ADDITIONAL EARNING POWER.

Otago Witness, Issue 2167, 5 September 1895, Page 22

ADDITIONAL EARNING POWER.

Tfce following is an approximate estimate famished by the bank's president of the additional earning power of the bank under the e*ramitt*e's proposals :—

Per annum. Value of inscription business in London £14,000 £1,009.000 A stock now earning 3 per c«*t., if i»y«j*tfid in g* ncral business of bank, calculated to earn 4} per ceut. ... 15 000 No* profit* of another brniVr, £15,000— Bay 30,000 3| p«r cent, on £1,850,000 now earning nothing 64,750 Saving in administration 15,i5QU Tetal ...£l3-3,753 There will be a further addition ecrned om the amount paid-up from thd shaieholduc* v>h"cbi will iacreaso as tbe cUls are paid. In addition to thin there will be a saving to tho E<t.itcs Company of 1£ per cent, per annum on £1,500,000. AGGREGATE BALANCE SHEET. The following is the aggregate balance shtet a*3l<!fcM-Mcniß9s:— Liabilities. Capital— Four per cent, guaranteed stock £2,000,000 0 0 100.000 Bhareß of £5 53 ... 525,000 0 0 60,080 shares ot £7 10s each ... h75,W0 0 0 O»U of 1895 account 159,74t 0 0 Notes in circulation , 468.1P5 0 »v Bills payable in circulation ... 1,48*,59 l 0 0 Deposits and other liabilities ... 7,141,755 0 0 Total £12.156,585 0 6 Assets. Coin and cash balances at bankers' £1,302,009 0 0 Bullion in hand and in transit 92,185 0 0 Investments 880,213 0 0 Bills receivable and bills discounted 2,112,348 0 ft Other; advances and secuiitic? and debts due to bank (including £1,372,681 due by the Bank of New Zealand Estates Company) 5,123,002 0 0 Bank of New Zealand Estates Company shares (par value) ... 1,850,000 0 0 Landed property, bankpremises, *<\ 419.931 0 0 Deficiency 376,898 0 0 Total ... .„ jei2.15tt.i586 0 0 Peo Fobma. Balance Sukbi Of the Bank of New Zealand, after writing off

•^ bad and doubtful debts, in accordance with auditors' estimate.— J. M. Burr, Auditor. STATEMENT OF PROFIT AND LOSS ACCOUNT • For year ended 31st March 1895. Dr. Interest paid on fixed deposits, guaranteed stock, and rebate onbills.&c £205.452 0 0 Expenditure on salaries, rated, rent, taxea, &c 172,607 0 0 Balance ... 383 0 0 Total .„ „ £468 442 0 0 Cr. Balance carried forward from March 1894 ... ' £ 37,739 0 0 Gross profits , ... 430,703 0 0 Total ... , £468,442 0 0 SYNOPSIS OP THE BILL, The following is a summary of the Back Bill :- I. Short title. 5. Interpretation. 3. Capital and proceeds of first call on reserve liability to be applied in writing off. 4. To create £509,000 new capital in preferred ■hares. 6. Priority of preferred shares. 6. Dividend on preferred shares. 7. Preferred shares to be issued to colony in exchange for Government securities. 8. Power for bank to repurchase preferred chares 9. Creation of further capital by second call on pne-third of reserve liability. 10. Provision for call of final third of reserve liability. 11. Appropriation of net profits. 12 Release of million invested under "The B.ink of New Zealand Share Guarantee Act 1 91." 13. Preferred shares on reissue to be first offered -toshireholderg. ' 14. No right to vote. 35. Government to appoint a director. 10. Estates Company to tell scheduled assets to Assets Realisation Board. 17. Authority to execute. Ac. 18. When control to be given. 19. Price. 20. Evidence of amount of purchase money. 21. Purchase money to be paid by Assets B ard's debentures. 22. Provision for Eslates Company's existing delieuturef. 23. Vesting of assets in board. 24. Application of net proceeds of realisation, j 25 Guarantee of deficiency. 26 Security for guar*ntco. 27. Audit of board* account. 25. Asset 8 to be administered by As«et« Realisatin Board. Members and appointment tLertof. 2i'. Boar.l a body co-porate. Powers. 30. Vacancies to be filled. 31. S-tlaries of v. embers. 32 Governor to make regulations. 33. Certificate if date of assuming control of assets. 31. Vesting of assett purchased. Certificate. ?5. Form, Ac, of debenture^ Ac. 36. Section 3 of "The Banking Act 1894" re-ppale-1. Power to bank to buy assets of other DSfcVs. 37. Purchase to be conditional on ratification. 38. When ratified and approved contract to be ftbul.ite. 34. Resolution of shareholders how passed. We t'ng Voting. 40. Selling bank to discharge its liabilities. 41. Selling bank to ceate to carry on business. 42 Property purchased to ve3t in purchasing han't. 41 OerffjcaU- to be evidence. 4i. Certificate for registration. 45. No license fee or * tamp fees payable. 46. Provisions as to president-. " 47. Pres dent'i veto. 48. Repeal. 49. Bauk not to dissolve whilst liability to colony sub»ists. 50. Dte-i of settlement to be deemed amended. ' 6t. " The New Zealand Consolidated Stock Act 1877" amen led.