BANK OF NEW ZEALAND

Dominion, Volume 4, Issue 1144, 3 June 1911, Page 6

BANK OF NEW ZEALAND

JUBILEE BALANCE-SHEET. BIG INCREASE IX PROFITS. The directors of the Bank of New Zealand havo approved tho balance-sheet and profit and loss statement of the bank for the year ended March 31 last. The profits, after providing for expenses of management, all bad and doubtful debts, and after making provision for annual donalion to the provident fund and for bonus to staff, are, .£355,270 193. From this has to bo deducted interest on guaranteed stock, ,£10,000; making ,£315,270 19s. Of this sum the directors have allocated in reduction of bank premises and furniture, ■£20,i100, leaving; balance of profit for the year .£295,270 195., to which has to ba added the balance brought forward from last year, JC61.131 Ss. 6d., totalling .4359,40.) 7s. Oil., from which there has been paid interim dividend at 6 per cent, on preference shares (.£30,000), and li per cent, ordinary shares (,£30,000), in all .£60,000; leaving available for distribution =C29'J,'K)5 7s. Gd. This the directors propose should bo disposed of as follows:—Dividend at the rate of 4 per cent, on preference shares, JE20.000 (making 10 per cent, for the year); dividend at tho rate of 6 per cent, on ordinary shares, „£30,fl00; bonus at the rate of 3 per cent, on ordinary shares, .£15,000 (making 15 per cent, for the year); transfer to reserve fund, .£200,0(10 (making reserve fund .£1,000,000); and leaving balance to bo carried forward, .£31,105 7s. Od. During the year branches have been opened at'Newtown (Wellington), Ohura, l'ongaroa, Takaka, and Taneatua, and the agencies at Kaponga and Pukekoho havo been made daily branches. Agencies havo been opened at Awatuna East, Balfour, Devonport, Hikurangi, Luinsdcn, Matiere, Otakuku, Ow-aka, and Rangataua. BALANCE-SHEET. The balance-sheet to March 31, 1911, is as follows:— LIABILITIES. Capital— , 4 per cent. Guaranteed •£. s. a. Stock 1,000,000 0 0 Preference Shares fully paid up, issued to tho Crown under "Tho Bank of New Zealand Act, 1903," sees. 9 and 10 500,000 0 0 Ordinary Shares, 150,000, at ,£6 13s. Id., XI .000,000. Paid up to £3 6s. Sd. per share 500,000 0 0 Reserve I'unc 1 . (of which .£500,000 is invested in British Government Securities, the-balance heing employed in tho business of the bank)... 800,000 0 0 Notes in circulation 977,240 0 0 Deposits 17,886,745 13 10 Bills payable and other Liabilities (including provision for doubtful debts and for depreciation in Investment Sc : parities) 1,430,420 17 0 Balauco of Profit and • Loss 299,405 7 6 . Total 23,402,817 18 4 ASSETS. £ ■ 8. d. Coin and Cash Balances at Bankers 3,243,289 19 5 Bullion on hand and in transit 121,812 2 6 Money at Call and Short Notice, Government Securities and other securities in London 6,710,239 8 5 Bills Receivable in London and in transit 2,294,621 17 3 Investments in the colonics: Colonial Government Securities '. 1,077,921 0 0 Municipal Securities ... 260,089 211 Assets Realisation Board „.. Assets: Balances owing by purchasers 178,540 16 5 Sundry Assets 'unrealised : 37,813 3 10 Bills Discounted 1,111,635 18 9 Other' Advances and Securities -and Debts due to tho Bank 7,938,115 1 7 Landed Property, Premises, etc. 423,739 7 3 Total 23,402,817 18 4 PROFIT AND LOSS. £ a d. Dividend at the rate of 35 per cent, (making 8J per cent, for tho year ended March 31, 1910) on .£500,000 Preference Shares issued to the Crown in terms of tho Bank of New . Zealand Act, 1903 I 18,750 0 0 Dividend at the rate of 5 per cent, on ,£500,000 Ordinary Share Capital 25,000 0 0 Bonus at tho rate of 21 per cent. _ on Ordinary Share-Capital (making per cent, for tho year ended March 31, 1910) 12,500 0 0 Amount transferred to Heserve Fund 150,000 0 0 Balance carried down ... 64,134 8 6 Twelve Months' Interest on Guaranteed Stock ... 40,000 0 0 Amount written off Bank Premises and Furniture ' 20,000 0 0 Interim Dividend paid December 12, 1910— 6 per cent, on Preference Shares, .£500,000 30,000 0 0 6 per cent, on Ordinary Shares, .£500,000 ... 30,000 0 0 Balance, being Net Profit for year 295,270 19 0 Amount brought forward from last year 04,134 8 G Less Interim Dividend paid as above 00,000 0 0 Total 419,405 7 G Balance March 31, 1910 .... 270,384 8 G Balance brought down ... 61,134 8 G Profits for year ended March 31, 1911, including . recoveries, and after payment of, and provision for, all interest due and accrued on deposits, provision for bad and doubtful debts, 'for donation to Provident Fund, and for bonus (o staff 622,391 9 9 LessSalaries and Allowances at Head Office and 167 Branches and Agencies 150,678 1 4 Directors' remuneration, including London Board . 3,250 0 0 General expense?, including rent, stationery, telegrams, postage, travelling, repairs to premises, etc .' 48,142 19 .2 Audit Expenses Ac-. count 1,918 9 G Rates and Taxes 53,131, 0 9 Total 419,405 7 G RESERVE FUND. Balance 1,000,000 0 0 Entries for the Miramar Golf Club's mixed foursome competition close with the secretary at noon on Thursday next. The annual meeting of the .lohnsonvillo Co-operative Building Society will be held at the office of the society, Johnsonville, on Monday, June 5. Mr. .lohn S. Swan, architect, invites tenders for tho erection of a residence at Lower llutt. Messrs. Hunter, Schultze, and Gibson, land agent?, Napier, insert particulars of an excellent proposition, in an advertisement in this issue. The Hon. G. M. Luko will speak at a meeting (open to all) of the Wellington Brotherhood to-morrow afternoon in the Druids' Hall. Tho Rev. R O. Blamircs will conduct an evangelical service in tho King's Theatre at 7 o'clock, Messrs. Whilcombe and Tombs, Lambton Quay, havo a special announcement in this issue referring lo ledgers, journals, cash, day, and minute books. In an advertisement in this issue par- j ticulars are given of tho famous Horsham ' Downs Estate, Hamilton, which is for sale. J