BANK OF NEW SOUTH WALES.
Twenty-third' Report of the Board of Directors of the Bank of Neto South Wales to the half-yearly General Meeting of the Pro prietors, held at the Banking House, on Wednesday, 3blh day of April, 1862. Annexed is the Balance Sheet of the Bank for the half-) ear ended on the 31st ultimo, by which it wiU be seen that — Tbe net profit for that period, after deducting rebate on Current Bills, Interest on Deposits, Bad and Doubtful Debts, and making s provision for reduction in value of Bank Premises amounts
With the above addition to the Reserve Fund, and the sum of £2262 16s. 2d. recovered during the half-year from debts previously written off as bad or doubtful, that fund will amount to £250,000. The Directors now submit certain alterations in the Deed of Settlement necessary for governing the future appropriation of the net profits, and for maintaining the Reserve Fund at onethird of the paid-up capital of the Bank. Branches have been opened, since those reported at last Half-Yeaily Meeting, -in New Zealand, at Napier; and Agencies at Timaru and Kiapoi in the Canterbury Province ;and in New South Wales, at Orange, Penrith, and Goulbourn, and an Agency at Forbes; while in Victoria the Agency at Pleasant Creek has been withdrawn. The vacancy in the Direction, caused by the resignation of Mr. Walker, has been filled up by the temporary appointment of Mr. James Henderson, who is the only candidate for the office ; and consequent on Mr. Henderson's resignation, as Auditor, the Directors have appointed Mr. Francis Mitchell to act, as Auditor till this meeting, and it now rests with the proprietors to fill the vacancy by election. The Dividend will be paid at the Head Office, to-morrow, and *t the Branches on receipt of advice. For and on behalf of the Board of Directors, J. S. WILLIS, President.
to £83,605 17 5 To which is to be added the undivided Balance of last half-year 3,604 11 5 Giving for distribution ... £87,210 8 10 Which it is proposed to apportion as follows : — ■ To payment of ' dividend at 15 per cent per annum £5*6,250 0 0 To increase of KeserveFd. 29,737 310 To Balance carried to present half year 1,223 5 0 £87,210 8 10
BANK OF NEW SOUTH WALES.
Wellington Independent, Volume XVII, Issue 1730, 3 June 1862, Page 5
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