BANK OF NEW ZEALAND.

Waikato Times, Volume XVI, Issue 1374, 23 April 1881, Page 2

BANK OF NEW ZEALAND.

The half-yearly meeting of shareholders was held on Wednesday, in the chief office, Queen-street, the Hon. Jarae» Williamson in the chair. The general manager (Mr D. L. Murdoch) read the notice convening the meeting and the minutes of the previous general meeting, also the report and balance-sheet, as follows :—: — The Thirty-ninth Report of the Directors of the Bank of New Zealand, to the Half- Yearly General Meeting of the Proprietors, held at the Banking-house, Auckland, on Thursday, 2i st April, 1681. The directors have pleasure in submitting to Shareholders the following Report and Balancesheet for the half-year ended 31st March. £ s. dl The net profit at that date, after ample appropriation for all known baa or doubtful debts, and in ret duction of bank premises and furniture accounts, amounts t6... 76,464: 9 6 To which, has to be added-

Balance from half-year ended 30th September, 1880 ... ... 23,337 6 9

Giving a total available for division of 99,801 16 3

The i following appropriation of which is now recommended — To payment of dividend at the rate of 10 per cent, per annum .£50,000 o o To bonus of 5s per share, equal to 5 per cent. per annum . ... 25,000 o 0 To balance carried to profit and loss new account ... 21,801 16 3 £99.80r 16 3

The dividend and bonus was made payable at the head office, Auckland, on Friday, 22nd mst., and at branches on receipt of advice, For the Board ot Directors. Jamks Williamson, Chairman.

Aggregate Balance-sheet of the Bank of New Zealand at the 31st March, 1881, including London Office at 31st January, 1881. Dr. Liabilities. £ s. d. Capital 1,000,000 o o Rcscrvefund 555,°00 o o Notes in circulation 473, 233 o o Bills payable in circulation ... 1,875,014 16 11 Deposits and other liabilities ... 7,992,405 10 1 Balance ot profit and loss .., 99,801 16 3

£"•995.455 3 3 Cr. Assets, £ s. d Coin and cash balances at bankers 1,732,883 13 o Money on short call in London... 675,000 o o Bullion on hand and in transitu .. 230,083 15 9 Government securities .. . . 246,513 15 o Bills receivable and securities in London 2,088,615 15 1 Bills discounted, and other debts due to the Bank 6,796,416 10 5 Landed property, Bank premiicc, Ice 225, ogr 5 o

£",995.455 3 3 PROFIT AND LOSS ACCOUNT. Dr. £ s. d. To dividend on 100,000 shares, of £10 each, at rate of 10 per cent. per annum 50,000 o o To bonus at rate of 5s per share, equ.il to 5 per cent, per annum 25,000 o o To ualancc carried to profit and loss new account 24,801 16 3

£99,801 16 3 Cr. £ s. d. By balance from half-year ended 30th September, > 880 23,337 6 9 By not profit for half-year ended ji&t March, 1881 ... 76,464 9 6

£99,801 16 3 RESKKVC FUNO, Dr. £ s. d. To balance 555,000 o o

To balance from half-year ended ,30th September, 1880 , 555,000 o o £555,000 o o "We hereby certify that we have examined the accounts of the Hank of New Zealand for the half-year ended 31st March, 1881, and that we have counted the cash balances and examined the bills and other securities held at the Head Office, and compared the returns of the branches with the statements in tho foregoing Balancesheet, and have found the same to be correct. (Signed) Allan J Auditors . The Chairman moved the adoption of the report and balance-sheet, congratulating the shareholders on the continued prosperity of the Bank, and on the improving financial prospects of the colony. The motion was seconded by Mr C. J. Stone, and the report and balance-sheet were adopted. A shareholder asked tho directors how soon the £6,796,416 19a 5d in bills discounted, and other debts due to the Bank, would be available, suppose a time of pressure should arise ? The General Manager : I am permitted by the Chairman to answer the question. I may state that the Bum is invested in the ordinary operations of a bank, a proportion of it in very short-dated bills, some in the ordinary accommodation to I customers by way of overdraft; but if the gentleman means to ask whether there is any large amount locked up in lands, I may state that there is practically not a thousand— we do not have any business of that sort. The oustomary vote of thanks to the directors and officers of the Bank having been passed and duly acknowledged, the meeting terminated.