BANK OF N.Z.

Southland Times, Issue 18962, 8 June 1923, Page 2

BANK OF N.Z.

THE YEAR’S WORKING. SUBSTANTIAL PROFAT INDICATED. (Per United Press Association). WELLINGTON, June 6. The following report will be submiued by the directors ox tlie Bank oi New Zealand at. the annual meeting of shareholders, to be held at the head office on Friday, ths 15th inst.:— The directors submit herewith the bal-ance-sheet and profit and loss statement of the bank tor the year enaed March 31 last. The profits, after providing for management and all bad and doubtiul debts, and other contingencies, and aftei making provision for the annual donation to the provident fund, also for a bonus to the stall, are £574,838 4/9. From this has been deducted the interest on guaranteed stock, £2,199 9/8, leaving the balance of profit for the year at £653,638 15/1, to which has to be added the balance brought forward from last year (£430,818 11/3), total £984,457 6/4, from which has been paid a dividend on the preference “A,” shares of £50,000, an interim dividend on preference “B” shares of £250,000, and an interim dividend of 1/4 per share on ordinary shares £15,000 (£22,5u0), leaving available for distribution £759,457 6/4. This the directors propose should be disposed of as follows:—Dividend on preference “B” shares (making £62,500 for tha year, equal to 2/- per share), £37,500; dividend of 1/4 per share on ordinary sharea (making £300,000 for the year, equal tn 2/8 per share I, £150,000; transfer to reserve fund, £150,000 (making the reserve fund £1,825,000) ; leaving the balance to be carried forward of £421,957 ff/4; total £759,457 6/4. The balance-sheet shows: —Liabilities, £45,306,116, including capital £3,904,988, reserve £1,675,000; notes in circulation £4,564,695, deposits £30,003,926, bills payable and other liabilities £3,644,907, reserve for taxes £426,000, balance of profit and loss £759,457. Assets, £45,306,116, including coin and cash balances £7,974,011, notes of other banks £528,527, money at call and • at short notice/ Government seeurifies; and other securities in Lonifon £4,961,591, bills receivable £4,847,929, New Zealand Government securities £3,127,024, Australian Government securities £865,44*2, municipal securities £670,825, bills discounted £1,995, 0413, other advances and securities £17,746, 718, remittances in transit £1,264,042, landed property and premises £308,379. The gross profits were £1,546,041, less salaries £391,349, general expenses £122,548, rates and taxes £445,671, and smaller sums making altogether a total of £971,203, and leaving a net profit of £574,838.