BANK OF NEW ZEALAND

Evening Post, Volume CVII, Issue 131, 7 June 1929, Page 8

BANK OF NEW ZEALAND

THE YEAR'S BUSINESS

REPORT AND BALANCE-SHEET

The directors of t^e Bank of New Zealand submit to shareholders-"the balance-sheet and profit and loss statement of the bank: for the year ended 31st March last. The profits, after providing for expenses of management, all bad and doubtful debts, and other contingencies, and after making provision^for- the annual donation to the provident fund, also for bonus to staff, are £934,153 6s Bd, from this has to be deducted interest on guaranteed stock £21,199 8s lid, leaving balance of profit for the year of £912,953 17s 9d; to which has to be added: Provision previously made for certain doubtful adJo?o «nnot now required, and recoveries, £212,004 18s; balance brought forward SrSrJS ffid" 582 '525 3B 8d ' **"•« From this has been paid:—Dividend on preference A shares, £50,000; interim dividend on C long-term mortgage shares, £6152 6s 10d; interim dividend on D long-term mortgage shares. £15,380 17s 2d; interim dividend on pre! ference B shares, £41,666 13s 4d- in- *££?■ dividend on ordinary shares, £250, amounting to £363,199 17 8 4dleaving available. for distribution £1,344,284 2s Id. This the director propose should, be disposed of as follows:—Dividend on C long-term mortgage shares at 6 per cent, per annum, £7031 ss; dividend on D long-term mortgage shares at 7} per cent, per annum, £17,578 2s 6d; dividend on preferonce B shares (making £162500 for the year), £120,833 6s 8d; bonus on preference B shares, £18,750; dividend of one shilling and fourpence per share on ordinary shares (making £500,000 for the year, equal to two shillings and eightpence per share), £250,000; bonus of 1 per cent, on ordinary shares, £37,----500; transfer to reiierve fund (makine £3,425,000), £275,000; leaving balanc! to be carried forward, £617,591 7s lid. During the year agencies have been opened at Lower High street and Riccarton (Christchurch), Oust, North-East Valley (Dunedin), while agencies at Edendale South and KiMkihi have been closed. BALANCE-SHEET. The balance-sheet to 31st March, with last year's figures in parentheses, is as follows:-— ■"'j ; Liabilities.—Capital— 4 per cent. 1 guaranteed stock, £529,988 10s 6d (£529,988 10s 6d); preference A fnlly paid £1 shares issued to .the New Zealand Government, £500,000 (£500,000 V* O long-term mortgage fully paid f.l shares issued to the New Zealand Government, £234,375 (£175,781 ss); D fully paid £1 shares issued to the New Zealand Government, £1,375,000 (£l,----375,000); ordinary fully paid £1 shares, £3,750,000 (£3,750,000); total capital £0,858,113 10s 6d (£6,771,198 5s 6d). Reserve fund, £3,150,000 (£3,025,824 13s lid); notes in circulation, £4,290,----793 (£3,797,080); deposits, £33,939,651 6s (£30,339,033 8s 2d); balance due to other banks, £27,093 10s lid (£30,425 9a 6d); bills payable and other liabilities (including provision for contingencies), £4,286,628 16s (£3,954,878 3s Id)----reserve for taxes, £426,000 (£426,000)' so, 1!t d?? K o5 C, e//i eptances under "edits, £234,595 5» Id (£89,500): transfers from long-term mortgage department, £4749 3s 7d-(£296,448,0s Id); balance of proiL*? d <**■?*' £1 >344>28* 2* Id (£1,149,----162 6s 8d); grand.total, £54,561,908 14s ••.,'■»■ ' : ■! " . •- Assets.—Coin, cash balances, and deposits with bankers, £7,172,140 6s 6d (£7,527,425 19s 4d); Government notes —Commonwealth, Fijian, and Samoan Administration, £86,732 15s (£81,628 10s); notes of other banks (legal tender), £18,031 (£40,603); balances due 635 0s 2d); bullion on hand and in transit, £5003 18s 6d (£5530 16s 6dV money at. call and short notice, Goveminent securities and other securities m London, £9,097,167 13s 6d (£7119----804 16s 8d); bills receivable in London and in transit, £3,362,050 14s 6d (£2----885,327 8s lOd). ' o Zealand Government securities, £4,008,886 5s 7d (£3,644,300 2s sd)Australian Government securities, £3,----560.161 2s 4d (£2,068,385 2s BdV municipal and other local bodies' v>se-tlev'-,,£1'127' 215 8s 8d (^979,586 7s 3d); bills discounted, £1,336,073 0s Id) (£1,294,654 2s 2d); other advances and securities and debts due to the bank, after deducting provision for bad ?*2?°«¥§& df te'^ 21.505,379 11s lOd (£,21,453,565 3s 7d); remittances in transit between branches, £1,507,810 0s 7d,• (£1,343,797 Us lid); landed l\°??l IX Premises, etc., £549,382 16s 6d (£533,596 10s sd); liabilities of customers for acceptances, per contra, £234,595 5s Id (£89,500 8s 4d); long! dePartment, £703,125 (£616,209 15s). Grand total, £54,561----908 14s 2d (£49,879,550 15s 3d). LONG-TERM MORTGAGES. , Capital in the long-term mortgage de £6 filnQ E £1°3 '125' compared with £616 209 15s last year. Loans amount fti*-.?B^* 16s H as against £319,----761 14s lid last year. Transfers to bank were £4749 3s 7d, compared with £296,448 0s Id for 1928. " '■■ PROFIT AND LOSS. By dividend on C long-term mortgage shares, £4394 10s 7d (£B7B 18s Id); dividend on D long-term mortgage shares, £10,983 19s 8d (£2185 5s 9d>; dividend on preference B shares £120 . 833 6s 8d (£120,833 6s 8d); bonus ok preference B shares, £18,750 (£lB - 750);^ dividend on ordinary share capital £250,000 (£250,000)[ bonus on ordinary shares, £37,500 (£37 500)---r «ra ?s£erred •t0 reserve fnnd, £124,175 6s Id (£200,000); total £566,637 3s (£630,147 ids 6d); balance ««r\ ed d ™W?> £582>525 3s 8d (£584,----655 12s lOd); twelve months' interest (£lKn^ £SI '1M lia _ Dividend paid Bth December, 1928 •— ™nP rence A shares» £50,000 (£SO - ■*«Uo°« C knß-term mortgage shares, £6152 6s lOd (£2636 14s 3d); on D 2A^OT7r# g"Ss*"*» *15 '380 17s 2d (£6578 17s 6d); on preference B shares, £41,666 13s 4d (£41,666 13s 4d); on ordinary shares, £250 000 (£250,000); total/ £363,199 Hs '4d (£350,882 5s Id). Balance, being profit on the ordinary operations of the baiik fi'o t i^??r' £912 '953 17s 9d (£841,----Brß ss. ld); to which has to be added: Provision previously made for certain doubtful advances not now reouired, and recoveries, £212,004 18s ("last year there was a surplus on realisations of Government and other securities amounting to £73,510 13s lOd); amount brought forward from last year, £582 - 525 3s 8d; total, £1,707,483 19s 5d £1,500,044 11s 9d); less dividend paid as above, £363,199 17s 4d, £1,344,284 2s Id (£1,140,162 6s 8d; grand total £1,728,683 8s 4d (£1,521,244 osßd)' To balance at 31st March, 1928, £1--149.162 6s 8d (£1,214,803 3s 4d). Ba{ance brought down, £582.525 3s S<l (£584,655 812s lOd). Profit? for year ended 31st March, 1929, after payment of and provision for, all interest due and accrued on deposits, and provision for bad and doubtful debts, and other contingencies, for the annual donation to the provident fund, also for bonus to staff, £1,916,600 6s 8d (£1,816,869 7s lid); provision previously made for certain doubtful advances not now required, and recoveries, £212,004 18s (surplus on realisation and maturity of Government and other securities, £73----510 13s lOd); total, £2,128,605 4s 8d (£1,890,380 Is 9d). Less salaries aod alioiwaees -a* bead

office and branches and agencies, £478.----853 9s lid (£.466,380 2s 6d); directors' remuneration, including London board and local directors in Australia. £9520 16s 8d (£9312 10s); general es> penses, including rent, stationery, telegrams, postages, travelling, repairs topremises, etc., £157,396 4s 4d (£151,----844 0s sd); audit expenses account, £2810 (£2915 18s 4d); fates and taxes, £333,866 9s Id (£323,339 2s 8d); grand total, £ 1,728,683 8s 4d (£ 1,521,244 Ossa). „." ... ;. '„ RESERVE FUND. •: The reserve^fnnd at 31«t March) 198& stands at £3,425,000, including an. tdj difciott this year of fc215,000. .- -~-~-^~i