BANK OF NEW ZEALAND.

Temuka Leader, Issue 1653, 29 October 1887, Page 2

BANK OF NEW ZEALAND.

Atjoklahd, Oct. 27.

The ordinary half-yearly meeting of the shareholders in the Bank of New Zealand, was held to-day. Dr J. Logan Campbell occupied the chair. There were about thirty-five, shareholders present. Mr D. J. Murdoch, General Manager, read the following report, the balance-sheet, in accordance: with the usual custom, being taken as read:—The fifty-second report of the Directors of the Bank of New Zealand —ln submitting the following report of the operations of the last half-year, the Directors regret the result does not admit of the declaration of a' dividend. The net profit for the half-year ended 80th September, after appropriation for bad debts, amounts to £26,511 16s lid, to which was added, balance from half-year ended 31st March, 1887, £14,594 lls 3d, giving an available total of £41,106 8s 2d, which is proposed to be appropriated as follows :-t-To bad and doubtful debt contingency account, £35,000; 4o balance carried to profit and loss now account, £6,106 8a 2d ; r totpl, £41,106 8s 2d. For the Board Of Directors— J. Logu.it Campbell, President. Later. The speech of the Chairman of the Bank of New Zealand reviewed at, length the causes of the depression in relation to the non-payment : of a dividend. The event is unprecedented Ip the history of the Baakl;] Ihshowed that the profits of the half-year were retained to strengthen the reserve against doubtful debts; The figures showed coin’ and .cash balances of £3j,300,000, and a moderate expansion of business under all the principal heads. There is some excitement over the non-payment of the dividend,, and the reduction of the reserve fund from £625,000 to £500,000. Most of the profit is carried to bad and doubtful debts; Napiee, Oct. 27. No declaration of a d vidend by the Bank of New Zealand caused 3. great deal of surprise here, and some consternation;" The step is, however, generally approved.