BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1928.

Appendix to the Journals of the House of Representatives, 1928 Session I, B-15

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1928. NEW ZEALAND.

BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1928.

Laid before both Houses of the General Assembly in pursuance of Section 24 of the Bank of New Zealand and Banking Act Amendment Art, 1898.

BANK OF NEW ZEALAND. Incorporated by Act of the General Assembly, 29th July, 1861. Bankers to the Government of New Zealand. Authorized Capital. £ s.- d. Four-per-cent. stock (guaranteed by New Zealand Government) .. .. 529,988 10 6 Preference A shares —500,000 at £1 .. . . .. .. . . .. 500,000 0 0 C long-term mortgage shares —468,750 at £1 .. .. .. .. .. 468,750 0 0 D long-term mortgage shares —937,500 at £1.. .. .. . . .. 937,500 0 0 Preference B shares —1,375,000 at £1 .. .. .. .. .. 1,375,000 0 0 Ordinary shares —3,750,000 at £1 .. .. .. .. .. .. 3,750,000 0 0 £7,561,238 10 6 Subscribed Capital. £ s. d. Four-per-cent guaranteed stock .. .. .. .. .. .. 529,988 10 6 Preference A shares issued to the New Zealand Government .. .. .. 500,000 0 0 C long-term mortgage shares issued to the New Zealand Government .. .. 234,375 0 0 D long-term mortgage shares .. .. .. .. .. .. 468 ,750 0 0 Preference B shares issued to the New Zealand Government .. .. .. 1,375,000 0 0 Ordinary shares .. .. .. .. .. .. .. .. 3,750,000 0 0 £6,858,113 10 6 Capital paid up. £ s. d. Four-per-cent. guaranteed stock .. .. .. .. .. .. 529,988 10 6 Preference A shares .. .. .. .. .. . . .. 500,000 0 0 C long-term mortgage shares .. .. .. .. .. .. 175,781 5 0 D long-term mortgage shares .. .. .. .. .. .. 440,428 10 0 Preference B shares .. .. .. .. .. .. .. 1,375,000 0 0 Ordinary shares .. .. .. .. .. .. .. .. 3,750,000 0 0 £ s. d. 6,771,198 5 6 Reserve Fund .. .. .. .. .. ~ 3,150,000 0 0 Undivided profits .. .. .. .. .. 582,525 3 8 3,732,525 3 8 £10,503,723 9 2

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BANE OF NEW ZEALAND. "A."—Balance-sheet as at 31st March, 1928.

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Liabilities. Assets. Capital — £ s. d. £ s. d, £ s. d. £ s. d. 4-per-cent guaranteed stock .. .. .. .. -529,988 10 6 Coin, cash balances, and deposits with bankers .. .. .. 7,527,425 19 4 Preference A fully paid £1 shares issued to the New Government notes —Commonwealth, Fijian, and Samoan Zealand Government .. .. .. .. 500,000 0 0 Administration .. .. .. .. .. .. 81,628 10 0 C long-term mortgage shares issued to the New Zealand Notes of other banks (legal tender) .. .. .. .. 40,603 0 0 Government, paid up .. .. .. .. 175,781 5 0 Balances due by other banks .. .. .. .. 195,635 0 2 D long-term mortgage shares — £ s. d. Bullion on hand and in transit .. .. .. .. .. 5,530 16 6 Paid up .. .. .. 351,486 5 0 Money at call and short notice, Government securities, and Paid in advance .. .. .. 88,942 5 0 other securities in London .. .. .. .. 7,119,804 16 8 440,428 10 0 Bills receivable in London and in transit .. .. 2,885,327 8 10 Preference B fully paid £1 shares issued to the New 10,005,132 5 6 Zealand Government .. .. .. .. 1,375,000 0 0 New Zealand Government securities .. .. .. .. 3,644,300 2 5 Ordinary shares of £1 fully paid .. .. .. 3,750,000 0 0 Australian Government securities .. .. .. .. 2,068,385 2 8 ■ 6,771,198 5 6 Municipal and other local bodies'securities .. .. .. 979,586 7 3 Reserve Fund .. .. .. .. .. .. 3,025.824 13 11 Bills discounted .. .. .. .. .. .. 1,294,654 2 2 Notes in circulation .. .. .. .. .. .. 3,797,080 0 0 Other advances and securities and debts due to the bank, Deposits .. .. .. .. .. .. .. 30,339,033 8 2 after deducting provision for bad and doubtful debts .. .. 21,453,565 3 7 Balances due to other banks .. .. .. .. .. 30,425 9 6 Remittances in transit between branches .. .. .. 1,343, 797 11 11 Bills payable and other liabilities (including provision for • Landed property, premises, &c. .. .. .. .. 533,596 10 5 contingencies) .. .. .. .. .. .. 3,954,878 3 1 Liabilities of customers for acceptances, per con tra .. .. 89,500 8 4 Reserve for taxes .. .. .. .. .. .. 426,000 0 0 Long-term Mortgage Department .. .. .. .. 616,209 15 0 London Office acceptances under credits.. .. .. .. 89,500 8 4 Transfers from Long-term Mortgage Department .. .. .. 296,448 0 1 Balance of profit and loss .. .. .. .. . • 1,149, 162 6 8 £49,879,550 15 3 |£49,879,550 15 3 ======= =========== Long-teem Mortgage Department. £ s. d. £ s. d. Long-term Mortgage Fund— Capital .. .. .. .. .. .. 616,209 15 0 Loans .. .. .. •• •• .. .. .. .. 319,76114 11 Transfers to bank .. .. • • • • ■ ■ .. . • .. 296, 448 0 1 £616,209 15 0 £616,209 15 0 This is the balance-sheet referred to in the certificate on attached Profit and Loss Statement marked " B." — A. P. Green, Chief Auditor.

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"B."— Profit and Loss.

Approximate Cost of Paper.—Preparation, not given; printing (450 copies), £6 10s.

By Authority : W. A. G. Sktnner, Government Printer, Wellington.—l92B.

Price 3d.\

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£ s. d. £ s. d. £ s. d. £ s. d. i £ s. d. Dividend oil C long-term mortgage shares .. .. 878 18 1 Balance at 31st March, 1927 .. .. .. .. .. |1,214,803 3 4 Dividend on D long-term mortgage shares .. .. 2,185 5 9 Dividend on preference B shares ...... 120, 833 6 8 Bonus on preference B shares .. .. .. .. 18,750 0 0 Dividend on ordinary share capital .. .. .. 250,000 0 0 Bonus on ordinary shares .. .. .. .. 37,500 0 0 Amount transferred to Reserve Fund .. .. .. 200,000 0 0 | 630,147 10 6 Balance carried down .. .. .. .. .. 584,655 12 10 £1,214,803 3 4 £1,214,803 3 4 Balance brought down .. .. .. .. .. 584,655 12 10 — Profits for year ended 31st March, 1928, including Twelve months' interest on guaranteed stock .. .. .. 21,199 8 11 recoveries, and after payment of and provision Dividend paid, 3rd December, 1927 — for all interest due and accrued on deposits, On preference A shares .. .. .. .. 50,000 0 0 i provision for bad and doubtful debts, and other , On C long-term mortgage shares .. .. .. 2,636143 contingencies, for the annual donation to the On D long-term mortgage shares .. .. .. 6,578 17 6 ' Provident Fund, also for bonus to staff .. 1,816,869 7 11 On preference B shares .. .. .. .. 41,666 13 4 | Surplus on realization and on maturity of GovernOn ordinary shares .. .. .. .. .. 250,000 0 0 ment and other securities .. .. .. 73,510 13 10 350,882 5 1 1,890,380 1 9 Balance, being profit on the ordinary operations of the bank Less — for the year .. .. .. .. .. 841,878 5 1 Salaries and allowances at Head Office and 237 To which has to be added — branches and agencies .. .. .. 466,380 2 6 Surplus on realization and on maturity of Government and Directors' remuneration, including London other securities .. .. .. .. .. 73,510 13 10 Board .. .. .. .. 9,312 10 0 Amount brought forward from last year .. .. 584,655 12 10 General expenses, including rent, stationery, — telegrams, postages, travelling, repairs to 1,500,044 11 9 premises, &c. .. .. .. .. 151,844 0 5 Less dividend paid, as above.. .. .. .. 350,882 5 1 Audit Expenses Account .. .. .. 2,915 18 4 1,149,162 6 8 Rates and taxes .. .. .. .. 323,339 2 8 953,791 13 11 936,588 7 10 £1,521,244 0 8 £1,521,244 0 8 Reserve Fund. £ s. d. £ s. d. Balance.. ... .. .. .. .. .. .. .. 3,150,000 0 0 Balance per last statement .. .. .. .. .. .. .. 3,025,000 0 0 Premium on D long-term mortgage shares (fractions and unallotted) .. .. 824 13 11 Amount to be added from profits for year ended 31st March, 1928 .. .. 124,175 6 1 £3,150,000 0 0 £3,150,000 0 0 CERTIFICATES. I, Arthur Richard Wenman Pennefather Green, the Chief Auditor of the Bank of New Zealand, We hereby certify that, having carefully examined the foregoing balance-sheet (marked "A") do hereby certify — and statements, we are satisfied that they have been correctly compiled from the books and accounts 1. That, having carefully examined the foregoing balance-sheet (marked "A") and statements, of the bank, and that the balance-sheet is a full and fair balance-sheet, properly drawn up, and I am satisfied that they have been correctly compiled from the books and accounts of the bank. exhibits a true and correct view of the state of the bank's affairs at the date thereof. 2. That I am also satisfied that the said balance-sheet is a full and fair balance-sheet, properly ! Dated this 28th day of May, 1928. drawn up, and exhibits a true and correct view of the state of the bank's affairs at the date thereof. A. Hempton, Acting Genera] Manager. 3. That I have verified so much of the cash, investments, securities, and assets of the bank as N. Fbatherstone, Accountant. at the date of the said balance-sheet were held at the Head Office in Wellington, and have had access to certified returns of so much thereof as were then held at the various branches and agencies of the bank, or were then in transit. Dated this 30th day of May, 1928. A. P. Gkeen, Chief Auditor.