BANK OF NEW ZEALAND.

Nelson Evening Mail, Volume XII, Issue 256, 29 October 1877, Page 2

BANK OF NEW ZEALAND.

The ordinary general half-yearly meeting of shareholders was held on Oct. 22, in tho chief office, Queen-street— J. L. Campbell, Esq., in the chair. The Acting-Inspector (Mr J. Murray) read the advertisement convening the meetting ; also, the report and Balance-sheet for the last half-year, as follows : — Thirty-second Report of the Directors op the Bank op New Zealand, to the Ha_f -teablt General Mbeting of the Proprietors, held at TUB Ban KING-EOUSB, AUCKLAND, OK MONDAY, 22N» October, 1877. The Directors beg to submit for the information of Shareholders the following statement ofthe half-year's operations, the results of which they have no doubt will be considered very gratifying : — The net profit at 3oih September, after making ample appropriation for all bad or doubtful depertaen.es, and for reduction of Bank: premises and furniture accounts, amounts to - £72,717 15 0 To which has to be added— Balance of undivided profit at 31st March, 1877 - - - £8,4*7 811 Making a total available for division of - £81,105 4 5 The following appropriation of which is now recommended — To payment of dividend at the rate of 10 per cent, per annum - £38,250 0 0 To bonus of 5s per share equal to 5 per cent, per annum- - £18,125 0 0 To increase to Reserve Fund - - £25,000 0 0 To balance carried to profit and loss account . - £1,790 4 5 £81,165 4 5 The dividend and bonus will be payable at the head office, Auckland, on Tuesday, 23rd October, and at the branches on receipt of advice. For the Board of Directors. J. Logan Campbell, President. Aggregate Balance-sheet op the Bake: op New Zealand at September 30th, 1877, including London Office at July 31st, 1877 :— Br. S e. d. Bank Stock - . • - 725,000 0 0 Reserve Fund ... 275,000 0 0 Notes in circulation - - 4.2,428 0 0 Bills payable in circulation - - 2,126,676 13 4 Deposits and other liabilities - 6,124,534 11 6 Balanoe of profit and loss at March 31st, 1877 - - - 8,147 8 11 Net profit for half-year - - 72,717 15 6 £9,774,802 9 3 Cr. £ 9. d. Coin and caah balances « 940,742 13 7 Bullion in hand and in transitu • 606,433 14 9 Government securities - • 389,911 6 0 Landed property, Bank premises, fur. niture.&c - - « 129,880 18 3 Bills receivable, and securities in London - . . -2,745,257 10 9 Bills discounted, and other debts dne to tho Bank - . .5,052,576 1111 £9,774.902 9 3 PHOPI. AKD 10.9 ACCOUNT. Dr. £ s. d. To dividend at the rate of 10 per cent. per annum _ - . . 36,250 0 0 To bonus of 5s per share - - 18,125 0 0 To proposed increase to reserve fund - 25,000 0 0 To balance carried to profit and loss "new account" ... 1,780 4 5 £81,165 4 5 Cr, £ ». d. By balance of profit and loss at 30th September, 1877 - - - 72,717 15 6 By balance from last half-year - 8,447 811 £81,165 4 5 EHSBEVE FUND. Dr. £ s. d. To balance- - . 300,000 0 0 £300,000 0 0 Cr. £ 8 . d. By balance from last statement - 275,000 0 0 By proposed addition - - 25,000 0 0 £300,000 0 0 Audited. A. K. Tatlor, i . ... C.J.Stone, *j Auditors. The Chairman, in moving the adoption of the report and balance sheet, said: Gentlemen, — It becomes an easy as well as a pleasing duty to preside at the half-yearly meeting of this institution when such a satisfactory balance-sheet aa that which has just been read ia laid before you, and when there is nothing further to comment upon than merely chronicling the continued prosperity of the Bank. That prosperity is well marked by the satisfactory item of a further sum of £25,000, which your directors have deemed advisable to recommend being placed to the reserve fund. This sum, shareholders .vill be pleased to learn, does not arise from any adventitious source, but from profits, the result of the increasing business which the balance-sheet discloses. The business which we are now doing cannot but be gratifying to shareholders. Nor have we any large deposits swelling our figures as has happened on some previous occasions. The magnitude of these figures is a pleasing index of the advancing prosperity of the colony, as well as the success of the institution. I beg to move the adoption of the report and balance-sheet. Mr G. B. O wbn seconded the resolution, which was put and carried nem pon. 4209