BANK OF NEW ZEALAND.

Daily Telegraph (Napier), Issue 3221, 26 October 1881, Page 3

BANK OF NEW ZEALAND.

[BY TELEGRAPH, j Auckland, Cotober 26

The fortieth half-yearly meeting of the Bank of New Zealand was held to-day. The Hon. James Williamson in the chair. The directors report as follows : —The directors congratulate the shareholders on the result of the past half-year's operations, as exhibited in the report and balance-sheet. The net profit for the half-year ended 30th September, after ample appropriations for all known bad or doubtful debts, and in the erection of bank premises and furniture accounts, amounts £73,943 2s 4d, to which has to be added £24,801 16s 3d, giving a total available for division of £98,744 18s 7d, the following appropriation of which is now recommended—To the payment of a dividend at the rate of ten per ceat per annum, £50,000 ; bonus of 5s per share, equal to five per cent per annum, £25,000 ; balance carried to profit and loss new account, £23,744 18s 7d ; total £98,744 18s 7d. The dividend and bonus will be payable at head office, Auckland, on the 27th instant, and at branches on the receipt of advice.

The balance-sheet at the 30th September, 1881, including the London office at the 31st July, 1881, shows—Liabilities : Capital, £1,000,000; reserve fund, £555,000; notes in circulation, £469,035 ; bills payable in circulation, £2,051,098 5s lOd ; deposits and other liabilities, £7,624,141 5s 9d ; balance of profit and loss, £98,744 18s 7d ; total, £11,798,019 10s 2d. Assets : Coin and cash balances at brokers, £973,495 8s 8d ; money on short call in London, £934,290 12s 9d ; ballance in hand and in transitu, £161,611 16s: Government securities, £273,371 4s 2d ; bills receivable and securities in London. £1,926,606 7s 2d ; bills discounted and other debts due to the bank, £7,296,209 2s 6d ; landed prop.rty, bank premises, etc., £232,434 19s 2d; total, £11,798,019 10s 2d. Profit and loss : To dividend on 100,000 shares of £10 each at the rate of 10 per cent, per annum. £50,000; bonus at the rate of 5s per share, equal to five per cent per annum, £25,000; balance carried to profit and loss new account £23,744 18s 7d; total, £98,744 18s 7d. By ballance from half-year ended 31st March, 1881, £24,801 16s 3d ; net profit for half-year ended 30th September, 1881, £73,943 2s 4d, total, £98,744 18s 7d. Reserve: To balance, '£555,000; by balance from half-year ended 31st March, 1881, £555,000. The Chairman, in moving the adoption of the report, said: During the halfyear, which embraces the most stagnant portion of the year, banking profits generally have been adversely affected by the continued plethora of money, and the consequent low rates, but the large measure of support which the bank enjoys enables us to-day to meet you with a report which is the best evidence of the continued success of our operations. The sole circulation is practically the same as in last statement; the bills payable have increased £176,000, and the deposits and other liabilities have decreased £360,000; the coin and its equivalents have been considerably reduced, but the advances are proportionately 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 as at last balance. In conclusion he spoke hopefully of the prospects of the colony. Tbe report was adopted, and the retiring directors, the Hon. F. Whitaker and Dr. Campbell, were re-elected. Messrs G. P. Pierce and B. Tonka were elected auditors.