The Hawke's Bay Times. MONDAY, 12th NOVEMBER, 1866. BANK OF NEW ZEALAND.

Hawke's Bay Times, Volume 8, Issue 437, 12 November 1866, Page 2

The Hawke's Bay Times.

MONDAY, 12th NOVEMBER, 1866. BANK OF NEW ZEALAND.

PUBLISHED EVEBT MONDAT AND TIICESDAT. “NCiiIUS ADDICTCS JDEABK IN VERBA MAGIsTEI.”

.iiiLSEwHEiiE in our columns tms morning will be found the tenth balf-yeaily report of that truly colonial institution, the Bank of New Zealand, as presented by the accountant to a meeting of the shareholders which was held in the Banking house. Queen street* Auckland on Wednesday, the 31st of October ult. The report was of the most encouraging character, showing beyond dispute or cavil, that notwithstanding the difficulties under which, as a community, we labor, from exessive taxation, the native rebellion, &c., there is a wonderful degree of elasticity in our resources, and a firm basis for our financial operations, if only we have in bur legislators pilots wise enough to guide the vessel of the state clear of the rocks and quicksands by which it is surrounded. The meeting referred to being but the tenth semi annual meeting of the corporation shows'than but five years have passed from the date of its establishment, and we may venture to assert that not the most sanguine of its projectors could have anticipated a success so complete as that which Las attended its career through a period of great commercial depression, mainly owing to the skilful management of its directors, and which again enables it to award a dividend equal to seventeen pounds per centum per annum to its proprietary, besides a sum of seven thousand pounds to a reserve, and an almost equal sum carried on to next half-years account. The net profit of the half-year amounts to £53,307 Os 'sd, which, with the unappropriated balance of profit from the last half year, gave a gross sum available for division of £55,077 Is 9d, (as compared with £55,760 Is 4d. the amount available then.)This profit admits of the aforesaid dividend? equal to 17 per cent., an increase of the reserve fund by $7,000, and a balance carried

on to profit and loss (new account) of <£6567 Is 9d. There are two funds which have hitherto absorbed a certain proportion of the available profits of the bank. These are, a guarantee and provident fund, the contributions to which were completed at the end of the last half year, and a reserve fund of £150,000, being equal to three-eighths of the paid up capital. Ibis is likewise completed by the appropriation of the sum of <£7ooo, which remained deficient then. In as no further appropriation to those funds will be required, the total profits will be available for division, and though the bank will, of course, feel the pressure of the tax recently imposed by the Government on bank notes, there is no reason to fear any decline in the rate of its progress. On the contrary, there is every reason to be assured of its prosperity, in spite of all the financial difficulties of the time.