BANK OF N.Z.

Dominion, Volume 9, Issue 2786, 2 June 1916, Page 6

BANK OF N.Z.

PROFITS FOR THE YEAR

.A SATISFACTORY BALANCESHEET " 7~ The directors of the Bank of New Zealand yesterday issued to shareholders the annual report and balance-sheet and profit and loss statement of the bank for the year ended March 31 last. The 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 ,C 357,093 Os. 6d. From this has to be deducted interest on guaranteed stock, ii 21,252 2s. 10d.; making a total of ,£335,800 17s. Bd. Of this ■ sum the directors have allocated in reduction of bank premises and furniture £50,000, leaving balance of profit for the year, r£255,800 17s. Sd.; to which has 'to be added balance brought forward from last year, .£57,170 IDs. 3d.—in all ,£342,971 16s. lid. From this sum there has been paid' interim dividend at 6 per cent, on ".A" and "B". preference shares, £45,000, and an interim dividend of 6 per cent, on ordinary shares, Ji59,207 10s. Gd.; together, «E10i,297 10s. (id.. There is thus left available for distribution .£238,674 6s. sd. This the directors propose should be disposed of aB 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, -274,008. 9s. 6d.; bonus at the rate of 3 per cent, on ordinary shares and "B" preference shares, .£37,301 10s.; transfer to reserve fund, £50,000 (making reserve fund £2,062.141); leaving balance to be carried forward, ■£56,464 6s. lid. During the year a branch has been' opened at Apia (Samoa). Agencies have been opened at Avondale, Te Horo, Turua, and TJruti, and the agencies at Herekino and Pleasant Point have been closed. The branch at Bluff has been made a receiving agency visited daily from Invercargill. .-THE BALANCE-SHEET. The balance-sheet of t'no bank as at March 31 last was as follows:— LIABILITIES. £ s -^ Capital — t per cent, guaranteed stock, £529,988 10s. 6d.; "A" preference alia res, fully paid, issued to the New Zealand Government, £500,000,; "B" preference shares, fully paid, issued to the ' ■ New Zealand ' Government, £250,000; ordinary shares, 150,000 at £6 13s. 4d. (£1,000,000), paid u,p to £3 6s. Bd. per share, ' £500,000; new ordinary shares, 75,000 at £6 13s. 4d. fully paid, £500,000 - 2,279,988 10 6 Reserve fund (of which. £1,000,000 is invested in British Government securities, the balance being employed in the business of the bank) 2,012,141 7 '3 Notes in circulation 1,862,823 0 0 Deposits 23,556,670 19 5 Bills payable and other nihilities (including provision for doubtful debts and for depreciation in investment securities) ... 1,707,409 13 0 Balance of proiit and loss 238,674 B 5 £31,717,713 16 7 . ASSETS. ■£ s. d. Coin and cash balances at bankers 5,493,622 7 i Government notes—Commonwealth, Eijian, and Samoan Administration... 183,553 10 0 Bullion on hand and in transit 80,653 12 G Money at call and short notice, Government securities and other securities in Loudon, £8,729,975 15s. Id.; and bills receivable in London and in transit, £3,580,075 4s. v 3d.' : 12,310,050 19 4 Investments in the. Do- 1 minion—New Zealand Government securities, £919,443 10s.; municipal securities, £143,756 lis. M 1,363,200 1 5 Bills discounted ;.... 1,159,G3G 12 5 Otlier advances and securities and debts due to the bank 10,685,129 14 11 Landed property, premises, «tu 441,860 18 8 Total £31,717.713 1G 7 PROFIT AND LOSS. £ s. d. Dividend at the rate of 4 per cent, oil £500,000 "A" preference shares issued to tho Now Zealand Gov. eminent in terms of the Bank of New Zealand Act, 1903, £20,000; dividend at the rate of 6 per cent, on £250,000 "B" preference shares issued to the New Zealand Gov. eminent in terms of the Bank of New Zealand Act, 1913, £15,000; bonus $ at the rate of 3 per cent. oil "B" preference shares, £7500; dividend at tile rate of 6 per cent, on ordinary share capital, £57,868 os. Bd.; bonus at tiie rata of 3 per cent. • on ordinary share capital, £28,391 18s.; amount . transferred to reserve fund, £84,463 12s. 10d.... 213,223 11 6 Balance carried down ...... 57,170 19 3 £270,394 10 9 Balance, March 31, 191'5... 270,394 10 9 £270,394 10 9 £ s. d. Twelve months' interest on guaranteed stock , 21,292 2 10 Amount written off bank premises and furnituro 50,000 0 0 Interim dividend paid Dec. 4, 1915:—6 per cent, on "A" preference shares £500,000, £30,000 ; 6 per cent, on "B" preference shares £250,000, £15,000; 6 per cent, on ordinary shares, £59,297 10s. Gd.... 104,297 10 6 Balance, being net profit for the year, £285,800 17s. Bd.; amount brought forward from last year, £57,170 19s. 3d.; £342,971 16s. lid.; less interim dividend paid as above, . £104,297 10s. Gd. 238,674 6 5 £414,203 19 9 £ s. d. Balance brought down ... 57,170 19 3 Profit for the year ended March 31, 1916, including recoveries, and after payment of, and provi. sion for, all interest due and accrued on deposits, provision for bad and doubtful debts, for an. , mini donation to Provident Eund, aud for lionus to staff, £801,337 6s. 4d.j less salaries and allowance? at head offico and 216 branches and agen. cies, £221,184 12s. 3d.; directors' remuneration, including London Board, £4250; general expenses, including rent, station- * cry, telegrams, postages, travelling, repairs to premises, etc., £79,432 18s. J 7d.; audit expenses account, £2250 155.; rate.? and taxes, £137,096; in all, £14 J,244 ss. lOd. ... 357,093 0 G £114,263 19 9 RESERVE FUND. The Reserve Eund stands to-day at £2,062,141 7s. 3d. Tho balance at last statement was £2,000,000. 'To this has been added £12,111 7s. 3d. premium on new shares issued, leas expenses of issue, and the £50,000 proposed" to bo issued from the profits for the year, making tho total up to £2,002,111 7s. 3d