COLONIAL BANK.

Nelson Evening Mail, Volume XIII, Issue 192, 10 August 1878, Page 2

COLONIAL BANK.

Directors' Report. I The Directors have much pleasure in submitting to the Proprietors the accompanying Statement of Accounts and Balance Sheet for the half-year ending 30th June last. The net profit for the half-year, after deducting interest paid and accrued on Fixed Deposits, all salaries and expenses of management, rent and other charges, and making ample provision for all bad and doubtful debts, amount to £20,845* 2s 2d, t6 which has to be added : — Premium received on Shares allotted, referred to below £17,070 ,6s Bd, balance of Profit and Loss carried over from 31st December last £2,111 14s sd, making a total of £40,027 3s 3d available for distribution by the Meeting The Directors recommend its appropriation as follows :— To Reserve Fund— including £17,070 6s Bd., Premium on Shares (which will then amount to £36,000) £20,000, to Rebate Current Bills £4,518 4s 9d, to Bank b'urniture and Stationery — written off £2,000. to Payment of a Dividend of 7 per cent per annum on £328,580 of the paid-up capital at 30th June last £11,500 6a, leaving a balance of £2,008 12s 6d to be carried forward to Profit and Loss new account. Upon confirmation by the Proprietors of the foregoing proposed appropriations, the Dividend will be payable at the Head Office on and after the 12th proximo, and at the Branches upon receipt of the Dividend Warrants. The Directors, tbiuking that the rapidly increasing business of the Bank rendered it advisable that they should dispose of the balance of the unallotted Shares of the first issue of 200,000, decided to offer them to the existing Proprietors, in the proportion of of 1 to each 5 shares held, at a premium 10s per share. This mode of distribution lelt £2,852 shares unallocated, and the Directors resolved to iuvite tenders for them and any further number that might be available through Proprietors not taking up their nllotted quota. Tenders were received greatly in excess of the number available-, the shares allotted, yielding an average premium of 13s 7d. As returns from the London Office of their quota of shares reserved by Shareholders in England cannot arrive for some time, it is not possible to bring the total amount of the premium a to point this halfyear; only the net sum already received here £17,070 Cs 8d therefore appears in the ac-

counts, and the Directors, as notified by circular to the Shareholders, propose to carry it, as sh'ewfi abo^e^ to Reserve Fund; and they congratulate the Proprietors upon the result of this operation, aud tipc-i* being thereby enabled to make such an important addition to the Bank's tteservcs at this early stage of its existence. The Directors have again the satisfaction to report the business of the Bank at Head Office aud liratu-b.es continues to increase, and that the prospects of the Bank are highly satisfactory. • Messrs W. J. M. lafnach and James Eattrdy having, dwrug" to thetf absence f fotu the Cofony,- resigned their seats as Directors} the Board nominated in their places,- under clause 44 of tlie Deed of Settlement, the liou. Matliew Holmes and John Thomas Wright, Esq.; who are the only candidates. A. CtIKTHAM SXKOOK, Clmirixmu of Directors. EiLAXCE SiIKKT OF TIIK COLONIAL Ba>"E OF 2W!W Realaxd, as at :iunt Junk, 1878, ixcluihxg Losdox Office at 31st March, IS7S. D«. £ s. d. Capital £2 paid up on 1G 1,200 shares ... ... £328,580 Do on account of 35,710 shares ... ... 27,805 10a 300,385 10 0 Xotes in Circulation... .. .. 57,3'J5 10 0 Dills payable and other liabilities ... 313,809 l:i 0 Deposits .. ... ... ... B:s7,:jSo tlO Balances due to other Banks... ... 7,893 3 0 Beserve Fund ... ... ... 10,000 o 0 Profit and Loss ... ... ... 40,027 3 3 £1,058,371 1 7 Cb. £ s, Coin and cash balances .. ... 161, 753 2 1 Bullion on hand and in transits .. 1:>,52l ft 10 Notes of and balances due by other Banks ... ... ... 9,653 9 6 Landed property and Bank premises ... 62,923 8 2 Bank furniture and stationery ... 0,(13 1 7 5 Bills discounted, bills receivable, and all other debts due to the Bank?. 1,40-1,530 10 10 £1,058,371 4 7 Profit and Loss Account. Db. £ s. d. To Transferred to Reserve Fund in accordance with resolution of Proprietors at half-yearly meeting on 30th January, 187S ... ... 4,000 0 0 „ Divideid at fiper cent, per annum on the Paid up Capital at 31st December, 1877 ... ... ... 9,857 8 0 „ Ch/irges for the half-year, including' rent, taxes, salaries, remuneration to Directors and Auditors, and all expenses at Head Office and 15 brunches .. ... 15,2G1 9 6 „ Proposed addition to Reserve Fund . . £20,000 0 0 „ Rebate Current Bills .. 4,51S 4 9 „ Bank Furniture ind Stationery-- written off ... ... 2,000 0 o „ Proposed dividend at 7 pr. cent. pr. annum on £328,580 of the Paid up Capital at June 30th ... 11,500 0 0 38,018 10 9 „ Balance ... ... ... ... 2,00S 12 6 £69,149 0 9 'Jr. By Balance, Profit and Loss at 31st Do- £ s. d. 1 cember, 187V ... ... ... 15,969 2 5 „ Gross Profit for Half-year (after making provision for Bad and Doubtful Debts, and interest paid ami ' | accrued on iked deposits) ... 30,109 11 8 „ Premiums received on Shares allotted in June last ... ... ...17,070 C 8 [ £G9,U9 0 9 Resubye Fond. Dr - .£ • s. d To Balance ... „, L'6,000 0 0 £36,000 0 0 Cu. £ s. d. By Balanoe 31sc December, 1577 ... 12,000 o 0 „ Transferred from Profit and Loss 30th January, 1878 ... ... ... 4,000 0 0 „ Proposed addition now ... ... 20,000 0 0 £-36,000 0 0 A. CHETHAM STRODE, Chairman of Directors. We have examined the Cash Bills and General Balances, and hereby certify the foregoing statement to bo correct. KEITH EAMSAY, > . „, WM. PARKER STREET, j Audltors - Dunkdi!,-, 23rd July, IS7B.