BANK OF NEW ZEALAND

Hokitika Guardian, 8 June 1926, Page 1

BANK OF NEW ZEALAND

PAST YEAR’S RESULTS.

UY TELEGRAPH PRESS ASSN., COPYRIGHT. WELLINGTON, June 7. In the annual report of The Bank ot New Zealand to be presented to the meeting of shareholders on June 18th, the Directors state that the profits after providing for the expenses of management, tor all bad or doubtful debts, and for other contingencies, and after making provision for the annual donation to the Provident Fund, and also for. a bonus to the staff arc (shillings and pence omitted) £933,360. From this has to be deducted interest on guaranteed stock, of £21,199, leaving a balance for the year ol 912,160, to which has to be added part of the provision previously made for an anticipated loss on the transfer of funds from London, and not now required, namely, £100,000; also the balance brought forward from last year, viz., £513,299, giving a total of C 1.525,459 15s lOd. From this total there have been paid dividends as follows; . On Preference “ A ” shares, a dividend absorbing £50,000. An interim, dividend on Prolevenee ■■ li ” shares, absorbing £41,654; An interim dividend on ordinary shares, absorbing £219,928. Total: £3-11,532. . The above dividends leave available for distribution £1.183,877. This, the Directors propose, should be disposed of as follows: Dividend on Preference “B” shares (making £162.404 0s 9d for the year), 0120,809. Dividend of one shilling and four pence per share on ordinary shares flunking £499.928 Ls 0d for the year). 0250.000.' Transfer to reserve fund (making the reserve fund £2,825,000). £247,689. Balance left to be carried forward : £565,378; making up the total of Cl. 183,877. During the year, the agency -at Owaka has been made a branch, and agencies have been opened at Avondale, Clovedon, Ellerslie, Henderson. Richmond, Wakefield and Walton. The agency at Aratnpu has been closed. During- the currency of Dunedin Exhibition an agency was opened in the Exhibition Buildings. An abridgment of the detailed balance sheet as at the 31st of March reads:—

Liabilities: Capital, £6,154,988; reserve fund, £2.577.310 (to lie increased to £2,825,000) ; reserve for taxes, C 426.000; notes in circulation, £4,444,392; deposits, £31,121.288; hills payable and other liabilities, £207,506; balance of profit and loss, £1.183,877. Total, £49,763,649. Assets: Coin, cash balances, bullion, and deposits with hankers, £7,303,753: notes of the Commonwealth and Fijian Governments and Samoan Administration and legal tender notes of other banks, £131,141; money at call and short notice, Government and other securities, and bills receivable in London and in transit, £9,949,809; investments in Government and Municipal securities in New Zealand and Australia. £7,615.256; bills discounted and other advances and securities and debts due to the bank, £22,662,697; remittances in transit between branches, £1,416,486 ; landed property, premises, etc-., £481.103; sundry other assets, £170,502. Total, £49,763,0-19. Profit and loss: Balance brought forward from last year, £513,299; nett profit for the year, including recoveries and after making provision for bad and doubtful debts and contingencies, £933.300; part of provision previously made for anticipated loss on transfer of surplus funds from London and not now required, £100,000; total £1,546,659; twelve months interest on guaranteed stock. £21,199; interim dividend. £351.582: balance of profit and loss. Cl. I 53.877. Total, £1.546,659.