BANK OF NEW ZEALAND.

Southland Times, Issue 962, 3 June 1868, Page 2

BANK OF NEW ZEALAND.

The half-yearly general meeting of the pro-; prietors 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 Russell, Esq., President of the Board of Directors, occupied the chair. There was a numerous attendance of 'shareholders. - EEPOET OP DIBECTOR3. The Inspectob tlien read the following as the 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 has been anticipated by most of the proprietors. After providing for all bad and doubtful dep mdencies, and making the usual appropriations m reduction of bank premises and furniture accounts, the net profit amounts to £29,424 4 3

The Chaibman moved the . adoption.__of this report. Mr J. T. Mackeltib seconded its adoption. " The report was put and adopted unanimously. EIiECTION OF 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 DiNGWALti seconded the motion, which was unanimously carried. .-■■•■ ; The Ohaibman and Mr D. L. Murdoch .returned thanks. The draft copy of minuteß of the proceedings was read and agreed to. The meeting then separated.

To which has to be added balance ofundividedprofitatSOthSept., 16,118 64 Leaving now available for division £45,542 10. 7 Of which the directors recommend the following appropriation : — To payment of dividend, at the rate of 10 per cent per annum £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 " The dividend and bonus mil be payable at head office, Auckland, on Friday, the Ist of May, and at branches on receipt of advice. "For the Board of Directors. " Thomas Kttsseu., President." "Agkjbe&ate Balance Sheet eh? the Bank op Msw Zeaiand at 31st March, 1868, including London Office Ballances, at 31st December, 1867," Dr. £ s. d. Bank stock ... ... ... ... 500,000 0 0 Reserve Fund ... '.. 150,000 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 Balanse 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 Or, £ s. d. Coin and cash balances at London bankers ... 593,056 9 11 Bullion on hsnd and in transitu 174,030 0 1 G-overnment securities ... ... 457,600 0 0 Notes and bills of other banks 2,643 11 6 Landed Property 21,064 10 6 Bank premises, furniture, and . stationery ; 81,696 .9 4 Insurance account ......' ..v 3,740 7 6 Bills receivable, bills discounted, and other debts due to the bank 2,364,926 10 10 £3,698,757 19 8 PBOFIX AND iOSS ACCOUNT. Dr. - £ s. d. To dividend at the rate of 10 per ceut. per annum 25,000 0 0 To bonus of 5s 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 29,424 4 3 £45,542 10 7 keseevb nnro. Dr. -.-£-- b. d. To balance 150,000 0 0 Cr. By balance from last statement 150,000 0 0 "James Robertson, " Wm. Innes Tayxob, " Auditors."