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The Pamphlet Collection of Sir Robert Stout: Volume 32

Further Discussion

Further Discussion.

Mr Reeves: Would it be convenient to state what the gross profits of the Bank have been for the last six months?

The Chairman : Certainly. The Chairman then read a statement from which it appeared that the gross profits for the half year were £11,746, leaving a net profit of £3322. There were many charges that would not occur again, and these charges he would have them particularly to bear in mind, had almost reached their limit—that was to say, the Bank could do four or six times the amount of business with the same charges.

Mr. R. Wilson said there was a good deal of small talk about the Bank having entered into a compact with the other Banks. It was always understood that the Bank should take its own course; but there was no doubt it had entered into a compact, and why he should like

The Chairman was very glad Mr Wilson had asked the question, as it was better to have these things explained He could only say it had been the intention, and still was the intention, of the Directors of the Bank to go as much alone as was prudent; but he need not tell them that no Bank in the Colony was able really to go alone. In fact, it would be most detrimental to the interest of any Bank to do so, and certainly for a new Bank and a weak Bank, which they might have considered themselves to be till they had got fairly under way. And when the agreement was talked of, and it was proposed to the Colonial Bank to enter into it, it received careful consideration. Any Bank could withdraw from this agreement at any time, and in justice to Mr Holmes and Mr Tolmie, he must say that they did not support the agreement.

Mr Reeves : It was reported some time ago that the Directors intended to appoint a highly salaried officer.

The Chairman replied that no such appointment had been made, and so far as he knew, was not intended to be made. He might say in justice to their present Manager, that the Directors—and, he was sure, the customers-were perfectly satisfied that that gentlemen had given entire satisfaction.—(Hear, hear.)

Mr Leary proposed a hearty vote of thanks to the Directors and to the officers of the Bank—particularly to the Manager (Mr Beal). Mr Beal was a gentleman in whom the shareholders had very great confidence, and many had invested their money solely through his connection with the Bank.

Mr H. S. Chapman seconded the vote. He should be sorry indeed if Mr Beal were forgotten in the usual distribution of thanks. Speaking as a customer,. and not as a shareholder, he (Mr Chapman) felt sure from what he heard and from what he knew that Mr Beal had given considerable satisfaction, and he felt sure that a very considerable proportion of the success of the Bank had been due to the very excellent reputation which Mr Beal enjoyed before he joined them.

The vote of thanks was carried by acclamation.

Mr Beal responded on behalf of himself and the officers of the Bank.

The proceedings concluded with the customary compliment to the Chairman.

Printed at the "Daily Times" Office, Rattray Street, Dunedin.'

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£ s. d. Capital paid up to date ------ 239,112 12 0 Notes in Circulation ------ 31,802 0 0 Bills in Circulation ------ 41,061 3 6 Deposits ------- 182,707 17 10 Profit Reserved for Interest accrued on Fixed Deposits - - - - . 702 8 8 Profit and Loss Account------ 4,723 18 10 £500,170 0 10 £ s. d. Coin -------------------- 100,272 17 10 Bullion ---------------- - - - 4,149 17 8 Notes and Balances due by other Banks - - 7,739 10 7 Landed Property and Bank Premises - - - 5,383 7 4 Bank Furniture and Stationery - - - 4,377 19 6 Bills Discounted, Bills Receivable, and other debts due to the Bank - - - 372,017 12 3 Preliminary Expenses— Advertising------ £2.206 0 0 Commission 011 sale of shares 1,067 0 0 Fees to Local Provisional Committees throughout N.Z. 597 0 0 Salaries, Allowances, and Ex- penses at the various centres 1,119 0 0 Legal Expenses - - 677 0 0 Rent, Stationery, Telegrams, Postage, &c. - - 562 15 8 6,228 15 8 £500,170 0 10 Dr. Cr. PROFIT AND LOSS ACCOUNT. £ s. d. To Balance - - - - - - 4,723 18 10 £4,723 18 10 £ s. d. By Balance Profit and Loss at 31st Dec., 1874 1,101 0 3 Net Profit for Half-Year (after making provision for bad and doubtful debts and interest accrued on Fixed Deposits) - - - - - - - 3,322 13 7 £4,723 18 10 By Balance at 30th June, 1875 - - - - - - 4,723 18 10 We have examined the Cash Bills and General Balances, and hereby certify the foregoing statement to be correct— E. SMITH, W. D. MEARES, Auditors

Balance Sheet of the Colonial Bank of New Zealand, 30th June, 1875.