BANK OF NEW ZEALAND.

Press, Volume LXI, Issue 18406, 12 June 1925, Page 8

BANK OF NEW ZEALAND.

THE YEAR'S BALANCE-

SHEET.

PROFIT OF £819,285. (PBESS ASSOCIATION TELXOIUJI.) WELLINGTON, Juno 11. The balance-sheet and profit and loss statement of the Bank of New Zealand for the year ended March 31st last, which is to be presented at the ordinary general meeting of shareholders on the 19th inst., are as follows (shillings and pence omitted): — The profits, after providing for expenses of management, all bad and doubtful debts, and other contingencies, and after making provision "for tho annual donation to the Provident Fund, also for bonus to the staff, are .. .. £840,485

From this had to bo deducted — Interest on Guaranteed stock .. .. £21,199 Leaving balance of profit for the year .. 819,285

To which has to be added: — Balance brought forward from last year .. 506,513 £1,325,799 From this sum has been paid:— Dividend on Preference "A" Shares .. £50,000 Interim dividend on Preference "B" Shares .. 33,333 Interim dividend of Is 4d per share on Ordinary Shares .. 200,000 Leaving available for distribution .. .. £1,042,465 This the Directors propose should be disposed of as follows :-=- Dividend on Preference "B" Shares (making £112,500 for the year, equal to 2s 3d per share) 75,166 Dividend of Is 4d per share on Ordinary Shares .(making £400,000 for tho year, equal to 2s 8d per share .. .. 200,000 Transfer to Eeserve. Fund 250,000 (Making Eeserve Fund £2,575,000) Leaving balance to be carried forward .. • .. 513,299. £1,042,465 (SfECIAt, TO "THE PKBSS.") ■ .WELLINGTON/Juue 11.. ■ The balance-sheet of tho Bank of New Zealand for the year ended March 31st shows that another profitable year was experienced. The profits, after making provision for all bad and doubtful debts and other contingencies, annual donation to ProVidont Fund, and bonus to staff, and after deducting interest on guaranteed stock amounted to £819,285, as compared with £735,832 in tho previous year, an increase, of £83,453, equal r 1 cent. '

The gross.profit for the year amounted to £ as : compared, with £1,709,289 in the previous year, au increase of £66,035, and the expenses, including rates and taxes, totalled £934,839, which . contrasts with £952,257, a decrease of. £17,418. The items of expenditure compared with those for last year show as under:—

1925. 1924. . -V £ ; ■ £ Salaries, etc. '■■■■ „« 417,266 405,316 Directors' foes .. 7,500 7,500 General expenses ~ j 140,257 ' 146,91$ Audit expenses .. .2,472 2,866 Bates and taxes :., 367,342 389,661 . Total .. £934,838 £952,257 Savings were made in general ex ; penses amounting to £6657, in audit expenses £394, and in rates and £22,318. ■• '■;•'•' •■•;,..: Salaries and allowances increased by £ 11,950, probably because there are now 222 branches, as compared with 218 last year. , . The note circulation, which amounts to £4,168,844, shows an increase o| £96,743, deposits were Jess by £42,437 at but advances at £19,326,186 were greator by £542,085; discounts at £1,285,100 contracted W £56,091. , • . . .