BANK OF NEW ZEALAND

Otago Witness, Issue 3613, 12 June 1923, Page 70

BANK OF NEW ZEALAND

THE YEAR'S WORKING. SUBSTANTIAL PROFIT INDICATED. WELLINGTON, June 6. The following report will be submitted by the directors of the Bank of New Zealand at the annual meeting of shareholders to be held at the head office on Friday, the 15th inst. : The directors submit herewith the bal-ance-sheet and profit and loss statement of the bank for the year ended March 3i last. The profits, after providing for expenses, manageinont, and all bad and doubtful debts, an 1 ether contingencies, and after making provision for the annual donation to the provident fund, also for a bonus to the staff, are *l-1,838 4 0 From this has to be deducted the interest on guaranteed stock 21,u>3 9 8 Leaving the balance of ' ~ r '' r ” profit for the year at ... io l To which has to be added the balance brought for- „ ward from last year, ... 4->0,313 11 3 934,-157 6 4 From which has been paid : Dividend on the preferonce “A” shares »°> GCO Interim dividend on pre- 0 _ , nn ference “33” shares ... Interim dividend of Is 4 'ii?f e r s Shlire ° ri ... ordinilry 150 ’ 000 ->’ooo 0 0 Leaving available for dis- ‘ tributioji 7 , n ,i-~ r A This the directors propose 01,40/ b 4 could be disposed of us follows: Dividend on preference “B” shares (making «£r>2,sCO for the year, equal to 2s per share) - )0o n 0 Dividend of Is 4d per ’ 0 0 0 share on ordinary shares (making £300,000 for the j-onr, equal to 23 8d per share ... ... 150,000 0 0 J ransfer to reserve fund (making the reserve fund £1 825,000); ... 159,020 0 0 Leaving tne balance to be carried forward of 421,9r, 7 (? 4 £753,457 G 4 The balance sheet shews:— * LIABILITIES. Capita l £3,904,288 Fund 1.675 000 .Notes in circulation 4 564 695 Deposits 30*00-/osb Bills payable and other liabilities 3*644 <)O7 Re.rve for taxes ./. ;;; Balance of profit and loss 759 457 , £45,306,116 ASSETS. Coin and cash balances 7 974 n l l Notes cf other banks *” 528*5^7 Money at call and at short notice, Gov- * eminent securities, and other securities in London ~ r _ Ol Bills receivable * 4 847*909 New Zealand Government securities ... 5‘’127 ? 02-i Australian Government securities ... . 44^ Municipal securities ’ fi-n’oo-Bills discounted I*/. T. V/. i^oS Other advances and securities 17 746 713 Remittances in transit lSfia’o.' o Landed property and premises ... ... ’tjOs’oLJ £45,306,116 WCTe £1 ’ MS >O4l, salaries £391,e,9, general expenses £122,548, rates and taxes £44->,671, and smaller sums made altogether £-74°8a8 0t £97l ’"° 3 ’ leUTin S a net profit of