BANK OF NEW ZEAALND.

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

BANK OF NEW ZEAALND.

Report of the Directors of the Bank of New Zealand, presented at the general meeting of the proprietors, held at Auckland, on the 20th October, 1862 :— The directors have now to present to the shareVo'ders the report on the affairs of the Bank, for th> half-year ending 30th September last, and hive the pleasure to state, that after making ample provision for all bad and doubtfhl debts, writing off £571 11s lOd from the amount at the debit of Bank premises, furniture, and preliminary expenses, and defraying the whole expenses for the half-year, besides discharging- a large sum which could have been with propriety placed to the debit of preliminary expenses, the nett profits of the Bank amount to £13,970 10s lid, to which is to be added the sum of £726 13s, being the unappropriated balance of the preceding half-year, making a total of £14,697 8s lid available for division. The directors recommend that the sum of £6,000 be added to the Reserve Fund, by which that fund will be increased to £9,000; that the sum of £7,803 3s 5d be set apart for a dividend at the rate of ten per cent, per annum, on the paid-up capital of the Bank, leaving a balance of £894 0s 6d to be carried forward to the credit of the profit and loss account, for the current half-year. The dividend will be payable at Auckland on the 3rd November next, and at the branches on receipt of advice. The fifth instalment of £1 per share has been fixed to be paid on the 16th February next, and is the last call the directors can make -without the authority of the shareholders, which they see no necessity for obtaining at present. In accordance with the provisions of the deed ot settlement, one of the directors retires from the Board of Management by lot, and due notice has been given for the election of a qualified proprietor in his place. — For the directors, James William, President.