BANK OF NEW ZEALAND.

Patea Mail, Volume IV, Issue 373, 13 November 1878, Page 2

BANK OF NEW ZEALAND.

At the ordinary meeting of the above Bank, held in Auckland on the 29th October, the thirty-fourth Report of the Directors was read as follows ;

“ The Directors have again to congratulate shareholders on the favorable result of another half-yedr’a operations. The net profit at 30th September, after making Very full appropriations for all bad and doubtful dependencies, and in reduction of Bank premises and furniture; amounts to £83,280 5s 3d - , to which has to bo added—Tnalance of undivided profit at 31st March, 1878, £4,983 3s 9d, making a total available for division of £88,263 ; the following appropriation of which is now recommended; To payment of dividend at the rate of 10 per cent, per annum, £38,250; to bonus of 5s per share, equal to 5 per cent, per-annum, £18,125; to proposed increase of reserve fund, £25,000; to balance carried to profit and loss new account, £B,BBB 9s. - The dividend and bonus will be payable at the head office, Auckland, on Thursday, the 31st October, and at the branches on receipt of advice. For the Board of Directors, —J. Logan Campbell, President.”

The aggregate Balance-sheet at 30th September, 1878, including London office at 31st July, 1878, showed: Dr.—-Bank stock, £725,000; Reserve Fund, £325,000; notes in circulation, £4B-1,856; bills payable in circulation, £1,795,108 3s Id ; deposits and other liabilities, £8,136,147 15s 6d; balance of profit and loss at 31st March, 1878, £4,983 3s 9d; net profit for half-year, £83,280 5s 3d: total, £11,554,375 7s 7d. Or.—Coin and cash’ balances, £b57,085 6s ; bullion' on hand and in transitu, £315,463 3s; ■ Government securities, £569,965 6s Id; bills receivable, and securities in London, £1,505,103 Is 8d; landed property, Bank premises, furniture, &c., £133,861 15s 9d; bills discounted, and other debts due to the Bank, £8,172,896 15s Id: total, £11,554,375 7s 7d.

The Chairman (Dr Campbell), after referring to the strong position which the Bank had attained, and the profitable use which bad been made of its large resources, sa ifi—“The most noticeable feature in the present balance, sheet is the very satisfactory increase under the'head of deposits and other liabilities, and the corresponding increase in advances —two items which very conclusively prove that we have been able to do something more than hold our

own against the active competition of other Banks.” In speaking to the necessity for a further increase of capital, and to remarks made b}’ Mr Thomas Russell in 1870, who then looked forward tp a wonderful progress of the Colony and of the business of the Bank, the Chairman said doubled, and, the deposits of this Bank alone are double the amount then held by the united Banks of the Colony. In view of the largely increasing business of the Bank, yoitr Directors consider the time has now. arrived when the full authority you committed to them in 1870 should be exercised, and the capital made £1,000,000.”

'The following resolution, authorising the increase of capital, was carried unanimously— u That this meeting authorises the Directors, at their discretion, to issue 27,500 shares of £lO each at such premium as the Directors consider equitable, and that such shares be first offered to shareholders—payment of the increased capital not to be called up prior to olst March, 1879 V