BANK OF NEW ZEALAND

Dominion, Volume 12, Issue 217, 7 June 1919, Page 8

BANK OF NEW ZEALAND

ANNUAL REPORT • LAST YEAR'S PROFIT £459,221 " The report of tho directors of Iho • Bank of New Zealand for tho year ended 31, 1919, is to be presented at the general -mectiiiK of shareholders on l'ri- " day nest, at the head office of'the ba'nlc in Wellington. Tho report contains (lie balance-sheet and profit and loss account V.for tho -.year, v -ivTho- profits of tlio bank for the year, . . after providing for expenses of managc- ;■ ipent, all bad and doubtful debts, and after making provision for the annual /.donation to tho'Provident Fund, and for ~..a eppcial -grant thereto, a)po for bonus . to staff, are, .845!),221 Is. Id.; froiir th'is .j has. to bo deduoted interest on guaranteed ■! stick amounting to .£21,199 10s. 10(1., lenv.;ni)g A' 138,021.135. 6d. S'} Of "this fiiirn the directors liayd alloi'. oated in reductiou of bank -premises' and :furniture, £50,000, Hearing balance of profit for" the year, .£888,021 13s. Gd. To r ., iljis has to be added the balance brought forward from last year. .£145,702 12s. 3d., . making a: total of .£533,724 Js. S)d. .. From this total there has been mid ran interim dividend.at 6 per'•cent." on "A" arid "B" preference shares, -absorbing ,£45,000, and an interim dividend at G per cent, on ordinary shares, absorbing J6o,ooo—a total payment of ;E105,000. There is left available for distribution, ss. ', This the directors propose 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 "B" preference shares, ..£15,000; dividend at-the rate of G percent. on ordinary shares, .£60,000; bonus at the rate of 3 . per cent, on "B" tyefer- . enee shares, «£7500; bonus at tho rate of

3 per cent, on ordinary shared, i>3o,floo; .transfer to Reserve - Fund, ,£150,000 (maka Eeserve Fund .£2,350,009); leaving mce to be carried forward, .6116,224 ss. M. '.... Owing to shortage of staff caused by the war, the branch at Buckley has been closed, and the branch at Pongaroa made a, receiving agency of Pahiatua. An agency has been 'opened at Njatea, and the agency at Pleasant Point has been reopened.The principal items in the balancesheet are:— Liabilities. 'Capital 2,279,988 10 fleserve fund 2,200,000 <) fl !'2sotes in circulation ...... '3,728,219 0 0 Deposits 31,716,353 A Q '{BjlW payable . and .other . liabilities (including provision for doubtful "debts' 1 ' and for depreciation in ,-■■■. v investment securities)... 2,860,391 9 1 . Balance of profit ,and loss 428,724 ' 5 9 Total .048,213,706 6 0 Assets. t £ s. d. Coin and cash balances at bankers .'. 5,918,455 17 4 Government notes—Com- v -. momvealth, Fijian, and - Samoan Administration- ■ 269,754 10- 0 ■Notes . of , other banks '(legal tender) . 440,960 0,0 Bullion on hand and in ■' ■ . transit •• ' Money at. call and short - , ( . notice, Government Be- . curities, and other ■ fie- _ ... curities in London 13,1 <9, 28j ,1a i Bill, receivable in London . . . - and in transit 638,/<0 -8 1 ¥ ew Mand Government m # ,330,499 .1 5 °sr£ h f-r itgl |« Bills discounted 13 7 Other advances and secunt.ies and debts due to the _ , bank 1/,389,.87 o 7 ; '.£43,213,706 6 0