THE COLONIAL BANK OF NEW ZEALAND.

New Zealand Herald, Volume XXV, Issue 9014, 29 March 1888, Page 5

THE COLONIAL BANK OF NEW ZEALAND.

[by telegraph.—press ASSOCIATION.]

Dunk din, Wednesday. The half-yearly meeting of the Colonial Bank of New Zealand was held to-day, when the following report and balancesheet was read and adopted :—

The Directors bet: to submit to the Proprietors the accompanying Balance .Sheet and Statement of Accounts for the Half-year ended 29th February last

The net profits for the half-year, after deducting interest paid and accrued on tixed deposits, rebating bills under discount, and charging all expenses of management, rent, Ac., and duly providing for bad and doubtful debts, amount to * .. £17,324 10 11 To this has to be added balance from last half-year.. .. .. .. 3,902 3 2 21.556 14 1 And there must be deducted tax on note circulation and property tax .. 2,780 3 11 Leaving available .. .. .. £19,126 10 2 Which the Directors recommend to be applied as follows :— To reserve fund (which will then stand at £49,000) £ 1,000 0 0 Payment of dividend at the rate of 7 per cent per annum on the paidup capital .. 14,000 0 0 Balance to be can forward .. .. 4,126 10 2 £19,126 10 2 Lpon confirmation by the Proprietors of the foregoing appropriations, the dividend will be payable at the head office on and after the 20th instant, and at the branches on receipt of the warrants. Branches of the Bank have been opened during the half-year at the Bluff 011 August IS, IS-S7; at St. Bathans 011 November 22. ISB7 ; and at Queenstown on December 21, ISS7. The branch of Motueka was withdrawn on December 30. ISS7. The Hon. William James Mudie Larnach, C.M.0., is the director who retires from the Board at this meeting in accordance with clause 42 of the Deed of Settlement, and being eligible, offers himself for re-election. He is the only candidate for the vacant seat.

.John Maefarlane Ritchie, Esc., havincrresiened his seat at the Board on his departure for Europe the Directors, in accordance with clause 44 of the Deed of Settlement, nominated Edwin John Spence, Esq., to fill the vacancy until the meeting. Sir. Spence now offers himself for election by the proprietors, and is the only candidate. Both the auditors retire from office at the present meeting. One only, ,J. Edmund Smith, Esq., is eligible for re-election, and he otters himself accordingly. Geo. McLean, Chairman. Balaxce-Sheet of the Colonial Bank of New Zealand. As at 29th February, 1883, including London Office at 30th November, 1837. & s. d. Capital, £2 paid tip on 200,000 shares 400,000 0 0 Notes in circulation 100,050 10 0 Bills payable and other liabilities.. 276,474 18 S Deposits 1,721, 0 10 Balances due to other banks.. .. 222 1!) 3 Reserve fund 43,000 0 0 Profit and loss 19,126 10 2 ,£2,570,007 18 11 Cr. £ s. d. Coin and cash balances .. .. 310, 19 :i Bullion on hand and in transitu .. 3,024 0 7 Government securities, 3 per cent. consols and colonial debentures.. 371,439 4 10 Notes of and balances due bv other banks 59,857 10 11 Landed property and bank premises 111,130 11 9 Bank furniture and stationery .. 7,321 3 4 Bills discounted, hills receivable, and all other debts due to the Bank 1,705, 8 S £2,570,007 18 11 TROFIT AND LOSS ACCOUNT. Dr. £ s. d, £ a. d To transferred to reserve fund on 27th .July 1597 .. .. 1,000 0 0 ~ Dividend at 7 per cent, per annum at June 30th, 1837 .. 14,000 0 0 15,000 0 0 „ Charges for the half-year, including rent, taxes, salaries, remuneration to directors and auditors and all other expenses, at head office and 25 branches .. .. 28,140 211 „ Tax on note circulation .. .. 1,453 7 5 „ Property-tax on paid-up capital and reserves to 2'Jth February, 1593 1,306 16 C ~ Proposed addition to reserve fund ..£I,OOO 0 0 ~ Proposed dividend at the rate of 7 per cent, per annum on the paid - up capital .. .. 14,000 0 0 „ Balance .. .. 4,120 10 2 19,126 10 2 £65,026 17 0 Cr. £ e. d. By Balance profit and loss at 30th .rune, 1887 18,002 8 2 ~ Gross profit for half-year (after making provision for bad and doubtful debts, interest paid and accrued on fixed deposits, and rebate on bills current; amounts to 46,(*34 13 10 £65,026 17 0 RESERVE FUND, Dr. £ S. d. To balance .. _ _ .. 49,000 0 0 £19,000 0 0 Cr. By balance 30th June, 1887 .. .. 47,000 0 0 „ Transfer from profit and loss, 27th July, 1887 1,000 0 0 „ Proposed addition now .. .. 1,000 0 0 £49,000 0 0 Geo. McLean, Chairman. 11. Mackenzie, General Manager. We have examined the cash and bills on hand at head office, and compared the abstracts of balances from the various branches, and certify the foregoing statement to be in accordance therewith and correct. Keith Rams at \ Aulitor3 J. EDMUND Smith / AUtmol3 - Dunedin, 12th March, 1888.