BANK OF NEW ZEALAND.

Star (Christchurch), Issue 5350, 30 August 1895, Page 3

BANK OF NEW ZEALAND.

I „ 1 MEETING OF SHAREHOLDERS. THE REPORT. ' [P*R PrISS ABHOCIATION.I WELLINGTON, August 30. The report to be presented to the meetIng of the Bank of New Zealand shareholders this afternoon ia as follows :— The directora submit the balance-sheet for the year ended March 31 last. It will be seen that it is necessary to make provision for bad debts to the extent of .£376.898, after writing off reserve funds .£45,000 aud balance of profit and loss £383. The retiring directors are Blears Booth and Maearthy, who are the ouly candidates. During the year branches were closed at Cromwell, Sydenham, Dargaville, Russell, Kawakawa, Aratapu, Shannon, and Newcastle (New South Wales). The business of other banka was taken over at Whacgarei and Tauranga. BALANCE-SHEET. I Liabilities. I £ s. d. Capitol, 4 per cent Guaranteed Stock . . 2,000,000 0 0 100,000 shares at £5 5s each 525,000 0 0 50,000 shares at £7 10s 375,000 0 0 Call of 1895 account 159,745 9 2 ! Total ... "... 3,059,745 9 2 . Reserve Fund 45,000 0 0 ! Notes in circulation 468,195 0 0 Bills payable ... • 1,456,891 3 5 ' Deposits and other liabilities ... 7,141,755 0 0 Balance to profit and loss 383 11 1 Total liabii:tie*s 12,282,516 19 9 Assets. i Cnn and cash balances 1,302,000 ,5 10 I Bullion 92,185 3 11 Investments ... 880,213 0 4 Bills reoeivatte and discounted ... 2,112,347 13 0 Other advances and securities and debts due to the bank ... . ...5,203,449 13 10 Estates Company's shares, par value as per statute 1,850,000 O 0 Landed property, bank premises, ~ j &c» • •*• ••• ••• 419j90l 21U Bad and doubtful deota 423^81 0 0 Deduct reserve fund and profit and loss balance £45,383 11s lA, leaving nett amount ... 376,897 811 Total assets 12,282,416 19 9 The profit and loss account, which on March 31, 1894, Bhowed a credit balance of £37,739 17s Id, i shows a loss during the year of £37,356. Os, leaving a balance of £383 lls Id. The meeting ot shareholders will probably be adjourned. At the bank meeting the President declared the retiring directora re-elected, and moved an adjournment till Friday next, at 8 p.m. He abated that the directors would then enter exhaustively into the whole poeition. The following is the President's address t— The balance-sheet and the report of the directora are now in your hands. In view of the measure before Parliament, and the very full disous&ion ou the figures of both, the bank and the Estates Company at present going on, your directora think that it would be out of place to-day to discuss the bank's affairs, or to pass any resolutions regarding them, beyond the necessary election of directors, in the room of those who have retired. Ah Btated in the report, Messrs W. Booth and T- G. M'Oarthy are the only c%ndidatee, and as they have complied with the necessary formalities, I have therefore to declare these • gentle r men duly elected. I move that this meeting do now adjourn until Friday, Sept. 6, at 3 p.m., and I may state that your directors then propose to enter exhaustively into the whole position.