BANK OF NEW ZEALAND

Dominion, Volume 10, Issue 3106, 9 June 1917, Page 8

BANK OF NEW ZEALAND

THE YEAR'S OPERATIONS

PROFIT OF £436,000

The directors of the Bank of New Zealand- in t.hcir report for the year ended March 31, 1917, stiito that the profits, after providing for expenses of management, all bad anil doubtful debts, and after making provision for the annual donation to the provident fund and for a special grunt thereto, also for bonus to stuff, are £136,031 Ss. 3d. 'Prom this has-to ho deducted interest on guaranteed stock, 0121,141 ils. 6d.. leaving .£115,489 19s. 2d. 01 this sum the directors have allocated in reduction of bank premises and furniture, ,£OO,OOO, leaving balance of profit for tho year ,£165,489 19s. 2d., to which has to be added balance brought forward from last year, .£56,164 6s. lid., making £121,954 6s. Id. From this amount there has been paid: Interim dividend at (i per cent, on "A'" and "B" preference shares ,£45,000, and interim dividend at 6 tier cent, on ordinary shares 4:60,0001). There is left available for distribution .£1116,954 Gs. Id.

' This the directors propose should ho disposed of as follows:—Dividend at the rate of 4 per cent, on "A" preference shares, .£20,000; dividend at the rate of 6 per cent, on "B" preference shares, .£15,000; dividend at the rate of 8 per cent, on ordinary shares, .£00,000; bonus at the rate of .1 per cent, on "B" preference shares, .£7501): bonus at the rate of .1 per cent, on ordinary shares, .£30.000; transfer to reserve fund (making reserve fund ,£2,135,0(10), ,£72.858 12s. 9(1.; leaving balance to be carried forward, £111,595 13s. Id. The Liabilities. The liabilities are as follow:—Capital, .£529,05S 10s. 6d.; "A" preference shares. .£500,000; "B" preference shares, £250,000; ordinary shares, ,£500.000: new ordinary shares, £500,000 (all totalling £2,279,98S 10s. 6d.); reserve fund, .£2,062.111 7s. 3d.; notes in circulation, £2,560,320; deposits, .£29,052,790 11s. lid.; hills payable and other liabilities, £2,007,9GS 2s. 7d.; balance profit and loss, £310,951 Gs. Id. The Assets. The assets are as follow: Coin and cash balances at bankers, £5,914,979 3s. Id.; Government notes (Commonwealth, Fijian, and Sunioan Administration), £159,331;, notes of other banks (legal tender), £151,735; bullion on hand and in transit, £119,5i>2 lfls. 10d.; money at call and short notice, Government securities, and other securities in London, £11,476,002 15s. 1(1.; hills receivable in London and in transit, .£672,147 3s. 7d. Investments in tho Dominion—Now Zealand Government securities, £2.905,413 10s.; municipal securities. £353,09S 6s. 5d.; bills discounted, £1,256,721 7s. 9d.; other advances and securities and debts due to the bank, £H. 459,703 I9s. 4d.; landed property, premises, etc., £450,812 !35.; total, £38,250,167 ISs. 4(1. Profit and Loss. The statement of profit and loss for the year is as under:— Dividends and bonuses £132 209195. 6d. ; amount transferred 1o Eeservo Fund, £50,000; balance ' carried down, £56,464 6s. lid.; twelve months' interest on guaranteed stock, £21,141 9s. 6d.; amount written off bank premises and furniture, £50,000; interim dividends, £105,000; balance, being net profit for year, £365,489 19s. 2d.; amount brought forward from last year, £56,4G4 6s. lid.; total, £421,954 Gs. Id. Less interim dividend paid, as above, £105,000—£316,954 6s. Id. Balance, March 31, 1916, £238,674 Gs. 5d.; balance brought down, £5G,4G4 (is. Hd/; profits for year ended March 31, 1917. including recoveries, and after payment of, and provision for, all interest due and accrued on deposits, provision for bad and doubtful debts, for the annual donation to the provident fund, and for a special grant thereto, also for bonus to staff, £961,911 3s. 7d.; less salaries and allowances (£248,515 7s. 2d.), directors' remuneration, including London Board (£4250). general expenses (£74.735 Is. 5d.), audit expenses account (£2727 75.). rates and taxes (£198,051. 19s. 4d.)-£52.8.279 Ms. lid.; leaving a net profit of .E436.G31 Bs. Bd. Roserve, The Reserve Fund stood at £2,062,141 7s. 3d., and tho amount proposed to be added will bring it up to £2,135,000.