BANK OF NEW ZEALAND.

Wairarapa Daily Times, Volume 3, Issue 910, 28 October 1881, Page 2

BANK OF NEW ZEALAND.

HALF-YEARLY MEETING. The fortieth half-yearly meeting of the Bank of New Zealand was held at Auckland on Tuesday last, the Hon James Williamson in tho chair. The Directors' report, which was presented, was as follows :—" The Directors congratulate the shareholders on tho result of the past half-year's operations, as exhibited in the report and balance sheet. The net profit for ihe half-year ended September 30, after ample appropriations fur all known bad or doubtful debts, and in reduction of the value ot bank premises and furniture account, amounts to L 73.943 2a 4d, to which has to he added the balance from the half-year ended March 31,1881, of 1.24,80116 a 3.1, uivina a total available for division of L98.74418s 7d, the following appropriation of which is now recommended :-To payment of dividend at the rate of 10 per cent, per annum, L 50.000; bnuusses, 6s per share, equal to 5 per cent, per annum, 125,000; balance carried to profit and loss, new account, L 23.744 18s 7d j total L 98.744 18s 7d. The dividend and bonus will be payable at the Head Office, Auckland, on the 27th inst., mid at branches on receipt of advice. The balance-sheet at 30th September, 1881, including the London Office, at 31st July, 1881, Kives liabilities, capital, L 1,000,000; reserve fund, L 555.000; notes in circulation, £469,035; Bills payablo in circulation, L 2,051,098 5s lOd; deposits and other liabilities, £7,624,141 5s 9d; bulance of profit and lobs, L 98.754 18s 7d.Lll ,798,019 10s 2d. Assets, coin, and cash balances at bankers, L973,495858d; money on short call in Loudon, L 934,290 12s Gd ; balance in hand and in transitu, Lltil.fill lCs; Government securities, L 273.371 4s 2d; bills receivable and securities in London, L1,92G,606 7s 2d ; bills discounted and oilier debts due to the Bank, L 7.296.209 2i 6,1; landed property (Bank premises, &c), L232.434 19s2dL11.798,01910s 2d. Profit and Loss-To dividend on 100,000 shares of LlO each, at the rate of 10 per cent, per annum, L 50,000. Bonus, at the rate of 5s per share, equal to 5 per cent, per annum, L 25.000. Balance carried to profit and loss, now account, L 23.744 18s 7d L 98.744 18s 7d. By balance from half year ended 31st March, 1881, L24,80116s 3d. Net profit for half year ended 30th September, 1831, L73,943254d-L9B 744 18s 7d. Reserve: To balance, L 555.000. By balanco from half year ended 31st Mvr0!i,1881,L555,000. The Chairman, in moving the adoption of the report, said:—During the halfyear, which embraces tho most stagnant portion of the year, banking profits generally have been adversely affected by a continued plethora of money, and the consequent low rates; but the large measure of Support which the Bank enjoys enables it to-day to meet you with a report which is the best evidonce of the continued success of our operation. The note circulation is practically tho same as at the last statement. Bills payable have increased by L17(i,000, and deposits and oilier liabilities have decreased by L 360.000. Coin and equivalents are considerably reduced, but advances have propurtioiialely increased, showing that the resources of the Bank are more actively employed than at the last balance period. The profit and loss balance is about the same a? tho last, In conclusion, he spoke hopefully of ihe prospects of the colony, The report was adopted, and the retiring Directors, F. Whitaker and Dr Campbell were re-elected. Messrs G. P. Pierce and 13. Tonks wore elected Auditors."