THE COLONIAL BANK.

New Zealand Herald, Volume XXVI, Issue 9323, 28 March 1889, Page 5

THE COLONIAL BANK.

HALF-YEARLY MEETING. [BY TELEGRAPH.PRESS ASSOCIATION.] Dunedin, Wednesday. The half-yearly meeting of the Colonial Bank of New Zealand was held this afternoon, —the Hon. George McLean presiding. The following report and balance-sheet were read:— The directors beg to submit to the proprietors the accompanying balance-sheet, and statement of accounts for the half-year ended 2%h February last —The net profits for tho half-year, after deducting interest paid and accrued on fixed deposits, rebating bills under discount, jind charjrinK all expenses of manacement, rent, etc., and duly providing for bad and doubtful debts, amount to £10,102 Is : to this has to be added balance from last half-year, £4275 17s 9d : total, £20,377 IS-.i 9d. And there must be define tax on note circulation and property tax, £1058 Is Gd ; leaving available, £18,419 17 a 3d. Which the directors recommend to bo applied as follows Payment of dividend at the rate of 7 per cent, per annum on the paid-up capital, £14,000 ; balance to be carried forward, £4419 17a 3d. Upon confirmation by the proprietors of the foregoing appropriations, the dividend will be payable at the head office, on and after (lie 'JSth inst., and at the branches on receipt of tho warrants. The Cambridge branch of the bank was withdrawn on 31st December, ISB3. John Roberts, Esq., la the director who retires from the Board at this meeting, in accordance with clause VI of the deed of settlement, and being eligible, offers himself for reelection. ITo is the only candidate for tho vacant scat. Tho [lon, William James Mudie I.arnach, CJ.M.G., AJ.11.1t., having resigned his seat on the Board on his departure for Victoria, the directors, in accordance with clause 44 of the deed of settlement, nominated John Macfarlane Ritchie, Esq., to fill the vacancy until this meeting. Mr. Ritchie now offers himself for election by the proprietors, and is the only candidate. Edwin John Spence, Esq., having resigned his seat at the Board on his departure for I Onrope, it will dovolvo upon this meeting to elect a director in his place. John Ilislop, Esq., i.L,1)., is the only candidate. Both the auditors retire from office at the present meeting. One only, Aufrdre <"!. Ken wick, Esq., is eligible for ro-oleetion, and he offers himself accordingly.— Ono. McJ.uan, Chairman. Balance-sheet ok tub Colonial Bank of New Zealand,

The Chairman, in moving the adoption of the roport, hoped the shareholders were satisfied with the steady progress the bank was making. The directors only believed in spreading their wings as prudence dictated. The influx of people returning after the exodus was increasing tho deposits, and they were now a good deal higher' than at tho last meeting. They were quito satisfied with the earning power of tho bank, but they were not ready to part with more money than necessary till securities which had come into their hands were fairly and properly written down. The officers of the bank had kept them clear of much lasses, but when they looked at the collapse of property they could understand there was a necessity to write down certain securities. Anyone looking at affairs must see the colony was progressing in a satisfactory manner, and if they took advantage of the opportunity, there were excellent prospects before them. He expressed a hope that farmers would take advantage of the price now offered, and not allow outsiders to come in and steal j their markets. Looking to the rapid strides in tho dairying industry, he believed the ( collapse of land in Southland would soon be over. All money coming into tho colony for produce was nob like borrowed money, but would assist in raising the position of the colony again. Even now people who had a down on the colony were commencing to look to it for investment. Ito asked tho people of the colony to rely on local institutions. If it was to the interest of foreign institutions to take away from here to feed tho principal branches they would do it, but a New Zealand institution like a bank must rise and fall with the colony. The report was adopted, and Messrs. J. Roberts and J. M. Ritchie and Dr. Hislop were elected directors, and A. G. Fen wick and T. Moody auditors.

As at SSfcli February, ISSf, including Loudon Offico at 30th November, li&s'. T)r. £ a. d. Capital, £2 paid up on200,000 shares .. 400,000 0 0 Notes in circulation 101, 10 0 Bills payable and other liabilities .. 401,493 9 10 Deposits 1,727,649 '2 0 Balances due to other banks .. .. 1519 3 Roserve fund 49,000 0 0 Profit and loss „ 18,419 17 3 £2,757,903 8 10 CR. £ s. d. Coin and cash balances at Rankers .. 351,343 2 7 Bullion on hand and in transitu .. 3,105 5 8 Government securities, consols, etc, .. .. £154,2:39 8 8 Government loans .. 403,333 0 8 557,569 15 4 Notes of and balances duo by other banks .. 9,150 10 7 Landed proporty and bank premises .. 113,MS 0 2 Bank furniture and stationery .. 7,459 12 2 Bills discounted, bills receivable, and all other debts duo to the Bank . .1,715,052 2 4 £2,757,90S 3 10 rUOl'IX AND LOSS ACCOUNT, Dr. & s. (L To Dividend at 7 per cent, per annum nt aist August, 1SSS .. 14,000 0 0 „ Charges for the halt-year, including rent, taxes,salaries, remuneration to directors ami auditors and alt other expenses, at head office and 25 branches .. .. 21,187 12 0 „ Tax on note circulation .. .. 9S5 7 I „ Property tax on paid-up capital and reserves to 28th Feb., 18S9 .. 972 14 5 ,, Proposed divideud at the rate of 7 per cent, per annum on the paid - np capital .. ..£14,000 0 0 ,, Balance „ .. d,419 17 3 ; 18,419 17 3 £55,565 10 9 Cr. £ s. (1.

By balance profit and loss at 31st August, 1S88 18,275 17 9 „ 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 37,289 13 0 £05,585 10 9 RESERVE FUND. Dr. £ S. (L To balanco „ .. „ .. 49,000 0 0 £49,000 0 0 Cr. By balanco 31st August, 18S3 .. — 49,000 0 0 £49,000 0 0 Geo. McLean, Chairman. II. Mackenzie, General Manager. Wo havo examined tho Cash and Bills on hand at Head Office, and compared tho Abstracts of Balances from tho various Branches, and certify the foregoing statement to 1)3 in accordance therewith and correct. Edmund Smith, \ an(iitora A. G. FEN WICK, /Auditors. Danedin, Ctli March, 1SS3.