BANK OF NEW ZEALAND.
The following is the report of the directors of the Bank of New Zealand, to be presented at the ordinary general meeting of the proprietors, to be held at the head office, Wellington, on Thursday, August 10: — The directors beg to refer the shareholders to the annexed balance sheet and statement of profit and loss account as on March 81 last : After payment of dividend on £600,000 preferred shares, and interest on £2,000,000 guaranteed stock, and making provision for bad" and doubtful debts, the balance of net profits to be dealt with, amounted to £93,920' 0b Id. From this amount the directors have appropriated £30,617 83 2d in reduction of the book value of the assets in liquidation, being the total of the deficiencies on assets actually realised, £8302 16s lid in reduction of debenture conversion account, and £5000 in reduction of Colonial Bank purchase goodwill account, leaving a balance of £50,000 available* for the statutory payment to the Assets Realisation , Board. During the year the agency at Ormondvili© has been closed, and an agency at Mangaweka established. The balance sheet, as laid before Parliament, haß already been published.
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Bibliographic details
Otago Witness, Issue 2370, 3 August 1899, Page 28
Word Count
193BANK OF NEW ZEALAND. Otago Witness, Issue 2370, 3 August 1899, Page 28
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