BANK OF N.Z.

Hokitika Guardian, 7 June 1920, Page 4

BANK OF N.Z.

BALANCE-SHEET FOR PAST YEAR

NET PROFIT OF £469,045

(Per Press Association.)

WELLINGTON, June 4

The bahuTcc-sheet of the Bank of New Zealand for the past year, which was circulated to-day, shows a net profit of £469,04.5 after deducting interest on the 4 per cent, guaranteed stock, which is about £30,000 more than was earned iii tlifc previous year. To this must be added £146,225 5s 9d., making a total of £615,21)0 2s 3d, which is the actual amount available for distribution. The dividend for the year absorbs £265;750, or a little more than a third. 'Hie ordinary sharps received in dividend and bonus 17$'per cent.., of Which 6 per cent-. >vas distributed as an interim dividend.

The sum of £150,000 is added to the reserve fund, bring that fund up to £2,500,000. anti £50,T00 has been written off premises and furniture.

Thefee amounts, total £468,750, leaving a balance of £146,520 2s 3d to be carried forward.

Hie note circulation totals £5,765,337 as compared with £3,728,249 a* year ago. Deposits total £37,661,611, against £31,7.16,353, . advances, £17.929,615 against £17,389,787, money and credit in London £20,283,642 against £13,818,056, investments in the Dominion £3,824,764 against £3,275,162, and coin and cash balances £8,371,535 against £5,918,456.

It will be noted that there is a substantial increase in the deposits, amounting to nearly six millions, due, no doubt to the freer shipment and quicker realisation of accumulated produces The advances, however, show an expansion of less than £600,000, which is the natural result of the great expansion in deposits. The investments in London have increased by approximately £6,000,000 or the same as the deposits which seems to indicate that the bank is finding profitable investment in London, rather than in New Zealand. ....

There is a substantial growth in the circulation, the increase being about two millions, and a further expansion may be expected when the Government loan of two millions is floated. This loan will have the effect of continuing the. war prosperity and inflation, which everyone desires to see ended.

At the meeting of shareholders ora the 18th inst., the chairman u’ill, as usual, comment on general,' commercial, and economic topics, and it will he surprising if he does hot utter a particularly strong warning.