BANK OF NEW ZEALAND.

Southland Times, Issue 954, 20 May 1868, Page 2

BANK OF NEW ZEALAND.

The half-yearly general meeting of the proprietors of this Bank was held in the bankinghouse, at 12 o'clock noon the 29th ult., to receive the report of the directors, elect a director, and transact any other business that might be brought; before the meeting. Thomas Ku9sell, Esq., President of the Board of Directors, occupied the chair. There was a numerous attendance of shareholders. BEPOBT OP DIBECTOBS. i The Inspectob then read the following as the I thirteenth report of the directors to the shareholders of the Bank of New Zealand : — "The depression which has continued throughout New Zealand during the past six months, and the increased caution necessarily exercised in the prosecution of the Bank's business, have temporarily diminished profits, a result which the directors doubt not hag been anticipated by most of the proprietors. After providing for all bad and doubtful dependencies, and making the usual appropriations in reduction of bank premises and furniture accounts, the net profit amounts to £29,424 4 3 To which has to be added balance

Of which the directors recommend the following appropriation : —

" The dividend and bonus -will be payable at head office, Auckland, on Friday, the Ist of Miy, and at branches on reoeipt of advice. " For the Hoard of Directors. " Thomas Rttsseli., President." "Aggbegate Balakce Sheet op the Bawk of New Zealand at 31st March, 1868, including London Office Ballances, at 31st December, 1867,"

PBOPIT AND IOSS ACCOUNT.

I BESEBVB FTT2TD.

" James Robebtson, " Wm. Innbs Taylob, "Auditors." The Chairman moved the adoption of this report. Mr J. T. Mackelvie seconded its adoption. The report was put and adopted unanimously. ELECTION OP DIBECTOB. The election of Mr Williamson as a director was unanimously carried. Mr David White moved that a vote of thanks be given to the directors and officers of the Bank. Mr DiN&WAiri seconded the motion, which was unanimously carried. The Chaibma.it and Mr D. L. Mtjbdoch returned thanks. The draft copy of minutes of the proceedings was read and agreed to. The meeting then ssparated.

Dr. £ s. d. To balance ... 150,000 0 0 Cr. By balance from last statement 150,000 0 0

Dr. £ s. d. To dividend at the rate of 10 I per cent, per annum ... ... 25,000 0 0 To bonus of 58 per share ... ... 12,500 0 0 To balance carried to profit and loss new account 8,042 10 7 £45,542 10 2 Cr. £ s. d. By balance of profit at 30th September last 16,118 6 4 By net profit for half-year, after writing off bad debts 29,421 4 3 £45,542 10 7

• Dr. £ s. a. Bank stock 500,000 0 0 Reserve Fund 150.0J0 0 0 Notes in circulation 305,288 0 0 Bills in circulation 771,182 14 10 Deposits and other liabilities... 1,926,744 14 3 Balance of profit and loss account at 30th September last 16.118 16 4 Net profit for half-year 29,424 4 3 £3,698,757 19 8 Cr. £ s. d. Coin and cash balances at London bankers 593,056 9 11 Bullion on hind and in transitu 174,030 0 1 Government securities 457,600 0 0 Notes and bills of other banka 2,643 11 6 Landed Property 21,064 10 6 Bank premises, furniture, and stationery 81,696 9 4 Insurance account 3,740 7 6 Bills receivable, bills discounted, andother debts due to the bank 2,364,925 10 10 £3,698,757 19 8

To payment of dividend, at the rate of 10 per cent per unnum £25,000 0 0 To bonus of ss. per share, equal to 5 per cent, per annum ... 12,500 0 0 To balance carried to profit and loss new account 8,042 10 7 £45,542 10 7

ofundividedprofitat3othSept., 16,118 6 4 Leaving now available for division £45,542 10 7