BANK OF NEW ZEALAND

Otago Witness, Issue 3196, 16 June 1915, Page 84

BANK OF NEW ZEALAND

ANNUAL REPORT. WELLING!ON, June 4,

The annual report and balance sheet and profit and loss statement of the Bank of New Zealand for the year ended March 31, to be presented to shareholders at the annual meeting on June 18, shows that the profits, after providing for the expenses of management, all bad and doubtful debts, and after making provision for the annual donation to the provident fund and for a bonus to the staff, are £396,166 16s 9d. From this has to be deducted the interest on guaranteed stock (£26,680 15s 4d), leaving £369,486 Is sd. Of this sum the directors have allocated, in reduction of bank premises and furniture £50,000, leaving a balance of profit for the year of £319,486 Is sd, to which has to be added the balance brought forward from last year (£51,608 8s lOd), in all, £371,094 10s 3d. From this sum there has been paid an interim dividend at the rate of 6 per cent, on the A and B prefer-ence-shares (£45,000), and on the ordinary shares (£55,699 19s 6d), making together £100,699 19s 6d. This leaves available for distribution £270,394 10s 9d. This, directors propose, should be disposed of as follows; Dividend at the rate of 4 per cent, on the A preference shares, £20,000; dividend at the rate of 6 per cent, on the ordinary shares and the B preference shares, £72,868 0s 8d; bonus at the rate of 3 per cent, on the ordinary shares and the B preference shares, £35,891 18s; transfer to reserve fund, £84,463 12s lOd (making tho reserve fund £2,000,000); leaving tho balance to be carried forward £51,170 19s 3d.

During tho year branches have been opened at Helcnsville and Waiuku. The branch at Kumara is jio longer open daily, but is visited from Hokitika twice weekly. Agencies have been opened at Horekino, Piapio, Ruawai, and Tuakvai, and the agency at Tokomaru has been cliS>«J

The balance sheet shows tie Allowing: Liabilities —Capital: 4 per cent., guaranteed stock, £528,983 10s 6d; A preference shares, fully paid, issued to the New Zealand Government, £500,000; B preference shares, fully paid, issued to the New Zealand Government, £250,000 ; ordinary shares, 150,000 at £6 13s 4d (£1,000,000), paid up to £3 6s ?d per share, £500,000; new ordinary shares, 5,000 at £6 15s 4d, £500,000 (of which there has been paid up at date £476,710); reserve fund (of which £I,OOO 000 is invested in the British Government securities, the balance being employed in the business of the bank), M,915,536 7s 2d; notes in circulation.

£1,676,051; deposits. £18,741,657 5s 3d; bills payable and other liabilities (including provision for doubtful debts and for depreciation in investment securities), £1,670,105 7s lOd; balance of profit and loss, £270,394 10s 9d ;—total, £26,528,440 19s 6d. Assets: Coin and cash balances at bankers, £4,617,060 16s 9d; bullion on hand and in transit, £210,461'9s 3d; money at call and short notice, Government securities, and other securities in London, £5,136,996 14s 7dj bills receivable in London and in transit, £3,301,301 8s lid; investments in the colonies and colonial Government securities, £718,681; municipal securities, £242,806 6s sd; bills discounted, £1,186,458 10s lid; other advances and securities and debts due to bank, £10,662,707 4s sd; landed property, premises, etc., £451,867 8s 3d; —total, £26.528,440 19s 6d. Profit and loss—dividend at the rate of 4 per cent, on £500,000 A preference shares issued to the New Zealand Government in terms of “The Bank of New Zealand Act, 1903,” £20,000;- dividend at the rate of 6 per cent, on £500,000 ordinary share capital, £3O,(XX); bonus, at the rate of 3 per cent, on ordinary share capital, £15,000; amount transferred to Reserve Fund, £175,000; balance carried down, £51,608 8s lOd; —total, £291,608 8s lOd; 12 months interest on guaranteed stock, £26,680 15s 4d; amount written off bank premises and furniture, £50,000; interim dividend paid on December 12, 1914, 6 per cent, on £500,000 A preference shares, £30,000 ; 6 per cent, on £250,000 B preference shares, £15,000; 6 per cent, on ordinary shares, £55,699 19s 6d; balance, being the net profit for the year, £319,486 Is sd; amount brought forward from last year, £51,608 8a lOd; —totalling £371,094 10s 3d; loss interim dividend paid as above, £100,699 19s 6d; balance, £270,394 10s 9d;- —total, £447,775 5s 7d; balance March 31, 1914, £291,608 8s lOd; balance brought down, £51,608 8s lOd; profits for the year ended March 31, 1915, including recoveries, and after the payment of and provision for all interest due and accrued on deposits, provision for bad and doubtful debts, for the annual donation to the Provident Fund, and for a bous to the staff, £755,239 15s — less salaries and allowance at head office and 223 brandies and agencies (£211,320 12s 2d), directors’ remuneration, including London Board (£4172 5s 2d), general expenses, including rent, stationery, telegrams, postages, travelling, repairs to promises, etc. (£66,722 Os 7d), audit expenses’ account (£2309 8s 6d), rates and taxes (£74,548 11s lOd), in all, £359,072 18a 3d—balance, £596,166 16s 9d; —total, £447,773 5s 7d.

Reserve Fund —Balance per last statement, £1,550,000; premium on new shares issued, less expenses of issue, £565.536 7s 2d; amount to be added from profits for the year ended March 31, 1915, £84,463 12s lOd; —total, £2,000,000.