BANK OF NEW ZEALAND.

Otago Witness, Issue 2674, 14 June 1905, Page 30

BANK OF NEW ZEALAND.

WELLINGTON, June 7. The balance sheet of tbe Bank of New Zealand for the year ended 31st March last states that the profits, after providing for tho expenses of management, bad and doubtful debte, the annual donation to the officers' provident fund, and for oayment cf a bonus to the staff, are £320,908. From this has to be deducted interest on guaranteed stock. £51,977. From the balance the directors have taken £12,500 for depreciation of bank oremises and furniture, and £2500 for the* reduction of the Colonial Bank property, leaving a net balance of £253,930, which it is proposed to dispose of at 3 follows : — To statutory payment to the Assets Boaid, £50.000 ; payment of a dividend of 5 y<>r oont. en £500,000 preference shares, £25,000 ; and a dividend of 5 per cent, on the share capital. £22,618, leaving a surplus nayable to the Assets Realisation Board of £156,311.

Ihe balance sheot of the Bank of New Zealand further shows the coin and ca«h balances to be £1.020,VA ; bullion, £94,033; Honey at call and on short notice, Government securities, and other securities in London. £3,161.770; bills roccivah'o in London, £1.184,531; colonial Government secmitics. ££4^.131: New Zealand municipal securities, £?.3.653 ; Assets Board debentures. £1,382.500; hills discounted. £3.005,480 ; other advance, ?oc\iritieis, and debts due, £5,211.093; landed property and rn-emiv.m.3. £333,424; Bank of Now Zealand Estates Company " a^ots in liquidation." £62,830; and Colonial Bank piemkee, £3839 ; — total, £16,342,404. Liabilities : O-pital, £1,952,370 (iii-.ie.diag one million of

f guaranteed stock aritt half a million of pre- ' ferenoe shares) , reserve fund in New Zea- ' land consols, £43,897 ; notes in circulation, j £784 171: bills payable, £1,022,405; deposits, £12,190,647; other liabilities, £94,984. The gross profits were £509,130, from which have to be deducted expenses of management, £188,222, leaving a balance of £320,808.