BANK OF NEW ZEALAND.

Otago Witness, Issue 2935, 15 June 1910, Page 12

BANK OF NEW ZEALAND.

ANNUAL REPORT. WELLINGTON, June 9. The annual report of the directors and the balance sheet of the Bank of New Zealand to March 31 last, to he presented at the ordinary meeting of shareholders to be held on Friday, June 17, show that the profits, after providing for expenses of management and all bad and doubtful debts, and after making provision for the annual donation to the provident i fund', and for a bonus to the staff, are ! £314,385 15s. From this has to be- deI ducted interest on guaranteed stock £40,000, leaving £274,385 15s. Of this ! sum the directors have allocated a reducj lion of ' bank premises and furniture i (£15,000) leaving a balance of profit for the year of £259,385 15s, to which has i to be added the balance brought forward ' from last year of £60,998 13s 6d, making j £320,384 - 8s 6d, from which there has j been paid an interim dividend at 5 per j cent, on preference shares (£25,000) in- ’ terim dividend at 5 per cent, on ordinj ary shares (£25,000) in all £SO-000. leav- ■ -mg available for distribution £270,384 8s 6d. This the directors propose, should he disposed of as follows Dividend at the rate of 3| per cent, on preference i shares (making 8| per cent, for* the year) £18,750; dividend at the rate of 5 her cent, on the ' ordinary shares, £25,000 ; bonus at the rate of 2J. per cent, on ordinary shares (malting 12g per cent, for the year) £12,600; transfer to reserve fund (making the reserve fund £800,000) £150,000; leaving a balance to be carried forward of £64,134 8s 6d, in all £270,384 8s 6d. During the year a branch has been opened at Otaki, and the agencies at Methven and Te Puka have been made daily branches. The Cheviot branch has been closed. Agencies have been opened at Apiti, Otorobanga, Taumarunui, Thornbury, Urenui, and Waikanae. The agencies previously opened at Culverden, Hawarden, and Utiku have been closed. BALANCE SHEET. Liabilities. —Capital, 4 per cent, guaranteed stock, £1,000,000; preference shares.. fully paid up issued to the Crown under . “'The . Bank of New Zealand Act, 1903,” sections 9 and 10, £500.000; ordinary shares (£150,000 at £5 13s 4d), £1.000,000; paid up to £3 6s 8d per share ~(£500,000) £2,000,000; reserve fund, £650,000; notes in circulation,: £919,329; deposits, £14,687,679 17s Id;., bills payable, other liabilities (including provision for doubtful debts, for depreciation in investment securities), £1.146,917 10s 4d ; balance of profit and lose. £270,384 8s 6d:—total, £19.674.318 15s lid. Assets.— Coin and cash balances at bankers £3,143,775 3s 4d; bullion on hand or in j transit, £114,298 7s 6d; money at call and short notice, Government securities, other securities in London, £3,891,644 3s 7d; bills receivable in London and in transit, £2,626,561 4s 2d; investments in colonies, colonial Government securities,. £1,082,121; municipal securities, £62,624 Is 6d; Assets Realisation Board assets, balances owing by purchasers, £286,899 9s sd; sun-dry' assets unrealised. £46,391 11s 4d; bills discounted, £1.034,458 6s 8d; other advances and securities, debts due to the bank, £7,025,747 14s 4d; landed property, premises, etc., £359,789 14s Id; —total, £19.674,310 15s lid. Profit and Loss Account.—Dbd. dend at the rate of 3§ per cent., (making 8| per cent, for the year ended 31st March, 1909) on £500,000 preference shares issued to tho Crown in terms of “ The Bank of New Zealand Act, 1903,” £18,750; dividend at the rate of 5 per cent, on £500,000 ordinary share capital, £25,000; bonus at the rate of 2g per cent, on ordinary share capital (making per cent, for the year ended 31st March, 1909), £12,500'; amount transferred to reserve fund, £200,000 —in all, £256,250: balance carried down. £60,998 13s 6d; 12 months’ interest on guaranteed stock, £40,000; amount written off bank premises and furniture, £15,000: interim dividend paid 6th December, 1909—5 per cent, preference shares (£500,000) £25,000, 5 per cent, ordinary shares (£500,000) £25,000; balance, being net profit for the year, £259,385 15s; amount brought forward last year, £60,998 13s 6d;— total. £320.384 8s 6d—less interim dividend paid as above (£50,000) £270,384 8s 6d;—total, £375,384 8s 6d. Balance 31st March, 1909, £317.248 13s | 6d; balance brought down, £60,998 13s fid: profits for year ended 31st March, S

1910, including recoveries after payment of provision for all interest due accrued on deposits, provision for bad and doubtful debts, donation to provident fund, bonus to staff, £560,617 7s 4d; less salaries and allowances at head office, 153 branches and agencies, £152,734 6s 9d; directors’ remuneration, including London Board, £3250; general expenses, including rent, stationery, travelling, repairs to premises, etc., £38,648 12s lOd; audit expenses account, £1919 6s 3d; rates, taxes, telegrams, postages, £49,687 6s 6d, £314,385 15s; total, £575,384 8s 6d. Reserve Fund. Balance £BOO,OOO. Balance per last instalment, £650,D00; amount to be added from profits for the year ended 31st March, 1910, £150,000; total, £BOO,OOO.