BANK OF NEW ZEALAND.

Evening Post, Volume LXXI, Issue 142, 16 June 1906, Page 2

BANK OF NEW ZEALAND.

REPORT AND BALANCE-SHEET. The following is the annual report of the dircclors of the Bank of New Zealand for the y«u* ended 31st March, to be presented to the proprietors at the annual meeting on the 29th inst. : — £ » d The profits, after providing for expensos of management, all bad and doubtful debts in the bank's current business, and ■ making provision • 'for annual donation to provident fund, and for bonus to staff, ore ... 530,529 1* 3 From this has to bo deducted — Interest on guaranteed stock . ... 40,000 0 0 Leaving , £290,329 14 ■ 3 Of this sum the directors have allocated £16,000 14s 3d as under: — In reduction of Bank of - New Zealand premises and furniture 15,500 14 3 In reduction of Colonial ' Bank premises 500 0 0 £16,000 14 3 Leaving balance of profit 274,329 0 0 This the directors have disposed of as follows: — Statutory payment to the Assets Realisation Board 50,000 0 0 Provision for dividend at the rate of 5 per cent, for the year ended 31st March, 1906, on £500,000 preference shores issued *o tho Crown in terms of tho Bank of New Zealand Act, 1903 25,000 0 0 Provision for dividend at th-> rats of 5 per cent, for the year ended 31st March, J. 906, on £500,000 ordinary share capital 25,000 0 0 Surplus paid to Assets Realisation Board in terms of the Bank of New Zealand Act, 1903, elauss 15 — including £3482 Is 5d on account of income tax on debentures 174,329 0 0 £274,329 0 0 During the year agoncies have been • opened at Huntly, Matamata, Morrins/ville, Ohaupo, and Te P,uke. Tho offices at Mangawcka and To Aroha aro now open daily. The agency previously open at Ashhurst is now closed. F. do O. MALET, Chairman. The balance-sheet shows : — Liabilities. — Capital — 4 per cent, guaranteed stock, £1,000,000; preference shares fully paid up, issued by the Crown under the Act, 1903, sections 9 and 10, £500,000; ordinary shares, 150,000, , at £6 13s 4d, paid up to £3 6s Bd, £500,000: total, £2,000,000; reserve fund invested in New Zealand consols, £81,294 lQs 3d; notes- in circulation, £876,253 ; ■. bills payable in circulation, £1,552,361 3s l'Od; deposits £12,420,275 18s 8d; other liabilities, including provision for depreciation in investment eecurities, £103,215 5s 9d; balance profit and loss, £274,329. Asseto — Coin and cash balances at bankers, £2,225,800 17s 4d; bullion on hand and in transit, £153,818 7s Id; money at call and short notice, Government securities, and other securities in London, £3,396,046 17s 9d ; bills receivable ii> London, £1,228,654 12s 4d : total, .£4,624,691 10s Id. Investments in the colonies— Colonial Government securities, £892,040 ; municipal securities, £32,500 : total, £924,540; Assets Realisation Board debentures, £1,025,000; bills discounted, £2,514,113 6s 2d; other adynnces and securities and- debts' due to the bank, £5,513,994 3s 2d; landed property, premises, etc., £322,658 6s 8d; Colonial Bank property and premises, £3112 Bs-. total of £17,307,728 18s 6d. The profit and loss account is as follows :—: — Dr. — Annual statutory payment at 31st March, 1905, paid to Assets Realisation Board, in terms of the Bank of New Zealand Act, 1903, section 15, £50,000; dividend at the rate of 5 per cent: for the year ended 31st March, 1905, on £500,000 preference shares issued to the Crown in terms of the Bank of New Zealand Act, 1903, £25,000 ; dividend at the rate of 5 per cent, for the year ended 31st March, 1905, on ordinary share capital paid up on that date (£452,370), £22,618 10s; balance of profits at 31st March, 1905, paid' to the Assets Realisation Board in terms of tho Bank of- New Zealand Act, 1903, Section 15, £166,311 10a—£253,930; twelve months' interest on guaranteed stock, £40,000-, amount written off bank premises, £15,000; amount written off Colonial Bank premises, £500 ; amount written off furniture account), £500 14s 3d ; balance for year ended 31st March, 1906, £274,329; making a total of £584,26914s 3d. Cr. — Balance from year ended 31st March, 1905, £253,930. • Profits foi year ended 31st March,. 1906, including recoveries, and after payment of, and provision for, all interest due and accrued on deposits, provision for bad and doubtful debts in current busine&s for donation to provident fund, and for bonus to staff, £529.017 , 6s 9. Less — Salaries and allowances at head office and 138 brnnchea and agencies, £127,834 3s lOd; directors' remuneration, including London' board, '.£3000 ; general expenses, including rent-, '^stationery, travelling, repairs to premises, etc., £32,840 8s lOd; audit expenses account, £1714 3s 6d ; rates, taxes, telegrams, -and postages, £33,298 16s 5d— £330,329 14s 3d : total, £584,259 14s 3d. The Reserve Fund is as follows: — Dr —Balance, £81,294 l(h ud. Cr.— Balance from year ended 31st March, 1905, £43,897 7s ; premium on forfeited shares, reissued, credited in terms of Act of 1903, section 21, £37,397 3s 3d : total, £81,294 10s 3d.