BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1929.

Appendix to the Journals of the House of Representatives, 1929 Session I, B-15

B.—-15

1929. NEW ZEALAND

BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1929.

Laid before both Houses of the General Assembly in pursuance of Section 24 of the Bank of New Zealand and Banking Act Amendment Act, 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 I) 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 .. .. .. .. .. .. 234,375 0 0 D long-term mortgage shares .. .. .. .. .. .. 468,750 0 0 Preference B shares .. .. .. .. .. .. .. 1,375,000 0 0 Ordinary shares .. .. .. .. .. .. .. .. 3,750,000 0 O £ s. d. 6,858,113 10 6 Reserve Fund .. .". .. .. .. .. 3,425,000 0 0 Undivided profits .. .. .. .. .. 617,591 711 4,042,591 7 11 £10,900,704 18 5

B.— 15

2

BANK OF NEW ZEALAND. " A "—Balance-sheet at 31st March, 1929. Liabilities. Assets. Capital— £ s. d. £ s. d. £ s. d. 4-per-cent. guaranteed stock .. .. .. .. 529,988 10 6 Coin, cash balances, and deposits with bankers .. .. .. ■■ 7,172,140 6 6 Preference A fully paid £1 shares issued to the New Government notes— Commonwealth, Fijian, and Samoan Administration .. 86,732 15 0 Zealand Government .. .. .. .. 500,000 0 0 Notes of other banks (legal tender) .. .. .. .. .. 18,031 0 0 C long-term mortgage fully paid £1 shares issued to the New Balances due by other banks .. .. .. .. .. .. 188, 153 16 0 Zealand Government * .. .. .. .. 234,375 0 0 Bullion on hand and in transit .. .. .. .. .. .. 5,003 18 6 D long-term mortgage fully paid £1 shares .. .. 468,750 0 0 Money at call and short notice, Government securities and other .£ s. d. Preference B fully paid £1 shares issued to the New Zealand securities in London .. .. .. .. .. 9,097,167 13 6 Government .. .. .. .. .. 1,375,000 0 0 Bills receivable in London and in transit .. .. .. 3,362,050 14 6 Ordinary fully paid £1 shares .. .. .. .. 3,750,000 0 0 12,459,218 8 0 6,858,113 10 6 New Zealand Government securities ... .. .. .. •• 4,008,886 5 7 Reserve Bund .. .. .. .. .. .. .. .. 3,150,000 0 0 Australian Government securities .. .. .. .. .. 3,560,161 2 4 Notes in circulation .. .. .. .. .. .. .. 4,290,793 0 0 Municipal and other local bodies'securities .. .. .. .. •• 1,227,215 8 2 Deposits .. .. .. .. .. .. .. .. 33,939,651 6 0 Bills discounted .. .. .. .. .. •• •• 1,336,073 0 1 Balances due to other banks .. .. .. .. .. •• 27,093 10 11 Other advances and securities and debts due to the bank, after deducting proBills payable and other liabilities (including provision for contingencies).. .. 4,286,628 16 0 vision for bad and doubtful debts .. .. .. .. .. 21,505,379 11 10 Reserve for taxes .. .. .. .. .. .. •• 426,000 0 0 Remittances in transit between branches . . .. .. .. •• 1,507,810 0 7 London Office acceptances under credits .. .. •• •• •• 234,595 5 1 Landed property, premises, &c. .. .. .. .. .. .. 549,382 16 6 Transfers from Long-term Mortgage Department .. •• 4,749 3 7 Liabilities of customers for acceptances, per contra .. .. .. .. 234,595 5 1 Balance of profit and loss .. .. .. .. •• 1,344,284 2 1 Long-term Mortgage Department .. .. .. .. .. •• 703,125 0 0 £54,561,908 14 2 £54,561,908 14 2 Long-term Mortgage Department. £ s. d. £ s. d. Long-term Mortgage Fund—Capital .. .. .. .. 703,125 0 0 Loans .. .. ■■ .. .. .. .. •• 698,375 16 5 Transfers to bank . ■ . . .. .. .. .. • • 4,749 3 7 £703,125 0 0 £703,125 0 0 This is the balance-sheet referred to in the certificate on attached Profit and Loss Statement marked " B.'l— A. P. Green, Chief Auditor.

3

B—ls

" B."— iPaOFIT AND Loss. £ s. d. £ s. d. £ s. d. Dividend on C long-term mortgage shares .. .. .. 4,394 10 7 Balance at 31st March, 1928 .. .. .. .. .. .. 1,149,162 6 8 Dividend on I) long-term mortgage shares .. .. .. 10,983 19 8 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 .. .. .. 124,175 6 1 566,637 3 0 Balance carried down .. .. .. .. .. .. .. 582, 525 3 8 £1,149,162 6 8 £1,149,162 6 8 £ s. d. £ s. d. Twelve months' interest on guaranteed stock ' .. .. .. 21,199 8 11 Balance brought down .. .. .. .. .. .. .. 582,525 3]|8 Dividend paid, 8th December, 1928 Profits for year ended 31st March, 1929, after On preference A shares .. .. .. . . 50,000 0 0 payment of and provision for all interest due On C long-term mortgage shares .. .. .. 6,152 6 10 and accrued on deposits, and provision for On D long-term mortgage shares .. .. .. 15,380 17 2 bad and doubtful debts, and other contingenOn preference B shares .. .. .. .. 41,666 13 4 cies, for the annual donation to the Provident £ s. d. £ s. d. On ordinary shares .. .. .. .. .. 250,000 0 0 Fund, also for bonus to staff .. .. 1,916,600 6 8 363,199 17 4 Provision previously made for certain doubtful Balance, being profit on the ordinary operations of the bank advances not now required, and recoveries .. 212,004 18 0 for the year .. .. .. .. .. 912,953 17 9 2,128,605 4 8 To which has to be added— Less— Provision previously made for certain doubtful advances not Salaries and allowances at Head Office and 238 now required, and recoveries .. .. .. .. 212,004 18 0 branches and agencies .. .. .. 478,853 9 11 Amount brought forward from last year .. .. .. 582,525 3 8 Directors' remuneration, including London Board and local directors in Australia .. 9,520 16 8 1,707,483 19 5 General expenses, including rent, stationery, Less dividend paid, as above .. .. .. .. 363,199 17 4 telegrams, postages, travelling, repairs to 1,344,284 2 1 premises, &c. .. .. .. .. 157,396 4 4 Audit Expenses Account .. .. .. 2,810 0 0 Rates and taxes.. .. .. .. 333, 866 9 1 982,447 0 0 1,146,158 4 8 £1,728,683 8 4 £1,728,683 8 4

8.—15

4

Reserve Fund. £ s. d. £ s. d. Balance.. .. .. ■■ .. •• •• •• •• 3,425,000 T) 0 Balance per last statement .. .. .. .. .. .. 3,150,000 0 0 Amount to be added from profits for year ended 31st March, 1929 .. .. 275,000 0 0 £3,425,000 0 0 £3,425,000 0 0 CERTIFICATES. I, Arthur Richard Wenman Pennefather Green, the Chief Auditor of the Bank of New Zealand, do hereby certify— 1. That, having carefully examined the foregoing balance-sheet (marked " A ") and statements, I am satisfied that they have been correctly compiled from the books and accounts of the bank. 2. That I am also satisfied that the said balance-sheet is a full and fair balance-sheet, properly drawn up, and exhibits a true and correct view of the state of the bank's affairs at the date thereof. 3. That I have verified so much of the cash, investments, securities, and assets of the bank as 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 29th day of May, 1929. A. P. Gkees, Chief Auditor. We hereby certify that, having carefully examined the foregoing balance-sheet (marked " A ") and statements, we are satisfied that they have been correctly compiled from the books and accounts of the bank, and that the balance-sheet is a fall and fair balance-sheet, pro.perly drawn up, and exhibits a true and correct view of the state of the bank's affairs at the date thereof. Dated this 29th day of May, 1929. H. liroKUiTOS, General Manager. N. Feathebstone, Accountant.

By Authority : W. A. G. Skinnee, Government Printer, Wellington.— 1929.

Approximate Cost of Paper.—Preparation, not given; printing (460 copies), £5.

Price 3d.]