BANK OF AUCKLAND

New Zealand Herald, Volume III, Issue 682, 18 January 1866, Page 5

BANK OF AUCKLAND

The half-yearly meeting of the proprietors of this Jiang was hold yesterday in the banking-house, Ku and-strcet, or the purpose of receiving the report of tin directors for the half- iv ended the [ 31st December, and for the election of two auditors, I lu J :eims of the HaulcDeecl of Settlement. J r - James O 1 -Vkii-L* Chairman of the Board of Directors, presided. The Man'ageu having road from tho Nrcw Zk.ixaxd Herald the advertisemant calling the meeting, read the following] TtEPOIIT. Directors hayo the pleasure of submitting to the shareholders the report on the affairs of the Bank, (iSa half-year ending 31st December last. "By the annexed statement of accounts it will be seen that, after defraying tho whole expenses of tho establishment, the net profits amount to £2ofi7 19s. 9d.; to which is to bo added tho sum of £19 Bs. Bd. ; balance from last half-year, making a total of £2557 Bs. sd. available for appropriation. " ] | 10 Directors recommend that the sum of £750 be added to tho reservo fund, by which that fund 7 qi° incrol3ecl t0 £1500 ; that tho sum of £1824 4s. Bd. be set apart for a dividend at tho rate of 10 per cent, per annum on the paid-up capital of tho Banff, leaving a balunce of £13 3s. 9d. to be carried forward to the credit of the profit and loss account. " Iho dividond will bo payable on and after tomorrow. "Tt devolves upon the "shareholders to elect two Directors, in room of one, who retires bv lot, and of the late Mr. KinLT; also to elect two auditors, in room of H. M. Jervis, and J. Ij. Xole, Esq., whose term of office has expired. BALANCE SHEET Ol' THE RANK OP AUCKLAND FOR THE lIALF-YEAIi ENDED 31st DECEJII3EK. 1565. £ s. d. £ s. d lo Paid up By Coin - - - 18,248 13 4 Capital - - 39.4 U 0 o Government. „ Kesurv o p'nnd 750 0 0 nicnt securities 275 0 0 ~ Isotes in Circu- „ Landed probation - - - 10,118 0 0 Property - 2,158 13 5 „ Bills in Circu- „ 15«nk Fumilatimi - - 4 10 niture, Sta- „ Deposits - - 3G.321 1!) 11 tionerv, and liiilince due to Balance of other Banks 13,369 1G 11 Preliminary „ Balance of Expenses - -107 1 1 Profit and ~ Billy DiscountLoss Ac- ell, and other count to 30th debts due to 30th June last 19 8 0 the Bank -51.508 1 5 „ Net Profit for Half-year - 2,507 17 0 £102,595 9 3 £102,595 9 3 PROFIT AND LOSS ACCOUNT. £ S. 11. ,C s. U. To Dividend at By prolit unripthc rate of propriatcl 10 per ccnt. on 30cU .Tunc annum - - 1,824 48 last--- 1988 „ Increase of ~ Net Profitfor Reserve Fund 750 0 0 Half -year ~ Balance Cre- ended ."Ist dited l'rolit December, and Loss, new 1865 - - - 2.5G7 19 new account 13 3 D .€2,587 S S -C2.SS7 S 5 iti:sEi:vi; rusn , C s. d. £ s. d To Balance - 1,500 0 0 By Balance - 750 0 0 „ Amount added this Half-year 750 0 0 £1,500 0 0 £1,500 0 0 Tho Chairman* said : Gentlemen, it now becomes my duty to movo tho adoption of tho report and tho annexed statement of accounts for tho past half-year ending the 31st of December. In asking you, gentlemen, to accept this report, I have very littlo to say. Indeed I have nothing to add to tho report unless to congratulate you on the still improving state of tho hank (hear, hear.) I may mention that tho demand for discounts during tho past half-year has been great, and although in overv instance >vo have not been able to meet the demands of customers upon us, yet we have so far met their wishes that at tho end of the half-year they seem to be well satisfied. Wo have don© nothing to cripple trade :on tho contrary wo have endeavoured to foster commerce as much as possiblo. As the capital of tho Bank continues to bo paid every three months regularly wo will every day he in a Letter position to meet the wants cf the Province. Looking around us, and bearing in mind the difficulties we have had to contend with, wo havo very great reason to ho satisfied with the results of the'past half year I venture to believe that when you think of all these things, you will f-av that the Bank has been conducted with efficiency. We are all awara from tho reports out of doors that tho Bank is becoming u very popular and favorite institution in this city and province. Most of you will join with tno in regretting that Mr. King is not with us to-day. (Hear.) Ho was one of iho first promotors of the Bank, and whilo ho lived he took a great interest in its welfare. (Hear.) Gentlemen, I have nothing more to say than to move the adoption of the report. Mr. O. Rixo seconded the adoption of the report. Mr. David Nathan said ho would make one or two observations showing tho effect of institutions. The Manager hai said that thoro was a balance of £1,800 in their favour. That £1,800 was not going out of the Province, nor oven to England. Tho money was mado in the Province and spent in tho Province, and evorybody had their share of it. Tho. directors retiring by rotation ballotte d for tho outgoing diroctor, and tho lot fell upon Mr. Allan Kerr Taylor. Mr. Nathan who had acted as director in the place of the late Mr. King was announced as eligible for a lection. ■ J f Mr. George Graham was a candidate for the office of director. Col. Balneavis and Mr. Tlios. Scott acted as Scrutineers. Mr. David Nathan and Mr. Allan Kerr Taylor were elected diroctors. Mr. Tole and Mr. Jervis were elected auditors to tho Bank. The CIIAIKMAN said the only other matter before the meeting was a question which had been discussed two or three times previously by the Board, namely, whether they would not mako the mirkct for their shares wider by allowing shareholders to hold more than 500 shares. According to tho deed of settlement, no shareholder could hold more than 500. It was proposed that the word " 500" in the 22nd clause should be omitted, and " 1000" bo inserted in its stead. Ho might mention that in thirty days they would be asked to meot again to confirm the resolu- . tion. Hs begged to move that tho figures " 500" bo loft out, and " 1000" inserted in lieu thereof. Mr. Cabman seconded the resolution, which was carried unanimously. Mr. Cadman movod a vote of thanks to the Chairman and Board of Directors, Manager, and Officers of tho Company for tho groat labour, zeal, and trouble they had manifested in the conduct of the Bank. Mr. Dinqwall seconded tho motion, which was carried unanimously.