BANK OF NEW ZEALAND

Dominion, Volume 6, Issue 1775, 13 June 1913, Page 5

BANK OF NEW ZEALAND

THE ANNUAL REPORT.

PROFIT FOR YEAR, £382,850 i

:ho following 1b tho onmw.l report foi ) year ondod March 81 lost of the nk of Now: Zealand, to be submitted tc ireholdera at tho ordinary general moot r, to bo hold on Juno 26, at IX a.m.i— 'Tho profits, nfbot providing for ex« leas of management, all bad and doubtdebts. nnd aftor making provision for 3 annual donation to tho Provident nd, ore .£382,530 Is. 9d. From this has 1)0 deducted—interest on guaranteed ick, ,£40,000, leaving a total of £312,830 9d, Of .this sum tho dirootors ha.ro ocated in reduction of bank promises d furniture, £40,000, leaving* a balanoo profit for tho year of .£302,530 Is. od. this liaa to bo added the balance ought forward from last rear, £40,68? i. 5d., making a total of ,£313,117 15s, 2d.,>m which there has been paid: interim ddend at G per oont. on proferenoo ares, and 0 per cent, on ordinary shares, 10,000. This leaves available for distriition tho sum of <£283,117 15s. 2d. Thi* e directors propose should bo disposed of follows: —Dividend at tho rate of 4 i>er nt. on preference sharos (making 10 t cent, for tho year), .£20,000 j dividend tho rate of 0 per oont. and bonus of' per cent, on ordinary chores (making . per cent, for the year), £45,000j trans' r to reserve fund, £175,000) leaving a ilance of £48,117 IBs. 2d. to Iw oarricd rward. "During the year branohos have been >ened at Buckley (Tologft Bay), Motu. ■ id Tokomaru Bay, and tho agenoy at tautau has boon made a daily branoh, genoies have been opened at Aratapu. Avelook, Mamaku, Matawai, Nightcaps, ormanby, Oknto, ■ Putaruru, Hohptu, hannon, To Kopuru,' and Tiratir' Liabilities, 'apital— '45 f per oent. guaranteed , j stock IMQQI) fl-0' Preference shares fully paid up, issued to tho , Crown under the Bank ' of New Zoaland Aot, 1903, Sections 9 and 10 600,009 0 -fl. Ordinary Shares, 150,000 i at £6 13s. 4d.i paid up ' ' to £3 Os. Bd. per share 600,003 0 0 Reserve iSind (of which .£500,000 is invested in British Government so- , curitios, tho balance being employed iii tho businoss of tho bank)... 1,800,000 0 0 fates in oiroulation ......... 894,080 0 0 Deposits 10,414,639 18 8 • iills payablo and other liabilities (including provision for doubtful debte and for depredation in . investmont securities)..* 1,367,081 '419 EJalonco of profit and loss 288,117 15 8 422,259,51818 B Assets. . VO Si <I«j Ooin and cash balances at bankers 6,009,857 6 0 Bullion on hand and ifli transit 1 79.073 12 9 Money at cell and short notice, Government bo- 1 curitios in London ...... 4,081,038 8 I! Bills receivable in London and in iaunsit 2,847(12® 8 0 Investments in the ColoniesColonial Government soourities —... V1P.281 0 0 Municipal securities ...... , 237,987 , 4 8, Bills disooninted ..... 1,253,254 8 7. Other advances and securities and dobta due to . . ' the bank 9,504,074 19 8 Landed property, promises, ... etc, ................ 467,827 ,1 0 <£22.259,618 18 8 Profit and Lost, £ ». d, Dividend at the rato of 4 per cent, (making 10 per oont. for' tho yoar ended March 31, .1912), > oil .£500,000 proferenco ■ chares issnea to tho Crown in terms of tho Bank of New Zealand • Act, 1903 20.000 0 0 Dividend at tho rato of 0 • por cont, on £500,000 at-. ' , ainary shiuxS capital ... 80,000 0 0 Bonus at tho rato of 3 per cent, on ordinary share capital [making 15 per ' oent. for the year 1 ended March 31, 1912)... 15,000 0 0 Amount transferred to «- „ „ eorve fund ,2 r Balanoo carried down ...... ■ 40,587 13 5 . 005,587 13 5 Twelve months' Interest on . guaranteed stock ......... 40.000 0 0 Amount writtx.ll off bank . premises and 'furniture 40,000 0 0 Interim dividend paid Docembor 5.' 1912—6 per i cent, on preference shares, .£500,000 (.£30,000) 6 por cent, on ordinary shares, £500,000 fJGSO.OOp) 00,000 0 8 Balance, being not profit „ for yoar W 3O 1 ' Amount brought forward a „ from last yoar M 1,887 13 B 483.117 15 2 Less interim dividend paid, as above 60,000 0 0 £423,117 15 2 Rescrvo Fund. Tho reserve fund stands at £1,878,000. a sum of £175,000 having been added out of profits for tho year 1912-13. . Balance brought down ... 40,587 13 : 8 Profits for year ended. , , March 31, 1913, including recoveries, ■ ana after payment of. and provision for, all interest duo and accrued on deposits, provision for -bad and doubtful debts and for annual Ztl—— 680,803 A 1 Less— , ' Salaries. and nllowA3ioc6 at hpad offic© «nd 1M branches And agcncics ■ (£188,602 19s. 6d.)i: directors' remuneration, . including London board (,£32-50); general expenses, including rent, stationery, tNftgmnis. postages, trav©llin'g» re- , . pairs to etc. • (.€50.742 18s.); audit; catmenses account («C2247 1 r »« 7d }: rates <iud taxes (£59,371 lis. 3d,) 304,275 * 8 £423,11715 0.