BANK OF N.Z.

Press, Volume LVI, Issue 16853, 5 June 1920, Page 8

BANK OF N.Z.

J BALANCE-SHEET FOR PAST YEAR. j ITET PROFIT OF £469,015. I (press association telegram.) I 'WZLLLXOTOX, June 4. The fcalanco-sheot of the Bad; of Xew Zealand for the past year, which was ; circulated to-day, shows a net profit ' of £459,045, after deducting interest on the 4 per cent, guaranteed stock, which is about £30,000. more than was earned Ln the previous year. To this must b? added £143,225 5s 9d, making a total of £GIS,2VQ 2i 3d, which is the actual amount available for distribution. : The dividend for the year absorbs £205,750, or a little more than a third, j The ordinary received in dividend and bonus 17£- per cent., of which G per cent, was distributed as an interim dividend. The sum of £150.000 is added to the reserve fund, bringing that fund up to £2,50*0,000, and has been written oiE promises and furniture. These amount-?, total AM(i8,750, leaving a. balance of £140,520 '2i 3d to bo carried forw~r<J. j The note circulation totals £5J65.337 las compared with £3.72S 253 a year ago. Do-osits t-otal £37 GJI/Jll. ngairisfc £31,715 353, ndnn es £17.D20.(i15 against £17.330.737. money and credit in London £20,233,642 against £13,515,-0:-G, investments in the Dominion £3 824.761 against £3.27(3.162, and coin and e-sh balances £8,371,535 cainst- , £5,918.453. " *

it will bo noted that, thoro is a substantial_ increase in the deposits amounting to nearly six millions, duo! | no doubt, to tho freer shipment- and quicker realisation of accumulated produces. Tho advances, however, snow an expansion of less than £300,000 which is the natural result of the great expansion in deposits. The investments m London hive increased bv approximately £0,000 OCO, or the same Vs the deposits, which seems to indicate that the banlc is finding profit-able investment in London, rather than in Zealand.

There is a substantial growth in the eircul-.itinn, the increase being aVmt two millions, and a further expansion may bo expected when the Government loan of two millions is fionted. This loan will have the effect of continuing tho war prosperity and inflation, everyone desires to see ended. mooting of shareholders on the ibth inst., the will, as usual, comment on general, commercial, and economic topics, and it will be surprising if he dees not utter a particularly strong warning. - j