COMMERCIAL.

New Zealand Times, Volume XXXII, Issue 4955, 8 February 1877, Page 4

COMMERCIAL.

TheiCusloms duties received at-this : port yester-' ■ day,were,as under.:—.-,,..,,^ ; .. r •';,:•■:•." l-.'V '

.riiTHE'iCOLONIAI'. BANK,OF NEW. ZEALAND/ ..... '-rpj, e ' iaifjiorl y njeeting of the. Colonial Bank was - 6i«eH : in' the Tenipettirica Hall, Duricdih, on the.aist January. There was a Urge attendance of J share-. holders, there being.about.2so.-pre«ent. Mr. James Rattray was voted to the chair..,...., , ..,.„• i The GkntUiai. Manaokr (Mr. George Cowie)then read the following; report, the •balance-sheet being taken as read :— ''''''' ''," '_ -■ BEPOTtT. ' The directors have tnuchipleasurein submitting tp the.proprietors the, accompanying statement of profit and loss and balance-sheet .for. the half-year ending e-31st JJecembeT last.; ,; : ■•■■'■'- '-'■'"■' ■"-■'••■:>•' " L , I „ t -The net projltfor the" half-year, after: deducting all " 'salaries and expenses of management, rent, and,.other •"Charges,arid after.making, full provisionforbadand « doubtful faebts and 'interest 'accrued' on'deposits, . amounts; to u •.:'.;.: '.■■'.' /.:•'..'£10,264'16' 5 To which-add.TT> <''■ •-'■' .'-'. ; r:-. - '■.''.-> '■•^' ; ~;- * ■'' ' ',' 3alahce of'profit.arid Joss, account , ■ ;.,,.;■» i ■' *-- ! 3 carriedovVfrom'SOth/ June'lasT ..;;, 3:651. 3* 0 , Making a total available.for division of .£13,915 19 5 . ■ As may.be' resolved ,on by, the meeting. ; , ~,-.. : J The'dlfectorg' recommend that it shall .;-,-. \ appropriated as fdllows:--To in- '"' ,; i *' .crease' the -reserve if and'(which' will ..v | ( ;, .:K > '• . ofaeUvldentf'»ttner»taof,6j>er.cent. , ... , ( ..: s ; ~*-per*annum on" the paia r inp capital of ,'" ; i.'.-she barikfonß3lst;Decemß«r! ; '£977* : ' ••"".'•■>-'•■-' ! t ;,7s,M, ; v ,.-j;vf.'->->tH'i~-<,-::~ _ .i>;<;ru,Bll-.:7;-.-2 -'•■'-ibaianc^o^v'^'' 1 u :£ '„.. '::'M;m.ii,',§ •y To be" caffle^forward'to'profit* and loss new; account ,'f^r,»the currentjhaUJyeii. 1o ••„-■;:'. :,: ./,,;;...- t '.Upon being confirmed, 'by'tW'prbprieTbrSi the.dividend wUl.be payable at; r head offileWaW'afS Wednesday, the 7th February. -j&d'Jst (heibrabcheiafsooti air the dividend warrants. reach- them from Dftnedto, of which due notice will; .. ....'--i.:»,---j. -..-'. .■■.['.:■.• The. biisiness'of the bank continues to increase and, ; improve- at'llead office and'brariches.': In September; last a branch was opened at Lawrence, whert'the pro-: gTessralready .made, quite meets the expectations of: the directors;''"' '■'."■■'"' . ■ t . .. ~..'. • The "Hon". -Donald -Reid, M.H.E., retires by ballot, in,accordance with the Deed of Settlement;- and is! not,eligible for re-election,, you .will itherefore.be; 'eallea upon' to elect a director ?n his stead. ; The Hon., Mathew Holmes, M;tt, and the-Hon.- : ,William! Hunter Reynolds,'M.H.K:, are'the candidates for the i •vacant, seat.-' ■.[ ■■ -',-■' ■-'.'■ ' ' - .The auditors retire from office at the present meeting, only One of whom (Mr. Edmund Smith) is eligible for re-election."- ■.....-•;"■ - -;;.'.•:■,-: ■ . A.Cketham Strode, Chairman. " ■• -/!i 'ill-:: . .' f ""'BAtAKCE-snEET ; ■"'" "''''' as on 31st December, -1876, including London office

A. Chbtbam Strodb, Chairman of Directors. We have examined the cash,, bills, and general balances, and hereby certify the foregoing statement tobecorrect. ■'-''_"' ■",' Dunedin, 23rd January, 1877. ■■;.,:..•:. The Chairman then said: Gentlemen—Ourbalancesheet and report are new before yon, and it falls to me to move that they be adopted by this meeting. I have very few remarksto make: on; this occasion. The arrears of capital account stood, on 31st December, at £8450, but'they have been since reduced to £2980. These arrears appertain to 149 shareholders, and the directors think that enough grace has now been extended to them. ,The capital we possess continues, to be sufficient for the business the bank is doing, and the Board see no reason at present lo make a further call, or to Issue-more shares.- The deposit'accounts in our last balance-sheet stood at a much higher figure; you will remember, than, they did six months before,, by some £197,000.'' This was partly owing to three or four special deposits of large amounts which we then enjoyed, and which, have now been withdrawn for investment otherwise. These withdrawals - account for a much greater sum than the' decrease of £63,000 in our deposits shown by the present balance-sheet, because really our ordinary deposit business has increased considerably within the half-year, and we have now actually 253 accounts more than we had six months ago! ; In coin and bullion we are strong,' and it. might-seem that these 'are -above'"what ■• we need reserve, but the General Manager was preparing in December for the purchase of the. London Exchange, which would be coming to him during the wool seasons - The bank's 'advances have been fully maintained, both in amount and character. It is the aim of the management to admit to our ledgers only legitimate commercial business, but to encourage that to the utmost of our'means. Perhaps it will not be out of place iere for the directors to acknowledge, with satisfaction, that the.bank has secured, since we met in July, several of the very" best commercial accounts in New Zealand There is no doubt, gentlemen, that the numerous New Zealand proprietory of this bank gives"it.an immense, advantage over many of its rivals, although we have started so much later, and have still so much ground to gain. The directors feel this'telling in the. Colonial'Bank's favor every day, andlthey confidently believe it will be your privilege within' a very ; few years ;tO see this bank in a" strong leading position,: paying as good a : dividend as its neighbors.' To exhibit; in a ifew '-words,-- the -field 'of ■' operations ; we have before" us : In September; .last the ; six banks doing business in New Zealand, including the Colonial Bank, held amongst them £5.428,000 of private deposits,-of which we held .only. not one twelfth. -Also, at the same date, the business advances by the six banks stood; at £9,365,000, of which again less than one-twelfth belonged to! the Colonial Bank. The moral of these remarks is this. I advise iyou strongly not'to sel) your shares even at par. They are. good'stock.'. Settle them on your wives.- (Applause.) But to return to the accounts. The > directors hope you "will be satisfied with the amount of gross profits; they are 'a considerable improvement on the last statement,- and are improving each month. The general charges account is an im; portaht subject for control, which the directors keep constantly before them.; and although they have felt .It necessary during the past year to strengthen-the bank's staff at more than one point; they have been able to keep down and even to diminish expenses by several hundreds. "We ; trust you will agree with pur views; of appropriating the net profits. Having > already extinguished by one stroke the whole preliminary expenses—£B22B 15s Bd—we think'if. you now makeup the reserve fund to £IO,OOO that-you, will have done as much in that direction,is can'faifly expected of the shareholders at this early stage of the: bank's career," and that you can now begin dividing a. six per cent.;dividend with a clear conscience, having a good prospect ot continuing the same until you see' fit to divide more. : I beg to move the adoption of the report... '. -, -•■: • ■'■ ~r r ■'■ The Hon. M, Holmes : I have ,very much pleasure in seconding the adoption of the report. I think it is favorable as shareholders could possibly expect, especially after.the six m'ohths-of dull times that we have experienced' throughout-the colony.' sit must be very gratifying indeed, not only to the shareholders of the- bank, but also to those who conduct the business oMhe institution, that after this period they should be. able to come beforethis: meeting with., a report so highly satisfactory.. There la one circum r stance I wish, to refer to,.and, that is "the.-. ln :! creased value- of the- stock. .Within six inonthsthe value of the stock', has. Increased 16 ! to 20. per'cent.;: and that'increase, may falrly.be expected to continue. I should notbe'at.all surprised if this time next year 'the-shares were at a premium. There.is another ■ circumstance I wish' to advert to. I ani highly,delighted, that a*. dividends is • now 'to be-'de. clared In „ consequence of the, number, of persons 'known, to be shareholders, in .the bank, who» have-'purchased shares for income. They ofs course-willi be. peculiarly gratified; 'because we: may .fairly anticipate that -the i dividend now -declared. will be continued from time ,to. time, and perhapsisonly-the prelude to a,much greater dividend atsome'future period. I think, "therefore, you will all'agree with r me, that the: report- is highly satis-; factory, and that, the prospects : of| the bank .are as; good as the most sanguine amongst, us could desire.; J, think we are largely indebted to those who have the ;management 'of -this.institution, for the manner in' which they haye,condui!ted its affairs hpto the present The repori and'balance-sheet were' then adopted,, ! '".'. ' " *., ; OF ACDITORS. ; ! I ( • Mr.' J."' S.' Webb, one of the candidates for the office of auditor, retired. ' ', • Mr. /R; *.,Wii,soN proposed,: and 'Mr. Wilkinson ■ seconded, Mr. Keith Ramsay.-j ;..,,,,., ; ~; 'Mr. A. Hill Jack proposed, and Mr.' Moodie seconded, Mr/ Edmund- Smith., ',.;-•"* , ; There being *ltwo vacancies, the Chairman declared Messrs.. Ramsay and Smith to be duly elected. -.

'.--,;::;. t. •■■■■ ' vote of thanks. ■-'- ■■•'-- ; ■"' j <• Mr, John Caroii*.: After the very'gratifying report we have heard read, Tthinkit is our .duty to ac'cbrd a'very hearty vote of thanks to the directors and officers of the bank. We have now turned the-.nbn,- ■ paying corner, and are about to pay a dividend for the first time., . • .■','■ j.:-, .; -ic---,-: -.' '-.: ■ . .■' •';' I ' •"', The vote of thanks was, agreed to unanimously. ; ! 'The'CHATOMAN: I thank you very much, on behalf \<A the'directors,-for/the vote of thanks you'have passed to .them. : , lam not speaking' of the officers', because IT will,leave that in more fitting and compete ent'Hands; 'But speaking for the directors, I think ■. most of them deserve that vote of' thanks. They attend,very;closely to business, and every one does.so with the greatest zeal and sucoess. • .It maybe that sometimes the Board of Directors is a little short!- -• handedj'becaase several of them" are' also members of the Legislature,'rf-But we'cabnot escape that if we want to,secure,the services of ' leading 'citizens.,' But notwithstanding,their absence duringpartof the.yearj lean assure'you that those directors do not forget.thai 'interests'of the: bank* and- that when-ahsent theylare sometimes doing more for the- bank than those of us who remain at home have the means of doing. *,• ;• \ ' : Mr.'CowiK (General Manager) :,,On,behalf of my ■ colleagues and myself I' beg to return you our warmest tjianda fori thelvote you have passed ; so cordially/ 'lt Is, -I.am sure, to those, of -.us mho are now; present, and wi11,,1 am satisfied, be equally gratifying to- ; those* at I 'their-tfostS elsewhere;' to .find that their; . efforts in your behafl "are thus appreciated and aoknow-, ledged ;ib«V Permit me to add, that however energetic o'r'zcalous your.ston* jmay.be, they ; cannot nnald?d; workup the'bahkW the fullest extent, and I venture, in'eonsequehce to take this opportunity to urge upon; the proprietors generally not'to be'tnerel/sleeping partners, but to assist us by taking an. active interest, in fostering the bank's-business, by, .influencing Atheir Jfrieiidsland bringing their own' accounts; sojas, to] make it the'success "we all aim at, as foreshadowed byj the chairman; and ,which I hope In a fiiw years to see! fully realised. . I again thank you on my own and the' .staffs behalf for your vote. ..[;,, ; EUtpTION OF DIBSCrOE. j The meeting' then"-proceeded to the.election of one! director, in the room 61 the Hon.' 'DMteld, who was ballottert out.- Therewere twij* candidates for the vac«ncy--theHon.MathewHolmeß and the Hon. W. H. 'Reynolds, • The votlngr'esalted in the,election of the Hon. William Hunter Keynolds., .. ■" ' r

U»J, WW»W ■■** »•» *£ Cb. 'd. " " ,-'- '-".. £ ft.d. SUJritfi : ..' r ■'.-. J 77 s 17 "• 3 1 Ad valorem .. . '3i';'e '3 "Wine-;--. - •■ Te»?,T .. . . -• . '84 6 0| Otherautiea-. . :.smo.,-o ;., r , - :■/ .i .93'Iff 0 Sugar «.',, .. 9. 4 71 ;; Ale (tfottled).. 18 1 3| Total .. £302 ' 9 '4

at 31st September, 1876:—' Dk. .,„.,..„,,. ,.■,■•. Capital paid up'to date •-.: Notes In circulation v ..... m Bills payable and other liabilities : Deposits ... ... ;. Balances due to other banks Reserve fund ..,. i .. ,■ Profit and loss, .. ' .. • • £ b. a. .. 325,045 6 9 .. ■. 82,629 10 0 .109,120 12 '4 ■i.'413,021 12 9 .. 11,071 0 8 .. 8,262 0 0 .. 18,015 19 -S £913,966 10 li;

Cb. £ s. d. 114,607 IS 10 Bullion on hand and in transitu 13,800 13 4 Notes of and balances due by other 7,121 12 8 Landed property and bank premises .. 11,976 18 7 Bank furniture and stationery .. 6,204 19 2 Bills discounted, bills receivable, and all other debts due to the bank .. 790,248 13 4 £943,966 10 11 PROFIT AND LOSS ACCOUNT Djt. , " £ s. d. To transferred to reserve fund accQUnt, In accordance with resolution of Proprietors at half-yearly meeting To charges for the half-year, including 6,433.0 0 to directors and auditors, and all other expenses at head office and 13 branches .. .. , . > 13,897 3 2 18,915 19 5 f £33,746 2 7 . Cr. ' ■ £ s. d. By balance profit and loss at 30th June, By gross profit for half-year (after mak- ' ing provision for bad and doubtful 10,084 3 0 debts and interest paid and accrued 23,661 19 7 £33,746 2 7 ' RESERVE FUND ACCOUNT Dr. '.£■«. d. 8,262 0 0 £8,262 0 .0 Cr. £ B. d. By balance at 30th June, 1876 '.. . .: 1,067 0.0 By transferred from profit and loss as 6,433 0 0 By amount paid on shares forfeited during past half-year .. •• 762 0 0 £8,262 0 0