The Colonial Bank.

Thames Star, Volume XI, Issue 3462, 29 January 1880, Page 2

The Colonial Bank.

(PfiE PiiESS As SOCIATION.)

PuNEDiUt yesterday.

The eleventh half yearly meeting of the shareholders of the Colonial Bank of New Zealand was .held this afternoon, G. McLean, M.H.R., in the chair. The following reports were read ; —The directors beg to submit to the proprietors [the

accompanying report and balance-sheet lor the half-year ending 31st December last. The net'profits, after deducting interest paid and accrued ou fixed deposits, all expenses of management, rent, and other charges, and after rebating all bills current and providing for all ascertained bad debts, amounts to £17,511 6s Id. Balance profit and loss for previous half year is £2045 18s Id,. making a total of £19 557 5s 2d, which the directors propose to be appropriated as follows: —To reserve fund (in compliance with stipulation of clause 106 of deed of settlement), '£1000; to payment of dividend of 8 per cent per annum on paid up capital, £15,998 10s 5d ; balance to be carried forward to nest half year, | £2558 13s 9d. The directors make these proposals because the half year's, profits, besides paying 8 per cent per annum dividend would enable them to make what has been deemed sufficient provision for bad and doubtful debts, but after a very careful investigation of thn whole business of the Bauk, the directors, feeling in doubt as to the outcome of certain accounts which depend upon the realization of properly, and seeing the deprecation that has taken place lately in roal estate, and the, still depressed and unsettled state of commercial affairs deem it their duty to ask the shareholders' permission to transfer £20,000 from the reserve fund to the special suspense account, so as simply to provide for erery contingency. The directors, however, believe that a considetable portion of this sura will become available to be returned to the reserve. Upon the confirmation by the meeting of the recommendation of the Board the dividend will be payable at the head office on and after the 12th of February, and at the branches on the •receipt of the dividend warrants. The Hon. Mr Holmcs,',the only.'candidate for the vacant seat on the directory, was elected. The balance sheet as at the 31st December, 1879, including the - London office as at the 30th September, 1879, shows on the debtor side a capital of £399,962 15s notes in circulation, £87,131; bills payable and other liabilities, £1,322,135 19s 3d; deposits, £089,980 12s od; balance due to,other banks, £771 18s 7d; reserve fund, £45,000; profit and loss, £19,557 .4s 2d; total, £1,374,639 9s sd. Credit side: Coin and cash balances, £238,545 4s 3d; bullion on haud in transit, £13,113 16s lid; notes of and balances due by other banks, £11,110 10s lOd ; landed property and bank premises, £80,301 19s 1 6d; bank furniture/and stationery, £4,259 17s; bills, discounts, bills receivable, and all other ditto due to bank, £1,026,308 2s lid ; total, £1,374,639 9s sd. Profit and loss account—Debtor: transferred to reserve fund in accordance with a resolution of the proprietors at the half-yearly meeting on 30th July, '79, £3000; dividend at 8 per cent, per annum on paid up capital at 30th June, '79, £15,836 ; charges for half year, including rent, taxes, salaries, remuneration to directors and auditors, and all expenses at head office, and 16 branches, £16,872 3s 4d ; proposed addition to reserve fund, £1000; proposed dividend at 8 per cent, per annum on paid up capital, £15,998 10s sd; balance, £2,558 13s 9d; total, £655,265 7s 6d. Credit by balance, profit and loss—At June 30th, 1879, £2,88118s Id ; gross profit for half-year (after providing for all ascertained debts and interest paid and accrued on fixed deposits and rebate ou bills current), £34,383 9s 7d; total, £53,365 7s 6d. Keserve fund—Proposed transfer to special suspense ■ account, £20,000; balance, £2,600; total, £46,000.—Cr. • By balance 30th June, 1879, £42,000; transferred from profit and loss, 30th July, 1879, £30,000 ; proposed additions now in compliance with clause.lo6 of the deed of settlement, £1000; total, £46,000.

The Chairman moved, and Mr A. Solomon seconded pro forma, that the dividend be 4 per cent, and the balance be made a suspense account, and if not required be carried forward to profit and loss account. Only two hands were held up for the amendment, the motion being carried with applause. E. B. Cargiil moved that this meeting record thanks to the directors' for their careful and able management of the Bank's affairs, and also to the chief manager and other officers, upon whose zealous and effective services the prosperity of the institution must largely depend.

Mr Reeves spoke censoring the want of strict supervision which had led to large losses in the North.

The votes of thanks- were agreed to nem. con, and were replied to by Messrs Cole and McLean.