BANK OF NEW ZEALAND.

Southland Times, Volume 2, Issue 4, 22 May 1863, Page 2

BANK OF NEW ZEALAND.

Report and Balance Sheet of the Directors of the Bank of New Zealand, Presented at the G.-nerul Meeting ofthe Pr< ti -ietora, held at Auckland on the 30th April, 1 J 63. Report. The Directors have much pleasure in submitting the annexed statement, showinir the results of the Bank's transactions for the hai I -year ending 31st March last. These results enable them to state that, after providing fo" all had and doubtful debts, writing off L 827 4s 8d from bank premises and furniture accounts, besides defraying the wh.ole expenses for the half-year, the net profits amount to L 35.910 10s Sd. to which is to he added the sum of LS9I Os 6d, being the balance from last half-year, making a total of L 36.804 lis 2d available for a propriation. The Directors recommend that the sum ot L 24.000 be added to the Reserve Fund, by which hat fun'! will be increased to L33.ooO— that the sum of Ll 0,100 be set apart lor a dividend at tbe rate of 10 jier cent, per r-muin on the paid-up capital of the Bank, and that the ha'anee standiug at the debit of preliminary expenses, amounting io L 915 12s Id, be discharged, leaving a ha'anee of L1,6f!8 19s Id to be carried to the credit of profit and loss for the nest half-year. At the exnira'ion of the last half-yeir^ fche Directors believed that the payment of L 5 per «hare would have afforde 1 sufficient capital for the Bank for sometime to come; but the rapid growth ■•t the Colony, and the increasing business of the Bank, havo satisfied your Directors thnt further capital may be profitably employed. Under these circumstances, your Directors propose to convene a meeting of the proprietors, with a view to obtain their authority to increase tho capital under the provisions of the Sth clause of the Deed of Settlement. The dividend will be payable at Auckland, on sth May nest, and at the Branches on receipt of advice. A vacancy has occurred in the Board of Direction by the resignation of James O'Neill, Esq., aid due notice has been given for the election a, tliis meeting of a qualified proprietor in his place. For the Directors, James Williamson, President. Balance Sheet.

Or. £ , 5,.,.d By Balance from last Statement... 9,000 0 C „ Amount transferred from Profit of past half-year ... 24,000 0 ( £33,000 0 ( We hereby certify that we have examined tht accounts of the Bank of New Zealand for the halfyear ending 31st March, 1863, and that we have counted the Cash Balance, and examined the Bills and other Securities held at the Head Office. and compared the Returns of the Branches with the above Balance Sheet, an.l found the same to be correct. William C Dim, n udltors . Charles J. Tatlok, $ ■ »

Dr. £ s. d. To Paid up Capital 239 592 0 0 „ Notes in C rculntion 227,779 0 0 „ Bills in Circulation ... ... 34.037 18 (5 „ Deposits 764.383 6 8 „ Balances due to other Banks ... 205.105 5 0 ,; R-sottc Fund 9,000 0 0 „ Balance of Profit nnd Loss Account at 30th September ... 891 0 6 „ Net Profit for half year (including; £1.713 13s. premium on sale of shares) 35,910 10 8 £1,; 97,302 1 4 Cr. £ s. d. By Coin and Bullion 307,110 10 1 „ Bullion in transitu to London 144,093 1 5 Bil's Receivable and all other Advances 860.608 0 11 „ Ba'ances due by other Banks ... •90 270 0 2 „ Notes of other Banks 10.083 11 1 „ Government Securities . . 52,000 0 0 „ Landed Property 16,818 2 0 „ Preliminary Expenses 915 12 1 Bank Premises, Furniture, and Stationery 15,373 3 7 £1,497,302 1 4 Profit and Loss Account. Dr. £ s. d. To Increase of Reserve Fund .. 24,000 0 0 „ Dividend at the rate of 10 per cent, per annum ... ... 10,190 0 0 „ Balance of Preliminary Expenses, written off ... . . 945 12 1 „ Amount carried to Profit and Loss New Account 1,668 19 1 £36,804 11 2 Cr. £ s. d. By Balance of Profit at 30th September 894 0 6 „ Net Profits for half year ... 35,910 10 8 £36,b04 11 2 Reserve Fund. Dr. £ s. d. To Balance „. i.t ,••• ••• 33,000 O O £33,000 0 0