FINANCES REVIEWED

Wanganui Chronicle, Volume LXXXIII, Issue 20167, 8 June 1928, Page 7

FINANCES REVIEWED

GREATER RESERVES Annual Statement of Bank of New Zealand PROFITS DECREASE SLIGHTLY 1 Per Press Association j WELLINGTON, June 7. The annual statement and balance sacet oi the Bank of New Zealand for the year endjed March 31, 1928 suuv.o a si.gut reuuctiun in proiits but an inc*cube in uie reserve lund. Proxus iaut year were £860.8/0 / S 3d and tins year nicy were *841,878 os Id. Tue icscrve iaud at March 31, 1927, Scvud at £o,O_J,9OU and tnis year it is *.J,xOO,bUO. Prouts, after providing for the expenses ox mauagciuent, ail bad and Mioubtful debts and other contingencies and. alter making provision for the an./aal donations to the Provident Fund and aiso for a staff bonus are £863,0// iks, but from this has to be deuucted interest on guaranteed stock £21,199 8s lid, leaxiijg a ba<ance of profit for the year ol £841,878 5s Id. io this has to be a»'tled the surplus on realisation and. on maturity of Government and other securities of £73,510 13s lOd and the balance brought forward from the past year, £584,655 12s lOd. totalling £1,500,044 Ils 9d, from which has been paid dividends totalling £350,882 5s lri*, leaving available for distribution £1,149,162 6s Bd. This s’hm the directors propose should be disposed of as follows/ Dividend on C. long te’in mortgage shares at 6 per cent per annum £4,394 10s 7d; dividend on D. long term mortgage shares at 7j per cent per annum £10,983 19s 8d; dividend on preference B. shares (making £162,500 for the year) £120.833 6s 8d; bonus on preference B. shares £18,750; dividend of Is 4i3 per share on ordinary shares (making £500,000 for the year equal to 2s 8d per share) £250,000; bonus of 1 per cent on ordinary shares £37,500; transfer to reserve fund (making £3,150,000) £124,175 6s Id. leaving a balance to be carried forward of £582,525 3s Sd— total £1,149,162 6s Bd. The balance sheet is as follows: Assets: Coin in bullion and cash balances and deposits with bankers £7,532.956 15s ; notes of Commonwealth and Fijian Government and Samoan Administration and legal tender notes of other banks £122,23*1 10s; balance due by other banks £195,231 0s 2d; money at call and short notice Government and other securities and bills receivable in London and in transit £10,055,132 5s 6d; investments in Government, municipal and other local bodies securities in New Zealand and Australia £6,692,271 12s 4d; bills discounted and other advances and securities and debts due to the Bank £22.748,219 5s 9d; remittances ii transit, between branches £1,343,795 Ils lid; landed property, promises, etc £533,596 10s sr?; liaoilities of customers for acceptances per contra £89,500 8s 4d; long term mortgages department £616,2U9 15s Od—total £49.879,550.

Liabilities: Capital 4 per cent guaranteed stock £529,988 10s 6d; preference shares issued to the New Zealand Government £1,875,000; C long term mortgage shares issued to the New Zealand Government £175,781 5s Od; D lung term mortgage shares £440,428 lO.s 0d; ordinary share capital £3,750,00() (total £6,771,198 5s 6d) reserve fund £3,025,824 l.'Ls lid; notes in circulation £3,797,080; deposits £30,339,033 8s 2d; balances due to other banks £30,425 9s 6d; bills payable and other liabilities £3,954.873 3s Id; reserve for taxes £186,000; London office acceptances under credits £89,500 8s 4d; transfers from long term mortgages department. £296,448 0s 11; profit and loss and net trading profit for yeai £841,878 5s Id; plus surplus on realisation of Government and other securities £73,510 13s 10d. Total £915,388 18s lid.

Brought forward from last year £584,655 12s 101, less interim div. £350,882 5s Id —total £1,500,044 Ils 9d. Balance of profit and loss account (, 1 149,162 6s Sd—total £49,879,500 15r