B.N.Z.-Fin. Resources Shifted To Land

Press, Volume CIX, Issue 32018, 19 June 1969, Page 15

B.N.Z.-Fin. Resources Shifted To Land

(New Zealand Press Association; WELLINGTON, June 18. The annual report of 8.N.Z.-Finance Company, Ltd, reveals a marked increase in the financing of land and residential development and a decrease in the financing of manufacturing.

The accounts show a net profit, given in a preliminary statement as about $l-70,000, to be $174,656. It compares with $154,168 in the previous year, an increase of 13.3 per cent

It was realised after pro-1 viding $174,606 ($153,773) for tax, $279,811 ($237,070) interest on borrowings and 1

| $50,925 ($62,189) expenses, gross income having been $689,998 ($607,200). I 1 The 7j per cent dividend

(6) per cent last year) takes $90,000 ($78,000) and $BO,OOO ($50,000) is carried forward. Share capital is $1.2 million (unchanged) and reserves are $192,900 ($108,244), making total shareholders funds $1,392,900 ($1,308,244). Unsecured deposits are $6,759,201 ($4,014,509). Current assets are $6,008,195 ($5,573,028), including not receivables $5,233,842 ($5,136,195) and deposits at call on short terms $771,097 ($432,394). Current liabilities are $263,289 ($255,250) and fixed assets $407,195 ($4,975).