BANK OF NEW ZEALAND.

Otago Daily Times, Issue 19198, 14 June 1924, Page 10

BANK OF NEW ZEALAND.

THE YEAR’S WORKING. A SUBSTANTIAL PROFIT. , (Per United Press Association.) WELLINGTON, Juno 15. The report of tho directors of the Bank of New Zealand for the year ended March 51, 1924, has been forwarded to the shareholders. The chief items compared with those of 1923 aro as follow: 11)24. 102. J. 4 per cent, guaranteed stock £ £ ins'/vM Government shares b, -5,9*5 Ordinary shares 3.«».000 3,250,000 Nut profits '•’■5,831 Balance from previous year 421,|h>J Fn’?)? For distribution I'rn’nm Transfer to reserve 4.%.646 Cany forward 600,513 4a1,907 It has to be remarked that as the capital of the bank was increased during the past year by £1,200,000 tho profits have increased accordingly. Tho report of the directors is as tollows; The polite, utter providing for expenses of xrumaguincnt, all bad and doubtful debts, and other contingencies, and utter making provision tor the annual donation to the provident fund and also for bonus R n to the staff, are £7ai,031 b J From this has to bo deducted interest on giKirantoed stock 3 6 Leaving the balance of profit for the year <35,831 It J To which has to lie added the surplus on the realisations of British Government securities 148,112 J 1U Provision previously made for certain doubtful advanccs not now required 184,4G0 J 0 Balance brought forward from last year - 421,957 6 4 Making in all ... 1,490,367 2 5 From which has been paid : A dividend on preference “A” shares 50,000 Interim dividend on preference "B” shares ... 25,000 Interim dividend of Is 4d per share on ordinary shares 150,000 Making a total of 225,000 0 U ! Leaving available for distribution 1,205,367 . 5 This Iho directors propose should be disposed of as follows :: Dividend on preference “B” shares (making £37,436 13s 9d for the Year) 62,435 13 9 Dividend on ordinary shares (making £349,871 7s 6d lor the year) ... 109,871 7 6 Transfer to reserve fund (making reserve fund £2,325,C00) 496,545 10 0 Leaving balance to be carried forward 506.613 11 1 Total ~. £1,265,367 3 6 The balance sheet shows: LIABILITIES. Capital, 4 per cent, guaranteed stock ... £ 529,088 10 6 Preference’“A” fully-paid £1 shares issued to the New Zealand Government 500,000 0 0 Preference "B" fully paid £1 shares issued to the New Zealand Government 1,000,000 0 0 Ordinary shares of £1 fully paid ... 3,000,000 0 0 Total ... .„ ... .„ £6,029,988 10 0 Reserve fund Notes in circulation ... 4,972,101 10 0 Deposits 30,501,719 14 5 Balances due to other banks ... 102,906 10 3 Bills payable and other liabilities (including provision lor contingencies) 3,265,519 14 3 Reserve for taxes 426,000 0 0 London office acceptances under credits 363,704 7 9 Balance of profit and loss 1,265,367 2 6 Total _ _ _ £46,655,760 19 6 ASSETS. Coin, cash balances, and deposits with bankers £7,196,347 15 0 Government notes —commonwealth Pimm and Samoan administration 137,178 15 0 Notes of other banks, (legal tender) 29,695 0 0 Balances due by other banks ... 26,927 8 6 Bullion in hand and in transit ... 10,360 6 1 Money at call and short notice Government securities and other securities in London (£5,477,173 „ 9s 2*l and £5,695,080 19s 3d) ... 11,172,254 8 6 New Zealand' Government securities 3,579,481 12 6 Australian Government securities 1,784,834 19 8 Municipal securities 97.3,802 0 1 Bills discount' d _* f 1,341,191 6 5 Other advances and securities and debts due to the bank after deducting provision for bad and doubtful debts 18,787,100 15 7 Remittances in transit between branches 1,100,408 0 4 Landed proprerty premises, etc. ... 352,474 4 1 Liabilities of customers for acceptances per contra ... Total - £46,855,760 19 6 PROFIT AND LOSS. Balance at March 31, 1923 £ 759,457 6 4 Balance brought down 421,967 6 4 Profits for year ended March 31, 1921, after payment of and provision for nil’ interest due and accrued on deposits, provision for bad and doubtful debts, and , other contingencies, for tho annual donation to tho provident fund, also for bonus to staff Surplus on realisation of British Government securities (£148,112 9s lOil) and provision previously made for certain doubtfiil advances not now required (£184,465 9s) 332,577 18 10 Loss salaries and allowances at head office and 218 branches and agencies (£405,316 Ss 2d), directors’ romunertion, including London hoard (£7500), general expenses, including rent, stationery, telegrams, postages, travelling, repairs to premises, etc. (£146,913 lie 9d), audit expenses account (£2866 7s), rates and taxes (£389,661 3h 7*l) ... 953.257 11 6 Net profits -- 757,031 6 9 Total _ £1,511,566 11 11 RESERVE FUND. Balance £2,525,000 0 0 Balance per last statement 1,825,000 0 0 Premium on 2205 shares <fractions and mialloted) sold by tender ... 3,453 9 11 Amount to bo added from profits for year ended March 31, 1924 ... 496,546 10 1 Total ... £2,325,000 0 0