COMMERCIAL.

Poverty Bay Standard, Volume III, Issue 424, 1 November 1876, Page 2

COMMERCIAL.

BANK OF NEW ZEALAND. The half-yearly general meeting of the Bank of New Zealand was held in the Banking-house, Queen-street, Auckland, on the 20th Oct. There was a large attendance of shareholders. Dr. Campbell, the president of the Bank, having taken the chair, called upon Mr John Murray (who was acting for the Inspector) to read the advertisement calling the meeting. The same gentleman then read the minutes of the last general meeting and special general meeting, held on the 21st April

la«t. —These were duly confirmed. —Mr Murray then read the following report (the 30th) and balance-sheet : — The Directors have pleasure in presenting to shareholders another Half-yearly Report of the usual satisfactory character* The Net Profit at 30th September, aft er making very full appropriations for all dependencies considered bad or doubtful, and for

menb 256.000 0 0 The Chairman, in moving the adoption of the report, said : I have on the present occasion, in moving the adoption of the report which has just been read, only to record the continued prosperity of the bank, a fact borne out by the balance-sheet now laid before you. The figures exhibit a gratifying increase of business ; and that the increase should be most marked in the bank's resources, and its cash balances, must be at the present juncture especially satisfactory to shareholders. Nothing of any importance bearing on the interests of the bank has arisen during the past half-year. The demand for new agencies in the out districts proves the constantly increasing character of our business along with the development of the colony. As was anticipated, our tender fur the Govern ment account was accepted, and now having the whole Government business enables us to transact it at rates which are favourable to the Government, as compared with some of the neighbouring colonies. The transfer of the Fiji Bank to this establishment has also been completed since the last meeting of shareholders. I then stated that your directors look to future benefit, and not to immediate results, and, although that colony has been suffering from commercial depression consequent upon the transition state of its industries, to new branches of production, your directors nevertheless remai n satisfied that the bank’s prospects there justify the policy of occupying the field. I beg to move the adoption of the report and balance-sheet. Mr J. C. Stone seconded the adoption of the report, and it was unanimously agreed to. The "Chairman then said that the next business before the meeting was the election of three directors to vacancies at the Board, two caused by absence and rotation and one bythedeath of Mr W. C. Wilson, whose connection with the bank dated from its foundation, and who for so many years was a valuable acquisition at the councils of the Board. There were only three candidates, Messrs. Alfred Cox, James Watt, and the Hon. James Williamson, who would therefore bocome the new directors according to the deed of settlement, and fill the vacancies in the order of their names. It next devolved upon the meeting to elect two auditors. Mr G. P. Pierce, in order of seniority being ineligible. Dr. Ellis moved and Mr Prime seconded “ That Messrs. A. K. Taylor and J. C. Stone be auditors for the current year.” —The motion w r as unanimously agreed to. Mr B. Tonks, M.H.R., moved “ That a hearty vote of thanks be given to the directors and officers of the bank. Looking at. the depressed state of business, not merely in Auckland, but he might say all over the world, and the exceed-

ingly low price that is now ruling for money, a large amount of talent mast have been displayed by 7 the officers of the bank in order to enable them to place before the shareholders so satisfactory a report, and that too in the face of keen competition from the other banking establishments of New Zealand. He trusted that on that occasion the vote of thanks would not be passed as a mere formal matter, but as the hearty expression of the feeling of the shareholders. Mr T. Hill seconded the motion, and it i was unanimously agreed to. The Chairman returned thanks on behalf of the directors, and Mr Murray on behalf of the officers of the bank ; after which the meeting separated. 1113

Amount of Customs Duties collected at the Port of Poverty Bay for the month of October 1875. £ s. d. Spirits ... 405 6 6 Tobacco ... 145 0 0 Wine ... 21 13 7 Tea ... 38 12 6 Sugar ... 80 0 6 Goods by Weight ... 6 16 4 Ad Valorem ... 29 0 0 Other duties 1 16 0 £728 5 5 Corresponding month last year ... 418 9

reduction of Bank Premises and Furniture Ac- £ a counts amounts to 54,308 19 3 To which has to be added— Premium on issue of 384 shares reserved as per last report for non-residents 1,920 0 0 Balance of undivided profit at the 31st. March, 1876 6,818 10 8 Giving a total available for — division of £63,077 9 11 The following appropriation of which is now recoinmended— To payment of dividend at £ 8. d. the rate of 10 per cent. per annum 35,000 0 0 To bonus of 5s. per share, equal to 5. p.er cent, per annum 17,500 0 0 To interest reserved for Fiji Bank. shareholders 1,942 10 0 Tg balance carried to Profit and Loss Account 8,634 19 11 £63,077 9 11 The dividend and bonus will be payable at the Head Office, Auckland on Monday, the 23rd of 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 NEW ZEALAND. AT SEPTEMBER 30tH,1876, INCWDINQ LONDON OFFICE, AT JULY 31ST, 1876. Dr. £ s. <1. Bank fjitock 700,000 0 0 Reserve Fund 250,000 0 0 Notes in Circulation 423.850 0 0 Bills payable in Circulation 1,254,931 17 3 Deposits and other Liabiiities 5,005,050 15 11 Balance of Profit and Loss at March 31st, 1876 6,848 10 8 Net profit for Half-year, £54,308 19 3 Premiums on New Shares, £1.920 0 0 — 56,228 19 3 £7,696,910 3 1 Ch. £ s. d. Coin and Cash Balances ... 1,214,170 1 7 Bullion on hand and in transitu 316,686 4 3 Government Securities 372,000 0 0 Landed Property, Bank Premises, Furniture, &c. 120,413 3 3 Bills Receivable, and Securities in London 1,397,075 10 9 Bills discounted and other debts due to the Bank... 4,276,535 3 3 £7,696,910 3 1 PROFIT AND LOSS ACCOUNT. £ s: d. To Dividend at the rate of 10 per cent per annum... 35,000 0 0 “ Bonus of 5s per share... {17,500 0 0 “ Interest reserved for Fiji Bank Shareholders 1,942 10 0 “ Balance carried to Profit and Loss New Account... 8,634 19 11 £63,077 9 11 Bv Balance of Profit and Loss at September 30th 1876 £54,308 19 3 “ Premiums on NewShares 1,920 0 0 “ Balance from last Halfyear 6,848 10 8 £63,077 9 11 RESERVE FUND. £ 8. d. To Balance 250,000 0 0 By Balance from Last State-