COMMERCIAL.

New Zealand Times, Volume XXXII, Issue 5183, 1 November 1877, Page 2

COMMERCIAL.

Tho following are the duties collected at the Customs yesterday

The following are the amounts of Customs’ duties collected at the port of Wellington during the mouth ending 31st October;

2*The amount collected during the corresponding month of last yeir was £10,072 lit*. lOd. BY TELEGRAPH. AUCKLAND SHARE MARKET. (PltOM OETK OWN' COaRESI'ONDBS'T.) AUCKLAND, Wednesday. Hr. Alexander Saunders reports:—Sales ; Colonial Bank, 49s Od ; Moariataiari,. Cos ; Waitckauri, 6s ; Alburnia, 70s; Kurunul Hill, 15s. Buyers: Bank ®f New Zealand, £22; National Bank, 69s ; National Insurance, 32s Cd ; Union, 12s 6d ; Loan and Mercantile, 110 s ; Pinko, -11sHarbor View, Os, Sellers :• National Bank, 70s ; Sputh British,-78s. , . , BANK OF NEW ZEALAND. > (Prom the Hew Zealand Herald, 23rd October.) The ordinary general half-yearly meeting of shareholders was held yesterday in the: chief office, Queenstreet, J, L. Campbell, Esq., in the chair. The Actiwg-Inspectoii (Mr. J.' Murray), read the advertisement convening, the meeting; . also the report and balance-sheet fqr tho last half-year, as follows; 1 Thirty-second Report of the Directors of the Bank . of New Zealand, to .the |Half-yearly General. Meeting of the Proprietors, held at tho Bankings ‘ house, Auckland, or Monday,'22nd October,! 1877. The Directors beg to submit for the information of Shareholders the following statement of the halfyear's operations, the results of which they have no doubt will bo considered very gratifying The net profit at 30th September, ' after making ample appropriation - for all bad or doubtful dependencies, and for reduction of'Bank . premises and furniture accounts, amounts to. .. .. £72,717 16 0 To which has to he added— Balance rtf undivided profit at 31st March, 1877.. .. .. ' .. 8,447 8 11

The dividend and bonus will be payable at the head office, Auckland, on Tuesday, the 23rd October, and at the branches on receipt of advice. For the Board of Directors. J. Logan Campbell, President. Aggregate Balance-sheet of the Bank of Now Zealand at 30th September, 1877, including London Office at the 31st July, 1877

The Chairman, in moving tho 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 when such a satisfactory balance-sheet as that which has just been read is 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 will be pleased to learn; does not arise from any adventitious source, but from profits, the result of the increas ng 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 tho success of the institution. I beg to move the adoption of tho report and balanceaheet. , , . , Mr. G. B. Owen seconded tho resolution, which was put and carried nem. con, ELECTION OF DIRECTORS. The Chairman said the next business was to elect a director. Mr, J. C. Firth was the only qualified candidate that presented himself, and he became therefore elected. ELECTION OP AUDITORS. Mr. Comisky moved, and Mr. Hill seconded.— That Messrs. C. J. Stone and James Watt be the auditors for the ensuing year.—Carried nem. con. DIRECTORS* HONORARIUM, Mr. B. Tonks moved a resolution, of which he had given the due lecal notice, to tho following effect:— That, in clause 50 of the deed of settlement, in lieu of the words “one thousand " the words “ two thousand five hundred” be inserted. He said: I need not to remind the shareholders that this resolution has reference to the honorarium received by the directors for their care and diligence in conducting the affairs of the Bank. I am sure that nothing could more favorably recommend such an alteration in the clause than the balance-sheet which has been laid before the shareholders. At the time when a sum of £IOOO was fixed as the directors’ honorarium, the Bank was in a very different position from that which it at present oocup es. The position of the Bank of New Zealand in the Australasian colonies is now second only to that of the Bank of New South Wales, which has been established 44 years longer. Indeed, 1 think the balance-sheet just put before us goes far to place it in the first position. lam also of opinion that time has at length proved to us that wo ought to place our directors on a par with the dire tors of similar institutions, and that the sum of £2500 is fully small for the purpose ; but. at tho same I have no doubt that the gentlemen who may fill the office of directors will be satisfied with it. JMr. O. J. Stone seconded the resolution. It had been a source of honor and pleasure to him to have been connected with the Board for many years. He could state that the duties of directors were very onerous. Questions of great moment came continually under their view. Although very much of the success of the Bank was due to the efficiency of its officers, who had all ably seconded the directors, still very grave responsibility rested upon tho Board. It appeared, therefore, to be only just that the Board should have some honorarium commensurate with the magnitude of the figures with which they had to deal, and the great prosperity of the institution to which their services were engaged. A simple reference to the balance-sheet showed how remarkable that prosperity had been. In his position of auditor he could testify to the soundness as well as to the highly prosperous state of the institution. He had, therefore, great pleasure to second the resolution proposed by Mr. Tonks. The Chairman said: I may state to the shareholders that if they pass this resolution it will not become part of the constitution of the Bank until it shall have been confirmed by another general meeting of proprietors, and then it must be by a number of proprietors holding one-third of the actually paid-up capital. The effect of now passing this resolution will bo that it will come before the next general meeting for confirmation, ami it can be confirmed only by proprietors representing one-third of the paid-up capital. The resolution was put and carried unanimously. Mr. Wilcox, seconded by Mr. F. L. Prime, moved a vote of thanks to the retiring officers, which was carried unanimously. The Chairman returned thanks for the directors; Mr. Murray for the officers. The rough minutes were read and confirmed., This concluded the business of the meeting.

£ S. (I. Spirits .. 23010 4 ■Wine .. .. 15 11 2 Tobacco .. 153 5 0 Tea .. 5 0 0 Sugar .. 0 0 8

£ s. d. Ale, bottled. , 19 5 0 Ad valorem . 8 12 11 Other duties 0 15 0 Total .. £442 12 1

Spirits 3905 ■4 4 Cigars.. 103 13 0 Tobacco 1674 18 0 Wine.. 432 7 0 Ale, bottled. .243 6 3 Ale, balk 103 8 0 Tea .. 1083 11 6

Coffee, cocoa, chicory, &c. 83 U 6 Sugar.. 16CG 11 4 Goods by wgt. 1374 3 2 A cl valorem .. 11 « Other duties. 605 18 4 Total £16,391 7 1

Making a total available for dlvi81,165 i S The following appropriation of which „■ if now recommended — , To payment of divi- . dendat.the rate of/ 10 per cent, per ' annum .. ,.£36,260 0 0 To bonus of 5s. per share, equal to 6 per cent, per annum .. 18,125 0 .0 To increase to reserve fund 26,000 0 0 To balance carried to profit and loss account .. .. 1,790 4 5 81,165 i i

Dr. £725,000 0 0 Reserve Fund .. * 442,426 Bills payable in circulation .. 4 Deposits and other liabilities Balance of profit and loss at Slst 8.447 March. 1877.. Net profit for half-year 72,717 15 Cr. 9,774,802 9 8 940,742 IS 7 Bullion on hand and in transitu , .. 506,433 14 9 Government securities Landed prop rty. Bank premises. 8 furniture, &c 129,880 13 Bills receivable, and securities In London 2,745,257 10 9 to the Bank.. .. .. . .. 5,052,570 11 11 9,774,802 9 3 PROFIT AND LOSS ACCOUNT. -Dr. To dividend at the rate of 10 per 0 cent, per annum £86,250 0 To bonus of 5s. per share 18,125 0 To proposed increase to reserve fund To balance carried to profit and loss 1,700 41 new account ” .. .. 5 81,165 4 5 By balance of profit and loss at 30th September, 1877 .. 72.717 15 6 By balance from lost half year 8,447 8 11 81,165 4 £ RESERVE FUND. Dr. To balance 300,000 0 0 300,000 0 0 i Cr. By balance from la«t statement 275,000 0 0 By proposed addition 25,000 0 0 800,000 0 0 Audited.