BANK OF NEW SOUTH WALES.

Southland Times, Volume 1, Issue 4, 21 November 1862, Page 4

BANK OF NEW SOUTH WALES.

nThe hjalf-yearly f general . meeting .91 the proprietors of this ; bank -iyas 'held^Qciqber; 30, at the banking-house^ at noon. Mr.;J._S!. • Willis took the chair. ! : The Manager read -the following report, and balance-sheet*:— ' The director's have the pleasure to state that the' business- tif th ! e half year, endcid on the 30th September, has been cf a satisfactory character, ; The net profit foi that period after deducting rebate on currentbills,interest on deposits, providingf or bad and doubtful debts, and reducing valuation of bank premises, amounts to £75,514 0 4 To whicl> i s to be added— Recoveries from bad and doubtful debts previously written off 1,515 19 1 Undivided balance from last half year 1,223 5 0 Giving for distribution ... £7 8,253 4 5 Which it is propo ed to apportion as follows : — To payment of dividend, at 15 per cent, per annum . £56,250 0 0 To paj'ment of bonus of 2 £ per cent, on paid up capital, £750,000 18,750 0 0 To balance to present halfyear 3,253 4 5 £78,253 4 5 It is the duty of the meeting to elect a director in the room of J. S. Willis, Esq., who retires by rotation. Wiiliam Walker, Esq., is the only candidate for the office. Both the present auditors, Messrs. Francis Mitchell and W. R. Piddington, now retire, one of these being eligible for re-election, and it also devolves on. the proprietors to fill these vacancies. The dividend will be payuble at the head office to-morrow, and at the branches on receipt of advice. For, and on behalf of the Board of Directors, J. S. Willis, President. Aggregate balance-sheet of the Bank of New South Wales, September 30, 1860 ("including London Branch to 30th June, Naw Zealanl Branches to Ist September, 1862). Dr. To bank stock £750,000 0 0 Toreseivefund 250,000 0 0 To notes in circulation .... 566,976 0 0 To bills payable 1,892,829 1 6 To deposits and other liabilities 3,766,926 8 1 To profit and loss 110,301 11 11 £7,337,033 1 6 Cr. By coin and cash balances. £1,381,059 16 3 By bullion on hand and in cransit to London at 30th Sentembpr 909.169 4 4 By Government securities 56,777 10 0 By notes of other banks .. 19.241 0 o By bank premises 114,901 13 6 By bills receivable, bills discounted, and other debts due to the bank . 4,847,519 12 11 By insurance account ... 8,364 4 6 7,337,033 1 6 Front and Loss Sept. 30, 2962. Dr. September 30, 1862— T0 rebate (at current rates) on bills discounted not due at this date £32,048 7 6 To dividend at the rate of 1 5 per cent, per annum 56,200 0 0 To bonus at the rate of 2 A per cent, on paid up capital, £750,000 18,750 0 0 To balance carried to profit and loss, "new account" 3 > 253 * 5 £110,301 11 11 j Cr. March 31, 1862.— 8y | amount from last account £1,223 5 0 Sept. 30. — By balance of current half years profits after writing off bad debts 109,078 6 11 £110,301 11 11 Audited 28th October, 1862. W. R. Piddington, 1 Auditors . Francis Mitchell, ) The chairman moved the adoption of the eport, and stated it was the intention of the riiectors to establish a guarantee and fidelity dund to commence from the first January f 63, and to which all the officers of the bank 'would have to contribute, and also that out of this fund a provident fund would arise, «houM no losses occur, and from which all J the officers wold derive a benefit. The motion that the report be adopted was put and carried unanimously. Mr. William Walker was elected a director in a the room of J. S. Willis, who retired j by rotation. Messrs. W. R. Piddington and J. Milaon junr., were elected auditors. _ J A vote of thanks was awarded to the directors and the meeting separated,