BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1944

Appendix to the Journals of the House of Representatives, 1944 Session I, B-15

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1944 NEW ZEALAND

BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1944

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

BANK OF NEW ZEALAND Incorporated by Act of the General Assembly, '29th July, 1861 Authorized Capital £ s. d. 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 £7,031,250 0 0 Capital subscribed and paid up £ s. d. 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 6,328,125 0 0 £ s. d. Reserve Fund .. .. .. .. .. .. 3,575,000 0 0 Undivided profits .. .. .. .. .. 373,902. 0 0 ——— 3,948,902 0 0 £10,277,027 0 0

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BANK OF NEW ZEALAND Balance-sheet at 31st March, 1944 Liabilities ' Assets Capital— £ s. d. £ s. d. Preference A fully paid £1 shares issued to the New Zealand £ s. d. £ s. d. Coin, Reserve Bank notes, and deposits with bankers .. 15,290,575 12 1 Government .. .. . . .. .. 500, 000 0 0 Government notes: Commonwealth, Fijian, and Samoan C long-term mortgage fully paid £1 shares issued to the Administration .. .. .. .. .. 60,827 10 0 New Zealand Government .. .. .. .. 234,375 0 0 Balances due by other banks .. .. .. .. 595,649 7 11 D long-term mortgage fully paid £1 shares .. .. 468,750 0 0 Money at call and short notice, Government securities, and Preference B fully paid £1 shares issued to the New Zealand other securities in London .. .. .. 8,483,941 19 7 Government .. .. .. .. .. 1,375,000 0 0 Bills receivable in London and in transit .. .. 193,814 16 11 Ordinary fully paid £1 shares .. .. .. 3,750, 000 0 0 New Zealand Government securities (including £500,000 6,328,125 0 0 free-of-interest loan) .. .. .. .. 17,420,694 7 2 Reserve Fund (invested in British Government securities) .. .. .. 3,575,000 0 0 Australian Government securities .. .. .. 841,106 6 0 Deposits .. .. .. .. .. .. .. .. 54,634,344 11 0 Fijian Government securities .. .. .. .. 50,000 0 0 Balances due to other banks .. .. .. .. .. .. 6,685 18 3 Municipal and other local bodies'securities .. .. 1,346,938 0 0 Bills payable and other liabilities (including provision for contingencies) .. 5,045,783 13 4 Remittances in transit between branches .. .. 3,209,420 12 0 Provision for taxes .. .. .. .. .. .. .. 760,000 0 0 47,492,968 11 8 London Office acceptances under credits .. .. .. .. .. 31,941 8 4 Bills discounted .. .. .. .. . . 4 . .. 892,587 16 7 Transfers from long-term mortgage department .. .. .. .. 86,197 19 5 Other advances and securities and debts due to the bank, after deducting Balance of profit and loss .. .. .. .. .. .. 570,435 8 8 provision for bad and doubtful debts .. .. .. .. .. 21,106,604 5 8 Landed property, premises, &c. .. .. .. .. .. .. 811,286 16 9 Liabilities of customers for acceptances, per contra .. .. .. .. 31,941 8 4 Long-term mortgage department .. .. .. .. .. 703,125 0 0 £71,038,513 19 0 £71,038,513 19 0 Long-term Mortgage Department £ s. d. £ s. d. Long-term Mortgage Fund: Capital .. .. .. .. .. 703,125 0 0 Loans .. .. .. .. .. .. .. .. .. 616,927 0 7 Transfers to bank .. .. .. .. .. .. .. .. 86,197 19 5 £703,125 0 0 £703,125 0 0

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Profit and Loss £ s. d. £ s. d. £ a. d. Dividend on C long-term mortgage shares .. .. .. 6,152 6 10 Balance at 31st March, 1943 .. .. .. .. .. .. 580,091 17 0 Dividend on D long-term mortgage shares .. .. .. 15,380 17 2 Dividend on preference B shares .. .. .. .. 25,000 0 0 Dividend on ordinary shares .. .. .. .. 150,000 0 0 196,533 4 0 Balance carried down .. .. .. .. .. .. .. 383,558 13 0 £580,091 17 0 £580,091 17 0 Dividend paid 4th December, 1943— £ s. d. £ s. d. £ s. d. Dividend on preference A shares .. .. .. .. 43,750 0 0 Balance brought down .. .. .. .. .. 383,558 13 0 Interim dividend on C long-term mortgage shares .. .. 6,152 6 10 Profits for year ended 31st March, 1944, including recoveries, and, Interim dividend on D long-term mortgage shares .. .. 15,380 17 2 after payment of and provision for all interest due and Interim dividend on preference B shares .. .. .. 18,750 0 0 accrued on deposits, provision for bad and doubtful debts, £ s. d. Interim dividend on ordinary shares .. .. .. 112,500 0 0 and for the annual donation to the Provident Fund are .. 1,893,330 7 2 196,533 4 0 Less— Balance, being profit for the year .. .. .. .. 383,409 19 8 Salaries and allowances at Head Office and £ s. d. To which has to be added amount brought forward from last year 383,558 13 0 193 branches and agencies .. .. 551,773 1 6 Directors' remuneration, including London 766,968 12 8 Board and local directors in Australia .. 7,083 6 8 Less dividend paid, as above .. .. .. 196, 533 4 0 General expenses, including rent, stationery, 570,435 8 8 telegrams, postages, travelling, repairs to premises, depreciation, &c. .. 170,136 4 5 Audit Expenses Account .. .. 3,025 0 0 Rates and taxes .. .. .. 777,902 14 11 1,509,920 7 6 383,409 19 8 £766,968 12 8 £766,968 12 8

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BANK OF NEW ZEALAND— Reserve Fund £ s - d. £ s. d. Balance .. .. .. .. .. .. .. .. 3,575,000 0 0 Balance per last statement .. .. .. .. .. .. 3,575,000 0 0 £3,575,000 0 0 £3,575,000 0 0 Note.—London assets are shown in this balance-sheet in sterling, and no provision has been made for appreciation in their relation to New Zealand currency. CERTIFICATES We hereby certify that, having carefully examined the foregoing balance-sheet 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 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. Dated this 16th day of May, 1944. _H. Chalmeks, General Manager. A. W. Hall, Chief Accountant. I, David Firth Reid, the Chief Auditor of the Bank of New Zealand, do hereby certify :— (1) That, having carefully examined the foregoing balance-sheet and statements, I am satisfied that they have been correctly compiled from the books and accounts of the bank. (2) That 1 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 17th day of May, 1944. D. f. Heid, Chief Auditor.

By Authority: E V. Paul, Government Printer, Wellington.— 1944,

Approximate Cost of Paper.—Preparation, not given ; printing (451 copies), £6.

Price 3d.~\

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