BANK OF N.Z., LTD.

Evening Post, Volume CXXVII, Issue 132, 7 June 1939, Page 19

BANK OF N.Z., LTD.

BALANCE-SHEET 1939

DEPOSITS LOWER

ADVANCES INCREASED

The report arid balance-sheet of the Bank of New Zealand, Ltd., for the year ended.March 31, 1939, shows net profit at £585,940 compared with £583,209 for 1938. Dividend on ordinary shares is maintained at 10 per cent, per annum' arid on D (long-term mortgage) shares' at the fixed: rate of 7J per cent, per annum. The directors report as follows:—- ' ~

The profits, after providing for' expenses of management, and for all bad and doubtful debts, and other contingencies, and after making provision for the annual donation to the provident fund, are £585,940 12s 4d. to which has tobe added balance brought forward from, last year, £373,880 8s 2d, making £959,821 0s 6d. "From this has been paid dividend on preference A shares £50,000, interim dividend on, C long-term; mortgage shares £7031 ss, interim dividend on D long-term mortgage shares £17,578 2s ,6d,' interim dividend on preference B shares £31,250, interim dividend on ordinary shares £187,500, in all £293,359. 7s 6d; leaving available for distribution £666,461 13s. This sum the directors: 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 preference B■ shares: (making £100,000' for the year), £68,750,' dividend at rate of 5 per cent, on ordinary shares (making £375,000 for the year, eqtial to1 10 per cent), £187,500;. leaving: balance to be carried forward, £385,602 ss'6d. Such dividends are to- be pai'd'.iri, New. Zea-" land currency. During ,' the year agencies have been closed; at" Taneatua, North-East Valley (Dunedin), Edgecumbe (Whakatarie), Pokeno (Pukekohe). . ,: . :.' . ... . : ; .. ~ ■;• '.' - ';' .' ■ : 'BALANCE-SHEET.-The balance-sheet for the year ended' March 31, 1939, with some of the principal items shown in.parentheses, is as follows:— LlAßlLlTlES.—Erefei'erice A fullypaid £1 shares issued to the New Zealand Government, ,£506;O0O; C longterm mortgage fullx-paid £1 shares issued to the' New' Zealand Government, £234,375; D long-term mortgage fully-paid £1 shared, £468.750; preference B fully-paid £1 shares issued to the New Zealand Government, £1,375,000; , ordinary fully-paid £1 shares, £3,750,000. Total, £6,328,125. Reserve Fund (invested in British Government securities), £3,575,000 (£3,575,000); long-term mortgage debenture stock, £607,050; notes in circulation, £ 627;. deposits -', £ 33,328,478 19s (£34,731 i 532);, balances due to other bankSi £27^717 .'7s, .(£51,402); bills payable and other liabilities (including provision for contingencies), £5,248,240 2s 3d (£4,582;27'1); reserve for taxes, £426,000 t£426,000); London: office acceptances under credits, £41,342. 19s Id (£61,264); transfers from lpng*term mortgage department £45^6§§;iqs. 0#" (£;399,1i3);, balatloS ,Of profit arid loss,, £666,461 13s (£654,740). —£50,707.741 11s'. .:; r ; ASSETS.—Coin; Reserve Bank notes, and deposits with bankers, £7,677,918 ißs 2d (£6,103,579); Government notes —Commonwealth, Fijian, and Samoan administration,< £98,736 15s (£150,868);' balances' due .by other banks,; £42,439 ;.3s lid (£ 15,730 V; money at call and ■ short notice, Government "securities and: other' securities in.: Xoridon, £4,391,263' 2s lOd (£5,354,518);\bi11s receivable in London and in transit, £931,876 15s 8d (£1,223,430); New Zealand • Government securities, £5,540,847 0s 7d (£5;390,347); Australian Government securities, £488,075 6s 5d (£2,239,634);; municipal arid other local bodies' securities, £265 ; 589 ■Is lOd (£275,576); remittances in trahsit between branches, ,£1,978,715 0s 8d (£ 1,940,743); bills discounted, £ 529,654 11s 9d (£614,198): other.advances and securities and debts due to-the bank, after deducting provision for bad and doubtful debts, £26,673,085 0s 4d (£25,803,124); landed. property, premises, etc., £738,022 14s 9d (£733,938); liabilities of customers for acceptances, per contra, £41,342 19s Id (£61,264); long-terrh mortgage department, £1,310,175 ■ (£1,310,175)— £50,707.741 11s. LONG-TERM MORTGAGE. Capital of tlie • long-term mortgage department is shown at £1,310,175.' Loans were £851.476 9s 4d; transfers to the bank, £458,698 10s Bd. . PROFIT AND LOSS. The profit and loss statement items include dividends paid £574,218* 15s; balance being profit.'• for the year- £ 585,940 12s 4d; to which *is : added £373,880 8s 2d, amount brought forward from last year. ; . Gross profits, including recoveries and after payment of -and provision for.: interest due arid accrued on de-; posits, provision: for bad arid doubtful debts, depreciation, and for , annual donation to provident fund, £1,684,989 19s Id; less salaries and allowances £576,233 2s lOd; directors' remuneration iri New Zealand, ; London, and Australia £9250; general expenses, £142.462 19s 2d; audit expenses, £3010; rates and taxes, £368,003 4s 9dy in' all amounting to £1,099,049 6s 9d, leaving net profit £585,940 12s" 4d.