BANK OF NEW ZEALAND.

Otago Daily Times, Issue 285, 18 November 1862, Page 4

BANK OF NEW ZEALAND.

A special meeting of .the shareholders was held at the Queen street oih'ce. Auckland, on the SOth ultimo, tli.ui the following report, signed by Air James Williamson, chairman, on behalf of the directors, was adopted :

" The directors have now to present to the shareho'ders the report on the affairs of the bank, for the hfdf-ypar, ending 30'h September lust, and have the pleasure to state, that after making ample provision for the amount at the debit of bank premises, furniture, and preliminary expenses, and defraying the whole expends for the haif-yfiar; besides discharging a lar^re sum which couid hive buen with propriety placed to the debit of preliminary fxpe».*es, tlie net |)rofiu of the bank auvmnt to L 3 970 lOslld, to which is to be added the sum of L72G K Js, being the unappropnated baiaiico of the preceding iiuii'-year, making a total of L14,6'.)7 3.s lid available for'division. «

'• The directors recommend thai, the sum of LG,OO.t be added to the reserve fund, by which that fund will be increased t.o LO,OOO ; tiiat, the sum of L7.8U3 3d fid be set apart fur a dividend at the rate of ten per cent:, per annum on tin; p -rid-up capital or the hank, leaving a balance of LB9l o.^ Gd to be carried forward to the credit of the profit and los-; account for current half year. The dividend will be payable at Auckland on the 3rd November next, anil at the branches on receipt of advice. " The fifth instilment of LI per shire has been fixed to be paid 0" the lUth February i.ext, and is the last call the di ectors can make without the authority of th? shareholders, which they see no necessity for obtaining at present.

" In accordance with the provisions; of the de^d of settlement, one of the dir. ctors retires from the Board of Management by lot, and due notice has Leen given ior the election of a qualified proprietor in his place."