BANK OF NEW ZEALAND HALFYEARLY MEETING.

Globe, Volume XX, Issue 1616, 25 April 1879, Page 2

BANK OF NEW ZEALAND HALFYEARLY MEETING.

[By Telegraph.] Auckland, April 24. The Bank of New Zealand half-yearly meeting was held to-day. The usual dividend and bonus of fifteen per cent, were declared, £25,000 was carried to reserve, and £9700 carried forward. The report shows coin and cash balance at bankers, £1,700,000 —of which £769,000 is held in the colony, and the balance in London. The profit and loss account was as follows: —Profit at 31st March, after making very full appropriation for every bad or doubtful debt depending, £80,260, to which is added balance of undivided profit on 30th September, 1878, making a total available for division of £89,238, which it is recommended should bo appropriated as follows:—Payment of dividend, at the rate of ten per cent, per annum, £36,360; bonus of 5s on shares, equal to 5 per cent, per annum, £18,125; proposed increase to reserve fund, £25,000; balance carried to profit and loss, new account, £9753. The report was adopted. The Chairman said, with regard to the disastrous consequences of the City of Glasgow Bank failure, the reports of this Bank having sustained losses by such failure were quite untrue. Not a shilling was lost. Private deposits were in demand. £168,000 was the profit brought to account, being about the same as for last half-year, but large provisions were made for future contingencies. A hopeful view was expressed of the prospects of the colony.