BANK OF NEW ZEALAND

Southland Times, Issue 18842, 7 June 1920, Page 7

BANK OF NEW ZEALAND

A NN I'M. BA I -.AN CE ■ SH EET. PROFITS INCREASED BY £31.000. PROPOSED TO RAISE DIVIDEND TO 17* i’ER CENT. WELLINGTON, June 3. The directors of the Bank of New Zealand submit the balance-sheet and profit anil If''-, statement of the Bank for the year ended March 21 last. £ The profits, after providing for expenses of management, all bad and doubtful debts, other contingencies, and after making provision for annual donation to provident fond and for special grant thereto, also for bonus to staff are 490.246 From this has to be deducted interest on guaranteed stock . . 2L199 £469,045 Of this sum the directors have allocated in reduction of bank premises and furniture , . . . 50,000 Leaving balance of profit for year 419,045 To which has to bo added- — Balance brought forward from last year 146,225 £565,270 From which there has been. oaid — £ £ Interim dividend of 6 per cent on A and B Preference shares 45,000 Interim dividend at 5 per cent on ordinary shares 60,000 Leaving available for distribution 460,270 This the director? propose : houlrl be disposed of as follows: - Dividend at the rate of 4 per cent on A preference share,? 20,000 Dividend at the rate of 7g per cent on B preference shares 15,750 Dividend at the rate of 71 per cent on ordinary shares . . . . -5.000 bonus at the rate of 4 per cent on B preference shares . . . . 10,000 bonus at I he rate of 4 per cent on ordinary shares 40,000 Lran.-fcr to reserve fund (maki:m reserve fund of £2.500.0 00 > 150,000 Leaving balance to be carried waid 146.520 £460,270 LIABILITIES. £ £ Capital:— 4 per cent guaranteed i-rock 529, OSS A preference shares fully paid, issued to New Zealand Government 500,000 D preference shares fully ; issued ft, New Zealand Government . ■ • . 250,000 Ordinary shares 1 150.UU0 at £6 13s 4ti, £1,000,000), paid up to £3 6s 8d per share . . .>OO,OOO Cali of 23 6s Stl per share, payable April 1, 1920 (Mount paid in advance £3-17,573 6s Sd > 347,45S New ordinary shares, 75.000 at £6 13s 4d fullv paid . . 500,000 Reserve fund 2.350,000 Notes in circulation 5,765,337 Deposits 37,661,610 Bills payable and other liabilities (including pro--' m for -doubtful debts an., tor depreciation in invest incut securities, also contingencies) 3,705,305 ■Reserve for farces 340,000 Balance of profit and loss .. 160,270 £52,912.965 ASSET?. Coin and cash balance at bankers S,3i 1 ; 535 Government notes of Commonwealth. Fijian and Samoan Administrations 29-,-12 Notes of other banks (legal tender! 5t>.370 Bullion on hand and in transit 46,665 £ Money at call and short nonce. Government securities and other securities in London .. .. 19,622,410 Bills receivable in London and in transit 661,2.30 Investments in the Dominion: — New Zealand Governm. ,i securities . . 3,497,553 Municipal securities 327,210 Commonwealth and Fijian Government securities 239,316 Bills discounted 1.502,233 Other advances and securities, and debts due to bank . . . . 17,929,615 Landed property, bank premises, etc 361,103 £52,912.965

PROFIT AND LOSS. Debit. £ £ Dividend and bonuses (last year) .. .. 132,500 Amount transferred to reserve fund 150.000 Balance carried down 14(5,224 £428,724 Twelve months’ interest on guaranteed stock 21,199 Amount written off bank premises and furniture . . . . 50,000 Interim dividends . . 105,000 Balance, being net profit for the year 419.045 Amount brought forward from last year 146,225 505,270 Less interim dividend paid as above . . 105,00!) £03(5,409 Credit. Balance, March 31, 1919 428,724 Balance brought down 146,225 Profits for year ended March 31, 1920, including recoveries and after payment of and provision for all interest due and accrued on deposits, provision for bail and doubtful debts and other contingencies, for the annual donation to the Provident Fund. and for special grants thereto, also for bonus to staff . . . . 1,3i0,53S Less— Salaries and allowances at head office and 212 branches and agencies, £308.361; directors’ remuneration,, Including London Board, £4050; general expenses, including rent, stationery, t'legrams, etc.. £114,397; audit expenses, £2,700; rates and taxes, £45(3,483 .. 556.502 490,246 490.2-10 £056,471