BANK OF NEW ZEALAND

Dominion, Volume 11, Issue 223, 8 June 1918, Page 8

BANK OF NEW ZEALAND

<, _ PROFITS FOR 1917, £407,806 DIRECTORS' ANNUAL REPORT Ihe report and balance-sheet oi the Bank oi New Zealand 'directors for - the _ year ended.March 31 lust shows that the profits, after providing for expenso.s ni management, ail bad and doubtful debts, and after making provision for Annual donations to the Provident l\md and i'or tonus to staff, are \£-107.iJ116 Us. Ud. l'rom this lias to he deducted interest on guaranteed stock, <131.11)9 10s. 10d., leaving the sum of JtfSti.tiOlS 18s. lid. Of this num. the directors have allocated in reduction of l.iank premises and furniture ■£50,000, leaving bakinc: of profit for I lie .vear .KiHU.iiMi 18s. J id., to which has u, hs added balance brought forward from last year £111,595 Us. Id., a total of •£148,202 12s. 3d., from which there has been paid interim dividend at G per cent, on "A" and "B" preference shares (■£43.000), and ordinary shares (.UiO.OOU), a .total of .B105.0(I0. leaving available for . distribution .£313,202 12s. 3d. This tho directors propose shorld be. disposed of as follows-.—Dividend at the rate of -l per cent, on "A" preference shares, =£20,000; dividend at llic rate of C per cent, 'in "B" preference shares, .£15,000; dividend at the rate of G per cent, on ordinary wiarts, .Ml), 001); bonus atthdrnte of 3 per cent, on "B" preference shares, ,£7500; bonus at the rate of 3 per cent, on ordinary shares, i.'30.000; 'ransfer to reserve fund, .£65,000 (:uaking reserve fund 4:2,200.000). leaviiig a balance to be carried forward ol X 115,702 12s. 3d. Owing to shortage of staff caused by the war, the branches. at Mataura and Clinton have been made receiving agencies of Gore and Balclutha respectively. For the same reason the agencies of Avondale, Midhirst, and 1 hree Lamps, Auckland, have been closed temporarily. 'Ihe balance-sheet is as follows Liabilities. Capital.—4 per cent, guaranteed 6tock, ■£529, I JBB 10s. Bd.; "A" preferenco shares, fully paid, issued to tne A'ew Zealand Government, i' 500,000; "B" preference Bhares, fully paid, issued to the New Zealand Government, £250,000; ordinary shares, 150,000 at .£6 13s. id., -£1,000,000, paid up to lis. Bd. per share, ,£500,000; new ordinary shares, 75,01)0 at 4li 13s. H., fully paid, £500,000; total, £2,279,038 10s. fid. Reserve fund, £2,135,000. Notes ,in circulation, £3,312,995. Deposits, £30,437,036 17s. 3d. Bills payable and other liabilities (including provision for doubtful debts and for depreciation in investment securities), £2,329,559 9s. 9d. Balance of Droit and loss. £343.202 12s. 3d. Grand total, £40,838,682 9s. 3d.Assets, Coin and cash balances at bankers. £5,500,385 17s. 3d. (Commonwealth, flijian and Samoan Administration), £292,724, 10s. > Notes of other banks (legal tender), £1,194,766. Bullion on hand and in transit, £237,170 12s. ad. Money at call and short notice, Government securities and other securities in London, £12,153,743 15s. Id., and bills receivable in London and in transit, 4289,136 9s. 4d.—£12,442,880 fa. sd. Investments in the 1 Dominion—New Zealand Government securities, £2,020,1-11 10s., and municipal securities, £338,035' Is. 5d.—£2,958,176 lis. sd. Bill discounted, £1,320,201 12s. Bd. Other advances and securities and debts due to the bank, £16,466,493 Is. 9d. Landed property, premises, etc., £125,823 19s. lOd. Gtand total, £40,838,652 9s. Bd. Profit and Loss. To dividend at the rate of i per cent, on £500,000 "A" preference shares issued to the New Zealand Government in terms of the Bank of New Zealand Act, 1903, £20,000; dividend at the rate of 6 per cent, on £250,000 "B" preference shares issued to the New Zealand Government in terms of the Bank of NewZealand Act, 1913, £15,000; bonus at the rate of 3 per cent, on "B" preference shares, £7500; dividend at the rate of 6 per cent, on ordinary share capital, £60,000; bonus at t..e rate of 3 per cent, or. ordinary share capital, £30,0;k); amount transferred to reserve fund, £72,858 12s. 9d.; total, £205,358 12s. 9d.; balance carried down, £111,51)5 13s. 4d. Total, £316,Evl os. Id. Twelve months' interest on guaranteed stock, £21,190 10s. lOd. Amount written off bank premises and furniture, £50,000. Interim divweud paid December a, 1917—6 per oent. on "A" preference snares. £500,000, £3(J,OtK); 6 per cent, on 'B" preference shareu, £1:50,000, £1;,,00U; « per cent, on ordinary shares. £1.000,000, £60,000: £105,000. Balance, being net prollt tor year, £336,606 18s. lid., amount brought forward from last year, £111,51/5 13a.. 4d.: total, £448, 20j 12s. 3d.; less interim dividend paid, as above, £105,0 , j0-£343,:02 12s. 3d. Grand total, £519,402 3s. Id. By balance March 31, 1917, £316,951 6s. fil. Balance brought (town, £111, Mi I3s. 4d. _ I roiits for year ended March 31, 1918, including recoveries, and after payment of, and provision for, all interest due and accrued on deposits, provision for bad and doubtful debts, for annual donation to the Provident Fund, and for bonus to staff, <£1,106,441 195.; less salaries and allowances at head office and 202 branches and agencies, £265.405 19s. 3d.; directors' remuneration, including London Board, •£4195 16s. Bd.; general expenses, including rent, stationery, telegrams, postages, travelling, repairs to premises, etc., 16s. 9d.; audit expenses account, £«iil; rate and taxes, £346,384 16s 7d (amounting in all to £698,635 9s. 3d.)£107,806 .as. !)d,; net profit, £519,102 3s. Id. Reserve Fund. The balance per last statement, jC2,135,000; amount to be added from profits for year ended March 31, 1918 .£65,000—£2,200,000.