COMMERCIAL.

New Zealand Times, Volume XXIX, Issue 4245, 28 October 1874, Page 2

COMMERCIAL.

Sale op Sugars at Dunedin.—The sale of sugars by Whitelaw and Co. was a great success, and the result testified in a surprising manner to the buoyancy of the market. There was a large attendance of the trade, and the bidding was very spirited. In all 13,500 pockets, ex Alexandra, were offered, and almost every line was sold at fair prices. Good brown crystals went off at £2B 15s. Brewing crystals realised £32 15s. and £34 17s. 6d. ; yellow crystals, £3l 10s, £33 5a., and £33 7s. Gd. ; second whites, £34 10s. and £35 ; finest whites, £36 ss. and £3O 7s, Gd. A quantity of sugar, balances of last season's shipments, were to have been offered, but, owing to the time occupied by the extensive sale transactions as above quoted, it was deemed advisable to postpone them for a future occasion. THE NATIONAL BANK OF NEW ZEALAND (LIMITED.) The following is the annual report which was presented to the shareholders at the second ordinary general meeting, at the City Terminus Hotel, Cannonstreet, London, on Friday, 4th September last: — The directors now beg to report to the shareholders upon the bank’s operations in London for twelve months to 31st March last, and in New Zealand to the same date for the period the bank has been actually established there. During the first session of the Parliament of New Zealand after the bank was established in the colony, an Act of Incorporation was obtained, authorising the company to issue notes, which finally became law on 3rd September, 1873. Tiie business of the Bank of Otago in the colony was taken over on Ist July, 1873, and the sum of £180,597 11s. 2d. representing its assets taken over, with interest thereon from that date as agreed, has been paid to the liquidators in London. The present balance-sheet, therefore, embraces the result of only nine months’ working of that business, carried on at thirteen offices, which are still open as branches of this bank. Of the other branches, six have been in operation for an average period of ten months, and the remaining eleven for four months. The latter, as might be expected, have hitherto been only a source of expense. Notwithstanding these disadvantages, the progress of the general business has been rapid and considerable, aud sufficiently remunerative to provide for the comparatively heavy charges of a concern in course of development. The gross profits, including £llO2 ss. 9d. brought from last year, and after deducting interest and making provision for bad and doubtful debts, amount to £45,56$ Cs. 6d. From this sum there has to be deducted £36,515 Bs. 4d. for current charges and amount written off for preliminary expenses, £2209 17s. 7d. for interest paid to the Bank of Otago on its assets taken over, £5277145. 2d. for rebate on bills discounted not due at 31st March, leaving £1,505 Gs, 4d., which the directors recommend should be carried forward. They have thought it more satisfactory to deduct rebate as above, although aware that it is by no means the invariable practice of colonial banks to do so. The amount, as will be seen, is £5277 145., equivalent to nearly 3 per cent, on the capital paid up at the commencement of the financial year. During the past year the directors have devoted much attention to the establishment of a business connection on the footing of agency with banking and other firms throughout the United Kingdom, British colonies, and foreign countries. Considerable transactions have already resulted, and tho directors look forward to this with much satisfaction as a source of future profit. The directors have pleasure in reporting that Mr. John Bridges, late of Wellington, New Zealand, has joined the board. His long residence in Australia and New Zealand, and his largo and varied banking experience there, will, they believe, bo of considerable service to the bank. In terms of tho articles of association the auditors now retire, but ore eligible for rc-clection. The prosperity of Now Zealand continues unbroken. The energy with which tho country is being opened up byroads and railways, and the encouragement given to the introduction of emigrants of all classes, cause a constant increase in the wealth of tho colony and tiie volume of its business transactions. The directors have every reason to hope that they will be able to secure for this bank its full share of tho advantages which must accrue from the general wellbeing. Charles Magniac, Chairman. 37 Lombard-street, E.C., London, 25th August, 1874. Balance Sheet to 31st March, 1874. £ s. d. To Capital—£3 10s. per share on CG,6G7 shares allotted in London, £233,334 10s.; £2 10s. per share on 33,333 shares allotted in Now Zealand, £83,332 10s.; Less—Calls unpaid, £1223 315,444 0 0 To Note circulation 112,724 0 0 To Liabilities on deposit and current accounts 080,752 12 1 To Bills payable and other liabilities 133,693 12 3 To Bills received for collection .. 100,370 11 4 To Profit and loss—Balance of that . account on 81st March, 1874, £1505 os. 4d.; rebate on bills discounted and not yet duo, £5277 14s. 2d. .. 0,843 0 0 £1,349,841 10 2 By Cash with bankers and at Branches 108,801 11 2 By Bills discounted, loans, current accounts, advances on securities, &c. 093.050 9 4 By Bills receivable, as per contra .. 100,370 11 4 By Landed property, premises, furni. ture, fittings, &c. .. .. .. 47,499 4 5 By preliminary expenses in London and New Zealand, and cost of sending out officers .. .. .. 4,450 19 10 ■ £1,319,841 10 2 Profit and Loss Account for. the Year Ending 31st March, 1874. To Charges, including rent, taxes, salaries, remuneration to Directors and all other expenses at head office and branches, £30,020 17s. 3d. ; preliminary and other expenses, £494 11s. Id 30,515 8 4 To Interest accrued, duo to Bank of Otago at 31st March, 1874 .. ~ 2,209 17 7 To Rebate on hills discounted, and not due at 31st March 5,277 14 2 To Balance carried down .. .. 1,505 C 4 £45,508 o^s

By Balance, Ist April, 1573 .. ■. 1,102 5 9 By Gross profit, after deducting interest on deposit and current accounts, and making provision for all bad and doubtful debts .. .... .. 44,400 0 8 £46,508 0 5 By Balance brought down .. •. £1,505 0 4 17th August. 1874.—Audited and found correct according to the books and vouchers at the neau office, and to the certified balance books received from the several branches. „ , _ Quieter, Ball & Co.