BANK OF N.Z.

Rotorua Morning Post, Volume 2, Issue 254, 18 June 1932, Page 5

BANK OF N.Z.

(Special to "Morning Post/')

FINANCIAL FACTS GLEANED FROM THE ANNUAL REPORT DIVIDENDS PAY ABLE TO-DAY

WELLINGTON, Friday. Among the items of interest in the annual report of the Bank of New Zealand presented to the shareholders to-day it is recorded that: The balance sheet is expressed in New Zealand currency and no special provision has been made for the difference in the currency value of the nett assets in Australia caused by the adverse exchange rate, as the appreciation in sterling assets in London is greater than the depreciation in the nett assets in Australia in so far as these are affected hy the exchange rate. Shareholders' funds in the bank are: Paid-up Capital (exclusive of £529,988 of guai'anteed stock) £6,328,125 Reserve Fund 3,57^,01)0 Balance of profit carried forward 3-95,056 £10,298,181 In addition, there are internal reserves, which, although less thaii last year, are still most ample. Notes of the bank in circulation at March 31 amounted to £4,062,762 — a iiigher figure than usual owing to increased demand consequent on the Easter holidays. The average circulation for the year was £3,523,758. The profit for the year was £587,023, being £258,790 less than for the previous period, and £361,511 less than for the year which ended March 31, 1930, a reduction of 38 per cent. as compared with the 1930 figure.' There are 6976 holders of ordinary shares in the bank. Of these, 2445 shareholders each hold 100 shares or under, and 1384 hold between lOY and 200 shares. The final dividend, which will be at the following rates, will he payable in Wellington to-day (Saturday), aird .at the various branches on receipt of advice: — "C" long-term mortgage shares, 6 per. cent per annum. "D" long-term mortgage shares 7£ per cent. per annum. Preference "B" shares 10 5-33 per cent, (making 13 2-11 per cent. for the year). Ordinary shares, 7 2-3 per cent (making 14 1-3 per cent. for the year). The amount paid during the yOar ^to the Government by way of dividends and taxation was £644,248, viz r— Dividends, £245,312; income tax, £239;867; land tax, £2409; note tax, £156,660. Total £644,248 as against £594,263- paid in the preceding year.