BANK OF NEW ZEALAND.

Auckland Star, Volume LXI, Issue 133, 7 June 1930, Page 7

BANK OF NEW ZEALAND.

ACCOUNTS FOR YEAR.

RECORD PROFITS SHOWN.

DIVIDENDS AND ADVANCES,

An exceedingly profitable year

This must be the verdict after perusal of the report just issued by the directors of the Bank of New Zealand covering operations for the year ended March 31. The profits are the largest in the history of the bank and considerably in excess of last year's figures.

Consideration of the balance-sheet figures again demonstrates the exceeding strength of the country's leading financial institution and also the increased extent to which its resources are being utilised by the commercial community at the present time. The chief movements in the balancesheet are the increase of the reserve fund to £3,425,000. Decrease in note circulation by half a million, a big drop in the balances held in London and a substantial increase in general ad-

vances. The directors' report states that profits after making all \isual provisions including the annual donation to the Provident Fund and bonuses to staff totals £909,733 8/10. Prom this has to be deducted, for interest on guaranteed stock £21,199 8/0, leaving the balance of profit for the year £945,534 0/4. To l this is added the balance brought forward £617,591 7/11, making a total of £1,506,125 8/8. From this dividends have been paid totalling £366,276, leaving available for distribution £1,199,849 7/5. This the directors propose should be disposed of as follows: — Dividend on C Long-term Mortgage at ti per cent per ann'.ir; ±,i,Uol o i> Dividend on 1) i.img-term Mortgage Sharrs at n R per cent per annum .... li,o<» - o Dividend on Preference B Shares (making £162,000 „ for the year) 1-0,833 6 S Bonus on Preference B Shares 18,700 O O Dividend of' 1/4 per share on Ordinary Shares (making £500,000 for the Se) ePa !.'°.. V 8 250,000 0 0 •Bonus of 1 per cent on Ordinary Shares 3.rf,000 0 0 Transfer to Reserve Fund (making £3,425,000) .. 270,000 0 0 Leaving balance to be carried forward bi(,uJi i n Net profits with total dividends paic 1 . and additions to reserves in late years have been as follow: — Additions Xet to Profits. Dividends. Reserves. £ £ £ 3926 .... 912,160 662.392 247,689 1927 ... 847,671 771,814 200,000 1928 841,57S 793,344 124,175 li)o 9 912,954 814,893 275,000 1930 948,534 517.96S 125,000 Chief items of the balance-sheet are as follows, the corresponding figures as at March 31, 1929, being shown in parentllCSGS I — Liabilities.—Paid capital, £6.858,114 ( £6,855,114); reserve fund, £3,425,000 ( £3,150,000); long-term mortgage debenture stock, £102,555 (£4749); notes in circulation, £3,754,94S ( £4,290,793; deposits, £33,897,609 ( £33,939,651); balances due to other banks, £86,683 ( £27,093); bills payable and other liabilities, £4,856,367 ( £4,286,629); reserves for taxes, £426,000 ( £426,000). Assets—Coin, cash balances and deposits with bankers, £6,763,602 ( £7,172,140); .Government notes, £101,057 ( £50,732); notes of other banks, £27,009 ( £1S,031); balances due by other banks, £76,391 ( £18S,154); money at call and short notice, Government securities and other securities in London, £4,215,814 ( £9,097,168); bills receivable in London and in transit, £2,527,685 (£3,362,051); New Zealand Government securities, £4,005,886 (£4,008,886); Australian Government securities, £3,462,126 (£3,500,161); municipal securities, etc., £1,169,646 (£1,227,215); bills discounted, £1,693,950 (£1,336,073); other advances, £27,415,639 ( £21,505,380); remittances in transit, between branched, £1,431,380 (£1,507,810); property, premises, etc., £579,871 (£549,383) ; long-term mortgage department, £1,124,862 (£703,125).