but not yet taken up by parties resident in fore'su places 3,810 0 0 Coin and cash balances 650,125 10 2 Bullion on hand and in transitu ... 346,291 1 2 Government securities 410,000 0 0 Lauded property, Bank premises, furniture, &c. 120,013 13 7 Bills receivable, and securities in London Bills discounted, and other debts due to the Bank 1.312,976 2 8 4,117,886 0 11 £6.961,162 8 6 PEOFITAiND LOSS ACCOUNT. Dr. £ a . d, To dividend at the rate of 10 per cent, per annum 32,500 0 0 To bonus of 5s per share 16,250 0 0 To proposed increase of reserve fund 70,000 0 0 To balance carried to profit and loss, “ new account ” 6,818 10 8 £125,598 10 8 Cr. £ 8. d. By balance of profit and loss at 31st March, 1876 68,‘140 17 6 By premiums on new shares 48,080 0 0 By balance from last half-year 19,077 13 2 £125,598 10 8 RESERVE FUND. Dr. £ s. d. To balance 250,000 0 0 £250,030 0 0 Cr. £ s. d. By balance from|last statement ... 180,000 0 0 Proposed increase 70,000 0 0 £250,000 0 0