COMMERCIAL.

Poverty Bay Standard, Volume III, Issue 222, 14 November 1874, Page 2

COMMERCIAL.

BANK OF NEW ZEALAND HALFYEARLY MEETING.

The half-yearly general meeting of the shareholders of the Bank of New Zealand was held in the Board-room, on the 21st October. About twenty shareholders were present. C. J. Taylor, Esq., occupied the chair, and read the advertisement convening the meeting. Mr. D. L. Murdoch then read the minutes of the previous meeting, which were confirmed, and afterwards the following report and balance sheet: Twenty-sixth report of the Directors of the Bank of New Zealand, to the Half-yearly General Meeting of the Proprietors, held at the Banking-house, Auckland, on Wednesday, the 21st October, 1874. The Directors have pleasure in congratulating Shareholders on the continued success of the Bank’s operations, as evidenced in the following report and balance-sheet: — £ s d

The net profit at 30th Sept., after making ample appropriation for all bad and doubtful dependencies, and for reduction of Bunk premises and furniture accounts, amounts to 45,703 16 10 To which has to be added— Balance of undivided profit at 31st March, 1874 13,212 9 5

Making a total available for division of 58,916 6 3 The following appropriation of which is now recommended— To payment of dividend at the rate of 10 per cent per annum £30,000 0 0 To bonus of 5s per share, equal to 5 per cent per annum ... 15,000 0 0 To balance carried to profit, nnd loss new account ...- ... 13,916 6 3 58,916 6 3

The dividend and bonus will be payable at head office, Auckland, on Friday, the 23rd October, and at branches on receipt of advice. For the Board of Directors, Charles J. Taylor, Chairman.

Aggregate Balance-sheet of the Bank of New Zealand nt 30th September, 1874, including London Office at 30th June, 1874.

Mr. D. L. Murdoch said: Gentlemen, There is one matter which lias occurred to me on which the chairman has not touched, and which I think due to the Board to mention, that has particular reference to this vote of thanks. It is that during the half-year the Board felt justified in according to the staff a bonus of 10 per cent on their salaries, a course which I need not sny has been most welcome to the staff, and has had a most beneficial effect. Welcome as your periodical votes of thanks undoubtedly are, the 10 per cent vote has no doubt appealed more directly to their feelings, and I anticipate the best results therefipm, and hope the future of the bank will warrant the action. London, Oct. 23. The corn market is quiet and easy ; home deliveries small; foreign arrivals are abundant.

New Zealand hemp has sold at full prices. In the wool market prices have slightly given way, the manufacturers being stocked.

Dr. £ s. d. Bank Stock 600,000 0 0 Reserve Fund 180,000 0 0 Notes in circulation 421,158 0 0 Bills in circulation ... 1,233,847 16 1 Depositsand other liabilities 4,254,340 14 3 Balance of profit, and loss account at March 31st, 1874 13,212 9 5 Net profit for half-year ... 45,703 16 10 £6,748,262 16 7 Cr. £ s. d. Com and cash balances 459,452 14 9 Bullion on hand and in transitu 374,351 10 5 Government securities 300,000 0 0 Notes and bills of other banks 4,012 16 3 Landed property 25,506 4 0 Bank premises, furniture, and stationery 72,197 17 4 Insurance account .. 2,461 1 8 Bills receivable, bills discounted, and other debts due to the bank 5,510,280 12 2 £6,748,262 16 7 PBOTIT AND LOSS ACCOUNT. Dr. £ s. d. To dividend at the rate of 10 per cent, per annum 30,000 0 0 To bonus of os per share, equal to 5 per cent 15,000 0 0 To balance carried to profit and loss, “ new account ” 13,916 6 3 £58,916 6 3 Cr. £ s. d. By balance of profit and loss at 31st March, 1874 13,212 9 5 By net profit for half-year, after writing off bad debts 45,703 16 10 £58,916 6 3 BSSEBVE FUND. Dr. £ d. To balance 180,000 0 0 £180,000 0 0 Cr. £ d. By balance from last statement 180,000 0 0 £180,000 0 0 Audited f?’ D “ ( James Watt