BANK OF NEW ZEALAND
—, v | • THE BALANCE-SHEET CREDIT AVAILABLE £371,094 10 3 Tho report and balance-sheet and profit and loss statement of the Bank of Now Zealand for tho year ended March 31 last, to be presented to shareholders at the annual meeting on June 18, shows that tho profits, after providing for expenses of management, all bad and doubtful debts, and after making provision for annual donation to the Provident Fund and for bonus' to staff, are £396,166 16s. fid. From this has to bo deducted interest on guaranteed stock £26,680 15s. 4d., leaving £369,486 Is. od. Of this sum the directors have allocated in reduction of bank premises and furniture £50,000, leaving balance of profit for the year £319,486 Is. 5d., to which, has to be added balance brought forward from last year £51,603 Bs. 10d., in all £371,094 10s. 3d. From this sum there has been paid interim dividend at 6 per cent, on A and B preference shares £45,000, and on ordinary shares £55,699 19s. 6d., making together £100,61)9 19s. 6d. This leaves available for distribution £270,394 10s. 9d. This the directors proposo should be disposed of as follows: —Dividend at the rate of 4 per cent, on A preference shares £20,000, dividend at the rate of 6 per cent, on ordinary shares and B preference shares £72,868 os. Bd.; bonus at the rato of 3 per cent, on ordinary shares and B preference shares £35,591 18s.; transfer to reserve fund £84,463 12s. lOd. (making reserve fund £2,000,000); leaving balance to be carried forward £51,170 19s. 3d. During the year branches have been opened at Kelensvillo and Wiiiuku. The branch at Kumara is no longer open daily, but is visited from Hokitika twice weekly. Agencies have been opened at Herekino, Pio Pio, Ruawai, and Tuakau, and tho agency at Tokomaru has been closed. LIABILITIES, £ s. d. Capital — 4 per cent, guaran- • teed stock 628,988 10 6 A preference shares. fully paid,' issued to the New Zealand Government 500,000 0 0 B preference shares, fully paid, issued to the New Zealand Government 250,000 0 0 Ordinary shares, 150,000 at £6 13s. 4d.: £1,000,000; paid up to £3 6s. Bd. per share ...... 500,000 0 0 New ordinary shares, 75,000 at £6 13s. 4d.jp £500,000 j of which paid up at date 475,710 0 0 Reserve Fund (of which £1,000,000 is invested in British Government securities, the balance being employed in the business of the bank) .. 1,915,536 7 2 Notes in circulation .. 1,676,051 0 0 Deposits 18,741,657 3 3 Bills payable and other liabilities (including provision for doubtful debts arid for depreciation in in■vestment securities) 1,670,103 710 Balance of profit and _ 1 0S3 270,394 10 9 £26,528,440 19 6 'ASSETS. £ /. d. Coin and cash balances at bankers 4,617,060 16 9 Bullion on hand and in . transit •■.... 210,461 9 3 Money at call and short notice, Government securities and other securities in London 5,136,996 14 : 7 Bdls receivable in Lon•don and in transit ... 3,301,301 8 11 Investment in the Colonies— Colonial Government securities 713,681 0 0 Municipal securities 242,906 6 5 Bills discounted 1,186,458 10 11 Other advances and'securities and debts due to the bank ... 10,662,707 4 5 Landed property, premises, etc 451,867 8 3 26,528,440 19 6 PROFIT AND LOSS. £ b. d. Twelve months' interest on guaranteed stock ... 26,680 15 4 Amount written oif bank premises and. furniture 50,000 0 0 Interim dividend paid December '12, 1914: —6 per cent. on £500,000 "A" preference shares, £30,000; 6 per cent, oil £250,000 '"B" preference shares, £15,000 j 6 per cent, on ordinary' shares, £55,699 19s. Gd- 100,699 19 6 Balance, being net profit for year, £810,4t6 Is. 6d.; amount brought i forward from last year, £51,608 Bs. lOd.; total- | ling £371,094 10s. 3d.: less .interim dividend paid, as above, £100,699 19s. 6d 270,394 10 9 | • 447,775 5 7 Balance brought down ... 51,608 810 Profits for year ended March 3, 1915, including recoveries, and after .payment of, and provision for, all interest due and accrued on deposits, provision for bad and doubtful debts, for •annual donation to Provident Fund, and for f bonus to stalf, £755,239 15s; Less—Salaries and allowances at head offico and 213 branchos and agencies, £211,320 12s. 2d.; directors' remuneration, including London Board, £4172 ss. 2d.; general expenses, including rent, stationery, telegrams, postages, travelling, repairs to premises, etc., £66,722 os. 7d.; audit . expenses account, £'2309 Bs. Od.: rates and taxes, £74,548 lis. lOtl.; in all £359,072 18s. 3d 396,166 16 9 447,775 5 7 ' RESERVE FOND. Balance 2,000,000 0 0 2,000,000 0 C £ s. d. Balance per last Statement 1,550,000 0 C Premium on now sliarcs issued, less expenses of issue 365,536 7 '2 Amount to bo added from profits for year ended March 31, 1915 8-1,463 12 1C 2,000,000 0 C
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Dominion, Volume 8, Issue 2480, 5 June 1915, Page 7
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794BANK OF NEW ZEALAND Dominion, Volume 8, Issue 2480, 5 June 1915, Page 7
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