SIXTH REPORT OF THE DIRECTOES OF THE BANK of NEW ZEALAND,

Southland Times, Volume I, Issue 72, 14 November 1864, Page 3

SIXTH REPORT OF THE DIRECTOES OF THE BANK of NEW ZEALAND,

To the Yearly General Meeting of the Proprietors, held at the Banking House, Auckland, on Friday, the 28th clay of October, 1861. :— The Directors have to lay before the Proprietors the following statement of the affairs of the Bank as at 30th September last, and while congratulating them on the increase of business, and generally successful manner in which ifc has been conducted, they have to express their regret that the monetary and commercial crisis which Southland has expei-ienced during the past six months, and an indiscreet advance at Dunedin, have entailed losses much greater than may again be reasonably looked for, and but for which the profits weuld have been greater than during any previous half-year. Ample provision has been made for all bad and doubtful dependencies, some portion of which may yet be recovered. £ s. d.

I f £),«j Divldoiid aad Bonus will be payable at Heßcl Oißco, on Tuesday, the Ist proxiiao, and nt Uw S?ftH«lwfl P« receipt of advice. | For tfeo Soaed ol^hQcbox's, , ; JAMJSa /■'TOIiUMSOWi PrcsMotifc,

The net profit for the half-year, after providing for all bad and doubtful debts, and making considerable reductions in Bank Premises and Furniture Accounts, amounts to 32,295 14 10 To VfMck i8 tQ be added— Undivided balance from last halfyear 2,259 17 11 Making a total available for division of 34,555 12 9 With tho addition now to be made to tho Reserve JTund, it will amount to £100,000, being in ex» ceea of 25 per cent, of the paid-up capital of the Bank. Tho Directors therefore recommend tho following appropriation of tho above profits : — To vayxncub of Dividend at tho I'atO of 10 pey cent, pel' annum . . . 18,231 10 0 Bonua equal to 5 per cent, per annum 9,115 18 0 Addition to Kesex'vo itfund .,.,.., 5,000 0 0 Balance carried to Proiib and Lose Now Account 2,207 18 0 | ■ £34,535 13 Q