COMMERCIAL.

Evening Post, Volume XV, Issue 102, 2 May 1877, Page 2

COMMERCIAL.

BANK OF NEW ZEALAND. (New Zealand Herald, 27th April.) The thirty-first half-yearly general meeting of the shareholders was held yesterday in the Bank Buildings, Queen-street; Dr. J. L. Campbell in the chair. The minutes of the last half-yearly general meeting were read and confirmed. The Acting Manager (Mr. Murray) read the half-yearly report and balance sheet as follows : — Thirty-first 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, 26th April, 1877. The Directors have pleasure in meeting Shareholders with a statement of the halfyear's operations, showing results which will no doubi be regarded as most satisfactory. The net profit at 31st March, after making ample provision for every debt conI sidered bad or doubtful, and ; for reduction of Bank premises and furniture accounts, amounts to £61,687 9 0 To which has to be added — The amount received as premium on shares issued to the Shareholders of the Fiji Banking Compamy ... £17,500 0 0 Balance of undivided profit at 30th September last ... £8,634 19 11 Making a total available for

The Chairman in moving the adoption of the report said— Gentlemen, I think I may safely conclude, that the report now placed in your hands is of such a satisfactory character that its adoption will be approved by you without any comments from the chair. It must be a cause of gratification to shareholders to see from the report that the half-year's operations have not only enabled the customary dividend and bonus to be paid, but also to have placed an additional £25,000 to the reserve fund, of which you will note that £7500 has been supplied from ordinary current profits, the larger amount (£17,500) from the premiums received on shares issued, as stated in the report. The business of the bank continues to make satisfactory progress, and, although there is a considerable diminution in Government deposits, this is more than supplied by the increase in ordinary resources, the total assets and liabilities, respectively, being now £8,800,000, as against £7,700,000, at least half-yearly balance. The Government, with a view to strengthening its financial position, and in accordance with our advice, lately availed itself, to some extent, ot the abnormal state of the Sydney money market, to effect a temporary loan there. This operation, while it has had the effect anticipated, has usefully supplemented the support which, as their bankers, we have not hesitated to give the Government. Shareholders will be gratified that I am able to state, that while this support is on a scale which the Government has been pleased to characterise as liberal, it does not involve any commitment which is not well within the resources of the bank. The rupture in bank agreements as to rates of business, which has occurred in Australia, has not, as yet, extended to New Zealand, — partly, perhaps, because the margin of profit has been smaller here than it was in some of the Australian colonies. Our large business enables us to be content with the profits which the present margin affords, aad we have, in the interests of our constituents, been opposed to the raising rates of discount, and should anything occur to bring the agreement in New Zealand to an end, we have no doubt as to our ability to meet any competition which may ensue without damage to our position or material effect upon our profits. I beg to move the adoption of the report and balance-sheet. Mr. Jambs Watts seconded the motion for the adoption of the report, which was carried nem. con. Mr. J. T. Thompson (Surveyor-General) moved a vote of thanks to the directors and officers of the bank. Dr. Ellis seconded the motion, which was carried unanimously. lhe Chairman returned thanks on behalf of the Board of Directors. Mr. Murk ay returned thanks on behalf of the staff. This concluded the business.

division of £87,822 8 11 The following appropriation of which is now ecominended — 'o payment of dividend at the rate of 10 per cent, per annum .^ £36,250 0 0 'o bonus of ss. per share ... 18,125 0 0 'o total for division ...£54,375 0 0 'o addition to reserve fund 25,000 0 0 'o balance carried to next half-year ... 8,447 811 £87,822 8 11 The Bank's capital now stands at £725,000 Reserve fund 275,000 0 0 0 0 Total ... ... £1,000,000 0 0 The dividend and bonus will be payable at the head office, Auckland, on Monday, the 30th April, and at the branches on receipt of advice For the Board of Directors. J. Logan Campbell, President. Aggregate Balance-sheet of the Bank of New Zealand at March 31st, 1877, including London Office at January 31st, 1877 : — Dr. £ s. d. Bank Stock 750,000 0 0 Reserve Fund 250,000 0 0 Notes in circulation 442,804 0 0 Bills payable in circulation ... 1,957,504 15 10 Deposits and other liabilities 5,339,527 18 6 Balance of profit and loss 30th September, 1876 ... 8,634 19 11 Net profit for half-year ... 61,687 9 0 Premium on new shares ... 17,500 0 0 £8,802,659 3 3 Cr. £ s. d. Coin and cash balances ... 970,700 3 9 Bullion on hand and in transitu 476,017 9 0 Government securities ... 386,467 1 0 Landed property, Bank premises, turniture, See. ... 123,735 19 8 Bills receivable,and securities in London 2,234,457 9 9 Bills discounted, and other debts due to the Bank 4,611,281 0 1 £8,802,659 3 3 PROFIT AND LOSB ACCOUNT. Dr. £ ». d. 'o dividend at the rate of 10 per cent per annum ... 36,250 0 0 'o bonus of ss. per sliare ... 18,125 0 0 'o proposed increase to reserve fund 25,000 0 0 'o balance carried to profit and loss, " new account" 8,447 811 £87,822 8 11 Cr. £ s. d. $y balance of profit and loss Rt 31st March, 1877 ... 61,687 0 0 ly premiums on new shares 17,500 0 0 ly balance from lasthalf-year 8,634 19 11 £87,822 8 11 RESERVE FUND. Dr. £ s. d. 'o balance 275,000 0 0 Cr. ly balance from last statement ly proposed addition £275,000 £ 250,000 25,000 0 0 s. d. 0 0 0 0 Audited. £275,000 0 0 A. K. Taylor > AnAttMß C. J. Stonb j Audl t°ra-