BANK OF NEW ZEALAND HALF YEARLY MEETING.
■» (UNITED PRESS ASSOCIATION.) Auckland, Oct. 27. The half-yearly meeting of the Bank of New Zealand was held at noon to-day, Dr J. L. Campbell presiding. The Director's Bepo>-t showed the nett profits for the half year to be £26,511 16s Ud, which with the balance from last half year gave £41,106 7s 2d available for distribution. They propose to carry £85,000 to contingency account, and the remainder to profit and loss new accouat. Later. At the Bank of New Zealand meeting the Chairman's speech reviewed at length the causes o£ depreaßino, With regard to the nonpayment of dividend, an event unprecedented m tha history of the Bank, it shewed that that, the profits of the half-year were retained to strengthen the reserve against doubtful debts. Tfao figures show coin and cash balances of three million three hundred thousand, (£.",300,000) and a moderate expansion of business under all principal heads. There is some excitement over fcho nonpayment of a dividend by the Bank of New Zealand, and a i-ed notion m the reserve fund from £625,001) to £500,000. Most of the profit is carriuil to the bad nnd doubtful debts iiccouut.j i
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Bibliographic details
Marlborough Express, Volume XXIII, Issue 227, 27 October 1887, Page 2
Word Count
198BANK OF NEW ZEALAND HALF YEARLY MEETING. Marlborough Express, Volume XXIII, Issue 227, 27 October 1887, Page 2
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