BANK OF NEW ZEALAND.

Hawke's Bay Herald, Volume 6, Issue 335, 18 November 1862, Page 3

BANK OF NEW ZEALAND.

Repobt of the Directors of. the Bank of New Zealand, presented at the general meeting of the proprietors, held at Auckland, on the 20th October, 1862. The directors have now to present to the shareholders the report on the affairs of the Bank for the half-year ending 30fch September last, and have the pleasure to state, that after making ample provision for all bad and doubtful debts, writing off £571 lls lOd from the amount at the dehit of Bank premises, furniture, and preliminary expenses for the half year, besides discharging a large sum which could have been with, propriety placed in the debit of preliminary expenses, the nett profits of the Bank amount to £13,970 10s lid, to which is to be added the sum of £726" 13s, being the unappropriated balance of the preceding half-year, making a total of £14,697 3s lid, available for division. The directors recommend that the sum of £6000 be added to the Reserve Fund, by which that fund will be increased to £9000 ; that the sum of £7803 3s 5d be set apart for a dividend at the rate of ten per cent, per annum, on the paid up capital of the Bank, leaving a balauce of £894 0$ Gd., to be carried forward to the credit of the proiit and loss account, for the current half-year. The dividend will be payable at Auckland on the 3rd November next, and at the branches on receipt of advice. The fifth instalment of £1 per share has been fixed to be paid on the IGth February next, and is the last call the directors can make without the authority of the shareholders, which they see no necessity for obtaining at present. In accordance with the provisions of the deed of settlement, one of the directors retires from the Boanl of Management by lot, and due notice has been given for the election of a qualified proprietor in his place. — For the directors, James Williamson, President.