BANK OF NEW ZEALAND.

Nelson Evening Mail, Volume XII, Issue 104, 4 May 1877, Page 2

BANK OF NEW ZEALAND.

/ Thethij-ty-fltethalf-yeiffly general meetfhg of the shareholders .fas. held on April 26th, Jitftbe ©ank Bniidiharst Queen-street, Augl&*. lang ; Is^_J. L.^ampWeJl fi^^he chair. %YA s The minutes of the Mff-ySarly general meeting were read and confirmed. if The Acting Manager*^!. "Murray) read" the thirty-first half-yearly report and balance-'' sheet as follows :— The Directors have? pleasute in) mSctfi-g-. shareholders wsh [a 'statement df ttie half-year's operations, shewing results which will, no doubt, be regarded as „ v . most, satisfactory. , ..'.._ £ s d The net profit at 31st March, i after making ample provision for every debt considered bad or doubtful, and for reduction of Bank premises and fur- ' niture accounts, amounts '° ••• • 61,687 9 0 To which has to be added*The amount received as pre-" "' , _mium on shares issued tp' : shareholders of the ."Fiji Banking Company 17,500 0 On Balance of undivided profit. (••f-at the 3_.th September Y. , ;-:last ... , . ... B^3 19 n Making a total availahle fdfci- —^ : "division of ...;•• ..*. JE87J822 811 : t :.*' ix' £A s. A-v .' The fqHowirtg .' f ... uo p ropria- . "_. ■";"' c.; : : o t i!ofl o:f r .) Y~ "•'■; j _i ■ wbich is ' ■ Y ; ~? j y noW .recorn*. ... ' '.. '-• ; £ "mended — * - ' ; ; .-■'' . T,o payment pf. -■'_";, „, dividend at, .. ' ; A. ■ -•..the rate of. '. Y A • 10 ! par. cent "' .-. ' ... __ per annum 36,280 0 0 TO; bonus" of sjj 'A A r.-persharci I8,l?5 0 0' T<__.total for di;-- — -^-" A "" vision .3. $4,375 0 OY4 CTo' addition to. r.,.. I y'x e s e r v_ej- I— ; u '• fund ....25,000 Op; balance ca^i."j Y < ried to neit~-; . . .. half-year... 8,447 8 li" ™ -o „ ."" £87,822 8 11 The Bank's capital now stands _ at ... 725,000 0 0 Reserve fund ... ... 275,000 0 0 Total ..f* £I*ooo,ooo 0 O ... The dividend andhonus mil bet payable at ,;the Head Office, Auckland, ion . Monday, the ' i 5 9$ April, and at;the Branches on receipt of ! ;adv^ce. ' • y A !; :* y v ' For the Board of JDirector>, - '•" « :., 'i- J. I-Ooan Campjbeli, ■ tr: [j j J"-* <' ir'-_ 'President/; r-AGdnEGA'rte Ba_,A_?cb She__t of fiay BasHc, • o| Niw Zealand, ax Mahc_? Slip;' I '•■■ 1877, ipicLUDitrcY London • Office, jm. Jandaht 315t,::1877. ' . , , - • l-o ?'- a- ■■'■ -■ '' -' M ■.»/ l Bank Stock- .. >. . A..: 725,000 { 0!:0 | r Beserve Pj^nd..' ..... ; _.;. zSo.cfot); o Y.o' i Notes in circulation .'. J .... 440,804 ?0; 0 BiUa'payataeintiitoulatfoii . ",.. 1,0_57 io .515.10 . Deposits and otherrliabilities . ... &,_39,627118 "ft Balance of profit; and loss at 30th ' ] ' : * September, 1&78 *..'.: ,8.634 18 dl Net^roflt forhklf- '. -, ' : r^J 1 "^ 1 . . ; year! ... : £61,687; 9 Q - ''••.-'' -* - 1 ;- Premiams ;on new . ' i . • ' t&area. ... .17,500 0 0 "•- f-\ V'i*'" ■_ ; .' *'" j • ,Y ; r %187J9^0 -. . '-' i, ... \ : ■eS.SO^eaOj 3V 3 Coin and caah balances '•-.., ;„• :. 070 700* 3. 9 Bullion on hind aiid 5n tranata ' ,'. ; _7_''ol7l 9 O Government securities ■'.', ; .... d_6,'_B7l 1 0 liaiided property,- Bank premises, ' '.*-'*■ , furniture, &o. .... ... 123 735 19 8 iJi'ltr receivable, and securities i*i " ) London... '; "... ... -2,234457 9 1- 8 Bills; discoanted, and^other debts duo ■:•• 4 : " , fothePank Y'.. „ : .. ; :4,f1(jr,181 0?*.l ! --.' Y ( ;•:• ~ -Li •■ fi A' T ■' Y^-,802,659 3? : '3 '.j'; ; -*■ a"' 1. -.-i-.-i ft -* ■'- PROFIT AND. LOSS: ACCOUNT. ? V Pr. U' ?'•' *: . ."^ >. . fl __ 3< To dividend at thetfc&e of JO pei* r I cent per annurfiY »* ... r 36.250 0 0 „ Bonus of 5a per share. » ... *. 18,125 0 0 ... a Proposed increase to reserw fond : 25,000 0 0 „ Balance carried to profit apd loss, • 1 "new Account" , ... .- .. 8447 811 „ . £87,822 8 H Cr. * jg* g }By t balance of profit and loss et3lflt.'. -'•'• .'''y ' " S.J i M * rch ' W, „*.- :'••• , ' 61,687,9' 0 11 * remiums on new stiare_ ... ' 17,50p 0 0 „ Balance from laat half-year ... 8,634 19 11 : I „.. „... . -.-£87,822.8,11, I HESEEVE FUND. ?' .* . W° balance ... ..." /' ... 275,000 % 6 !' ,- •~ " { - ■ - ■ '-" : •;-.•-•' ;*e27j5,090.0 o ■ Cr. •' . 'A: . ~£ By balance from laat statement - .. 250,000 0 0 11 PrOßpaedaddition JJ5.000 .0 ,0 "•'•' ... , •" £275,000 0 0 Audited. . • , - '•_,-. ..'..',_ .. , . A. K.' Tatlob,V A A. t .c. j. siora, ; Audltoiß ' The Chairman In moving the adoption' bf theireport said : -Gentlemen, I think-I ! =may safely conclude that the report now placed m your hands is of such a satisfactory character- tbat its adoption will be approved of by you without any comments from the chair. It must be a_cause of gratification to shareholders to see from the report that the' halfyear's operations have not only enabled .hecustomary dividend and bon .is to be paid, but also to have placed an additional £25,000 to the reserve fund, of which you will -note , that £7,500 have been supplied from ordinary , current profits, larger amount f£ 17,600) from the premiums received on sharesissued as stated in the report. The business of the bank continues to make satisfactory progress and, although there is a considerable diminution in Government deposits, this ianiore than .supplied by the increase in'ordina-yte-durces, the total assets and liabilities, respectively being now -.8,000,000, as against -£7,700,000, at last half-yearly balance. The Government .with- a -view to strengthening its financial position, and in accordance with our advice .lately availed itself, to Wine extent, oE the : abnormal state of the Sydney money, market, to effect a temporary loan' there. This operation, while it has had: the effect -atrticfpated, haa usefully supplemented the support which as their bankers we hadjnot hesitated -to. give the Government. Shareholders willbe gratified that lam able to state that while this support .is on a scale which the Government has been pleased to characterise as liberal, it does not involve any commitment which is • ■not well withia the resources of the Joank.. . The rupture m bank agreements as to rates ot business which has occurred in Australia, has not, as yet, extended to New Zealand— partly, perhaps, because the margin of profit hasbeen smaller here than it was ih so'hieof the Australian colonies. Our large business enables us to be content with the profits whicn the present margin affords, and we have; in the interest of our constituents, been . opposed to the raising of the rates of discount, and should anything occur to bring the agreement in New Zealand to an end, we have no doubt as to our ability to meet any competition which might ensue without damage to our position or material affect upon our profits. .. l. beg to move the adoption of the report and balance-sheet. Kr Jtmes tfytts seconded the motion for tbe zicpiioa __: the report which was carried -Sft-v een. Mr XT. Thocrpgon /"Surveyor-General),, noyed a vote of thanks to tu\. directors and 0,^21.3 oS&obf> D kj ■;.';.;•■■_

Dr. Ellis seconded tie motion which was ufaaniMCusly. A, \ A. :Tbe Chairman _eturi_ed thftt^a %& bebSlf . oi the Board : of Directors. 1, j •; < ; . YMr Murray Returned thanka^on! behalf of Ithe stalE,': f \ ■■ ..\ Yi _ : .j : *\';!Thia'^cUi^_!d*ih^.f{-isinefflb! !.-'.- *. ;