COMMERCIAL.

New Zealand Times, Volume XXXIII, Issue 5411, 31 July 1878, Page 2

COMMERCIAL.

The following are the duties collected at the Customs yesterday:—

OF NEW ZEALAND Eighth Report of the Director* to the HALFYEARLY M»BTINO OF TUB PROPRIETORS, TO BE iihld At thb Colonial Bank Buildings, Prixoes-strbbt, Dunedin, on "Wednesday, tub Slat Jolt, 2878. The director* have much pleasure In submitting to ibo proprietor* the accompanying statement of accounts and balance-sheet for the half-year ending June 30 last. The net profit for the half-year, after deducting Interest paid and accrued on fixed deposits all salaries and expenses of management, rent ajida pthe* charges, and making ample provision for all? wvl and doubtful debts, amounts to £20,84', 2s sd'; to which has to be added r—Promlum received? on> shares, alloted referred to below, £17,070 Os. at: balance of profit and loss carried over from December 31 last, £211114s sd, making a total of 3d uvailaldo for distribution by tho meeting, The- directors recommend Us appropriation as fbltowa To reserve fund. Including £17,070 (5s Bd, premium on shares (which will then amount to £3(1,000), £2(*,000 ; to rebate current bills, £4518 4s fld ; to. bank furniture and stationery, written off. £2OOO ; to payment of a dividend of 7 per cent, per annum, on £32B,yBCN)f the paid-up capital at June 30 last. £11,500 Os: total, £38,018 10. i od, leaving a balance of' £2OOB 12s Od to be carried forward to profit and loss new account. Upon confirmation by tho proprietors of the foregoing proposed appropriations, tho dividend will be payable at head office on and after the 12tli proximo, and at the branches upon receipt of tho dividend warrants.

The directors, thinking that tho rapidly increasing business of the Bank rendered it advisable that they should dispose of tho balance of iho unallotted shares

of the first issue of 200,000, decided to offer them to the existing proprietors, in the proportion of 1 to esch 5 shares held, at a premium of 10s per sHare. Tula mode of distribution left 2852 shares unallotted, and tho directors resolved to invite tenders for them and any further number that might be available through proprietors not taking up their allotted quota, lenders 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 thoir quota of shares reserved for shareholders in England cannot arrive to r some time. It is not possible to bring tho total amount of premium to a point this half-year; only the net sum already received here—£l7.o7o 6s Bd—therefore appears in the accounts and tho directors, os notified by circular to the shareholders, propose to carry Ik, as shown above, to reserve fund; and they congratulate the proprietors upon tho result of this operation, and upon being there'w enabled to make such an important addition to the Bank's reserves at this early stage of Its exlstTho directors have again tho satisfaction to report that the business of the Bank at head office and branches continues to increase, and that the prospects of the Bank are highly satisfactory. Messrs. W. J. M. Larnach and James Rattray having. owing to their absence from the colony, resigned their seats as directors, the Board nominated in their places, under clause 44 of the deed of settlement, tho Hon. Matthew Holmes and John Thomas Wngbt, Esq., who are tho only candidates. A. Chetham Strode, Chairman of Directors. Balance-sheet of tho Colonial Bank of New Zealand, as at 30th June. 1878, including London office at 31st March, 1878: — Dr. & s * d * Capital £2 paid up on £164,290 shares, £328,680; do, on account of 36,710 shares, £27,805 J 5 2 Notes in circulation .. .. • • _?][»??§ J 22 Bills payable and other liabilities .. 813,869 13 0 Deposits .. 837,380 4 10 Balances duo to other banks . .. 7,383 3 0 Reservo fund 22 Profit and loss .. .40,027 3 3 £1,658,371 4 7 CR. 8 - d * Coin and cash balances .. • • 5 }2 Bullion on hand and In transitu .* 12,821 610 Notes of and balances duo by other A „ banks 0.863 9 6 Landed property and Bank premises 62,923 8 - Bank furniture and stationery .. 6,654 7 6 Bills discounted, bills receivable, and , A . __ A all other debts duo to the Bank.. 1,404,530 10 10 £1,658,371 4 7 .PROFIT AND LOSS ACCOUNT. Dn. . & B • <*• To transferred to reserve fund, in accordance with resolution of piopriotors at half-yearly meeting on January 30, 1878 4,000 0 0 Dividend at 6 per cent, per annum on paid up capital at 31st December, 1878 .. 0,857 8 0 Charges for tho half year, including rent, taxes, salaries, remuneration to directors and auditors, and all other expenses at head office and fifteen branches .. .. - .. .. 13,204 0 6 Proposed addition to reserve fund, £20,000; rebate current bills, £4518 4s. 9c1.; bank furniture and stationery, written off, £2000; proposed dividend at 7 per cent, per annum on £328.580 of the paid-up capital at June 30, £11,500 .. .. 83,013 10 0 Balance 2,038 12 0 £09.149 0 9 Cr. £ s. d. By balance profit and loss at Slst Dec., 1877 . .. 16,969 2 6 Gross profit for half-year (after making provision for bad and doubtful debts and Interest paid and accrued on fixed deposits) ~ .. .. 36,109 11 8 Premiums received on shares allotted inJunelast ~ .. .. .« 17,070 6 8 £69,149 0 9 RESERVE FUND. Dr. £ a. d. To balance .. *. .. •• .. 86.000 0 0 £36,000 0 0 Cr. £ s. d. By balance Slst December, 1877 .. 12,000 0 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. Chxtham Strode, Chairman of Directors. We have examined the cash, bills, and general balances, and hereby certify the foregoing statement to be correct. Keith Ramsay, ) Auditors Wm. Parker Street, / Auauors ' Dunedin, July 23,1878, BY TELEGRAPH. AUCKLAND SHARE MARKET. (from our own correspondent.) AUCKLAND, Tuesday. Mr. Alexander Saunders reports:—Buyers; Colonial Bank, 555; National Bank, 78s; Bank of New Zealand, £23 15s; South British, 70s; National Insurance, 26s 6d ; New Zealand Shipping, 86s; Auckland Gas, £lO 12s fid; Caledonian, 655; Thames, 32s ; Corby, 255.

Spirit* .« & 8. .•m 7 cl f> Wino .. . 38 8' 4 ; w is 11 . 13 15 0 . 4a o 7 (Knife) . 7 10 0

Weight £ ». 8 11 cl. 4 Art Talcrrcm .. 10 10 1 Other duties .. 31 2 0 Total .. £310 C 2