BANK OF NEW ZEALAND.

New Zealand Mail, Issue 1685, 15 June 1904, Page 69 (Supplement)

BANK OF NEW ZEALAND.

Subjoined we publish the report and balance-sheet of the Bank of New Zealand for the year ending March 31st. The principal feature to claim attention is that after the annual payment of £50,000 to the ’ Assets Realisation Board, as required by statute, and of the 5 per cent, dividend- to shareholders, there remains the sum of £129,022 as the net surplus, also to be paid over to the Assets Board. The surplus paid * over last year was £124,410, so that the amount shows an increase this year of £4612 so allocated-, which must be considered very satisfactory. The gross profits have increased by £11,352, the respective amounts being:—'l9o3, £463,120; 1904. £474,652. The coin, cash balances, bullion on hand, money at call, securities and bills receivable

in London amount to £5,871,032, as against £5,426,351 last year, thus show- - ing a considerable accession of strength. In view of the statements which will doubtless be made at the shareholders’ mooting on June 24th by the chairman and directors, we reserve further comment until after that date.

DIRECTORS’ REPORT.

PROFIT FOR THE YEAR,

The following are the directors’ report and balance-sheet for the year ending March 31 cf the Bank of New Zealand. They are to be laid before the shareholders at the general meeting on June 24':—

Directors’ Report,

The- directors submit herewith the balancesheet 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 in the bank’s current business, annual donation to Provident Fund, bonus to staff, provision for depreciation of investment stock (£30,345), and expenses of renewal of guaranteed stock are ... £292,503 3 10 From this has to be deducted : Interest on Guaranteed ** Stock (£2,000,000) .. 80,000 0 0 £212,803 3, 10 Of this sum the Directors have allocated £12,500 3s. lOd. as follows : In reduction of Colonial Bank Property and Premises . £2,000 0 0 In reduction of Bank of New Zealand, Property, Premises and Furniture £10,500 3 10 12,500 3 10 Leaving balance in Profit and Loss .. £200,303 0 0 This the Directors propose should be disposed of as follows : Statutory Payment toAssets Realisation Board £50.000 0 0 Dividend at the rate of 5 per cent, for the yearended 31st March on share capital with call paid on .that date (£425,613 6s. Bd.j £21,281 0 0 Leaving surplus payable to Assets Realisation Board in terms of “ The Bank of New Zealand Act, 1903,” Clause 15 £129,022 0 0 (Of which £3,489 18s. 4d. has already been paid on account Income Tax on Debentures) £200,303 0 0 During the year branches have been opened at Martinborough and Taihape, in the North Island. The branch at Rakaia, in the South Island, has been re-opened, with an agency at Methven. The branch at Clyde is no longer open daily, but* is visited once a week from Alexandra (Otago). F. de C. MALET, Chairman. BALANCE SHEET. Liabilities. £ b. a. £ s. a. Capital—--4 per cent. Guaranteed - Stock ... 2,000,030 0 0 Preference Shares fully paid up, issued to the Crown under “The Bank of New Zealand Act, 1903,” Sections 9 and 10 ... 500,000 0 0 Ordinary capital called upunder 1 The Bank of New Zealand and Banking Act, 1895 ” 500,000 0 Q Amount paid to date as follows: • 127,684 shares, with full 2nd call, £3 6s. Bd. per share, paid ... 426,613 0 8 V ' 1,477 shares, Ist and 2nd call in ■ course of payment 1,555 10 8 20,889 shares forfeited, amount •paid thereon... . 4.643 18 2 -—— 431,713 1 6 150,000 shares • Call of 1895 made in terms of “The Bank of New Zealand and Banking Act, 1895,” £3 6s. Bd. per share 500,000 0 0 . _ . Amount collected to date and specially applied as provided by the said Act ... 455,887 14 0 Nominal Reserve Liability on shares ... 435,540 10 8 __ Reserve Fund invested in New Zealand Consols 23,957 22 Notes in circulation ... ... « Bills Payable in circulation 1.835,188 5 b Deposits .•>• .. ... .... ... 10,355,928 14 1 Other Liabilities, including provision for depreciation in Investment Securities ... 108,690 12 11 Balance of Profit and Loss .. ... 200 803 0 0 £15,818,945 16 2

Assets. £ s. a. £ b. a. Coin and Cash Balances at Bankers .. 1,836,703 0 0 Bullion on Hand and in Transit .. .. 120,516 19 7 Money at Call and Short Notice, Government Securities and O.her Securities in London .. .. .. 2,889,569 17 6 Bills Receivable in London .. .. 1,024,242 8 0 Investments in the Colonies Colonial Government Securities .. .. 716,631 6 0 Municipal Securities 23,653 6 1 Other Securities .. 27,60.) 0 0 Assets Realisation Board Debentures 1,800,000 0 0 Less held by Public and due 31st March, 1904, hnt not presented for p lyrnent 71,700 0„ 0 Leaving in hands of Bank .. .. 1.729,300 0 0 Bills Discounted .. 1,914.652 15 10 Other Advances and Securities and Debts due to the Bank .. .. 4,988,543 17 2 Landed Property, Premises, etc. .. 341,962 17 7 Bank of New Zealand Estates Company, 1 td., “Assets in ■ Liquidation ” (book value) .. 193,449 2 0 Colonial Bulk Property & Premises 8,120 1 5 £ls 313 9-15 lfl 2 Ptiol-;t iXD Loss. £ E. d. £ B. dAnnual Statutory Payment at 31st March, lto3, paid to the Assets Bealisation Board in . terms' of “ The Bank of Now Zealand and Banking Act, ]Bi's,’’ See ion XI .. . £0 000 0 G Dividend at 5% for year ended 3.st March, 1303, on the Share Capital with the call paid up (£423,590) .. .. 21,180 0 0 B Ranee of Profits at 31st 7 March, 1803, pud to the Assets Realisation Boaid - in terms pt “ The Bank of New Zealand and Banking Act, 1895,’ Section XI. .. .. 124,410 0 0 Twelve months’ Interest on Guaranteed Stock .. .. 80,000 0 0 Amount written off hank Premises .. 10,000 0 0 Amount written off Colonial Bank Premises .. .. .. .. .. 2,000 0 0 Amount written off Furniture Account 500 3 10 B lance for Year ended 3ist March, 1304 £00,303 0 0 £483.393 3 10 £ s. d. £ 8. d. Balance front t ear ended 81st March, 1903 .. .. .. 195,590 0 0 Profits for year ended SI st March 1904, including rec verics, and after payment of and provision for all interest ' cue And accrued on deposit-, donation to Provident Fund, bonus to Staff, expenses of renewal of guaranteed stock, provision for depreciation in investment securities, and provision foi bad and dcub ful debts, in current business .. .. 474,852 0 3 £ 8. d. £ b. dLess Salaries and allowances at Head Oillcs and 131 Branches and Agencies ..£ll9 32011 10 Dii cctors’ remuneration, including London Board £3 000 0 0 General expenses, including rent, stati- nery, travel ing, repairs to premises, \c. .. £.0,812 3 4 Audit expenses account.. £1,006 16 2 Rati s, taxes, telegrams & postages £30,709 5 1 * ' £488,393 310 Reserve Fund. £ s. d. Balance ... 23,987 22 £23 987 22 £ s. d. Balance from year ended 3lst March, 1903 23,474 7 4 Premium on sale of Forfeited Shares credited in'terms of “The Bank of New Zealand Act, 1903,” Section 21 612 14 10 £23 987 2