BANK OF NEW ZEALAND.

Hawke's Bay Times, Volume II, Issue 72, 13 November 1862, Page 6 (Supplement)

BANK OF NEW ZEALAND.

HALF-VEAKLY IiEPUKT. Repoet of the Directors of the Bank of New Zealand, presented at the general meeting of the proprietors, held at Auckland, on~tho 20th October, 18G2Tin; directors have now to present to the shareholders the report, on the affairs of the Bank for the half-year ending 30th September last, and have the pleasure to state, that after making ample provision for all bad and doubtful debts, writing oil £571 11s. lOd. from the amount at the debit of Bank premises, furniture, and preliminary expenses, and defraying the whole expenses, for the hall-year, besides discharging a large sum which could have been with propriety placed to the debit of preliminary expenses, tbe'nett profits of the Bank amount to £13,970 10s. lid. to which is to be added the sum of £720 135., being tile unappropriated balance of the preceding half-year, making a total of £ll, 097 3s. lid. available for division. The directors recommend that the sum of £O,OOO be added to the Reserve Fund, by which that fund will be increased to £9,000 ; that the sum of £y ,803 3s. ad. be set apart for a dividend at tho rate often per cent, per annum, on the paid np capital of the Bank, leaving a balance of £B9l os. Gd., to be carried forward to tho credit of the profit and Joss account, for the current half-year. The dividend will be payable at Auckland on tho 3rd November next, and at the branches on receipt of advice. I'bc fifth instalment of £1 per share has boon fixed to be paid on the IGtb February next, and is the last call the directors can make without tho authority of the shareholders, which they see no necessity for obtaining at present. In accordance with the provisions of the deed of settlement, one of the directors retires from tho Borad of Management by lot, and due notice has been given ior the election of a qualified proprietor in his place. —For the directors, James Williamson, Frcsid e n t.