Bank of New Zealand.

Hastings Standard, Issue 158, 29 October 1896, Page 2

Bank of New Zealand.

GENEIIAL MEETING. [By Telegraph] [Special, to Staxdakd.] Wellixgtox, This day. The general meeting of the Bank of New Zealand was hcl<l this afternoon, Mr Watson (President) in tlie chair. The directors in their report said that during the year the business of the Colonial Bank hail been acquired and brandies take 1 over and established at Ashurst, Cainpbelltown, North Cromwell, Bluff, Elthain, Kuaotuna, Kurow, Ophir, South lHmedin, and St. Bathans, and closed at Amborly, Eairlic, (ieraldme, Otahuhu, and l'ukekohe. The balance-sheet for the year ended 81st March, lHOtt, shows a net profit of .£52,192. but which on the amended adjustment l>v the Colonial Auditor and since approved bv the Colonial Treasurer had been reduced by .£12,402. leaving a balance to their credit of the profit and loss account of £40,08:5. The President of the Bank in his speech said the balance-sheet was the same as laid on the table of the House on June 19th with the exception of the unrecorded adjustment. The total net profit after the payment of dividend on shares or stock, before making provision for bad debts, but deducting the sum of £'42,492 before mentioned, was £9i>.201. Out of this bad debts were provided for to the extent of £5(3,500, leaving a balance of £39,700, which added to £983 from last year leaves £4.083 available. The bad debts were chiefly the dregs of Australian business. Under the Act the Board had appropriated the balance as a dividend of 3.1 per cent to the preference shares. £4375. and payment to the Assets Realisation Board £35,708.