COLONIAL BANK MEETING.

Globe, Volume XXII, Issue 1852, 29 January 1880, Page 3

COLONIAL BANK MEETING.

[By Thlbgsaph.] DUNEDIN. January 28. The eleventh half-yearly meeting of shareholders of the Colonial Bank of New Zealand was held this afternoon, Mr G. McLean in the chair. The following report was read : “The directors beg to submit to the proprietors the accompanying report and balance sheet for the half-year ending 31st December last. The net profile, after deducting in'ercst paid and accrued on fixed deposits, all expenses of management, rent and other charges, and after rebating all bills current and providing for all ascertained bad debts, amount to £17,511 6s 11; balance of profit and loss for previous half year £2045 18s Id, making a total of £19,557 4s Bd, which the directors propose shall bo appropriated as follows—To reserve fund (in compliance with the stipulation of clause 106 of the deed of settlement) £1003; to payment of dividend of 8 per cent, per annum on the paid-up capital, £15,998 10s 5d j bal nee to be carried forward to next half-year, £2558 13s 9J-£19,557 4s 2d. The directors make these proposals because the half-year’s profits, besides paying an 8 per cent, per annum dividend, would have enabled them to make what under ordinary circumstances would have been sufficient provision for bad and doubtlul debts ; but after a very careful investigation of the whole business of the bank, the directors feeling in doubt as to the outcome of certain accounts which depend upon the realisation of property, and seeing the depreciation that has taken place lately in real estate, and the still depressed and unsettled state of commercial affairs, deem it their duty to ask the shareholders’ permission to transfer £20,000 from the reserve fund to a “ special suspense acc unt,” so as amply to provide for every contingency. The directors, however, believe that a considerable portion of the sum will become available to be returned to the reserve. Upon confirmation by the meeting of the foregoing recommendation of the Board tho dividend will be payable at head office on and after the 12th February, and at the branches on receipt of the dividend warrants. John Thomas Wright, Esq., is the director who retires from the Board at this meeting in accordance with the deed of settlement, and is not eligible for re-election until tho next annual meeting. The Hon. Matthew Holmes is the only candidate for the vacant seat. The auditors, Messrs W. P. Street and T. T. Bitohie, retire from office at this meeting, one only (Mr Bitchie), being eligible for re-election. (Signed) Geo. McLean, president.” The Chairman moved the adoption of the report. Mr Peter moved, and Mr A. Solomon seconded, pro forma —“ That the dividend be 4 per cent., and that the balance be made a suspense account, and if not required, be carried forward to profit and loss account.” Only two hands were held up for the amendment, the motion being carried with applause. Mr E. B. Cargill moved —“ That this meeting record its thanks to the directors for their careful and able management of tho Bank’s affairs, and also to the chief manager, managers, and other officers upon whose zealous and effective services the prosperity of the institution must largely depend.” Mr Beeves spoke, censuring the want of strict supervision, which had led to large losses in the North.

The votes of thanks were agreed to, and were replied to by Messrs McLean and Oowie.