IBANK OF NEW ZEALAND.

Waikato Times, Volume 100, Issue 16817, 8 June 1926, Page 5

IBANK OF NEW ZEALAND.

YEAR'S PROFITS £1,012,160. DIVIDENDS ABSORB £712,392. £247,039 ADDED TO RESERVE. (By Telegraph—Press Association.) WELLINGTON, Monday. The report by the directors of the Bank of New Zealand for the year ended March 31, to be presented to the general meeting of shareholders on .June IS, slate:; that the profits, after providing for expenses of management, all bad and doubtful debts and other contingencies, and after making provision for the annual donations to the Provident Fund., also for bonus to staff, are £933,300. From this has to be deducted interest on guaranteed stock, £21,199, leaving the balance of profit for the year £912,100. To this arc added part of the provision previously made for anticipated loss on the transfer of surplus funds from London and not now required, £IOO,OOO, and the balance brought forward from last year, £513,299, making a total of £1,525,459 15s lOd. From the last amount have been paid dividend on preference "A" shares, £50,000; interim dividend on preference "B" shares, £41,654 13s 7d; interim dividend on ordinary shares, £249,928 is Gd; total, £341,582 15s Id. Dividends Proposed. There remains available for distribution £1,183,877 0s 9d. This the directors propose should be disposed of as follows:—Dividend on preference B shares (making £1G2,4G4 0s 9d for the year), £120,809; dividend of is 4d a share on ordinary shares (making £499,928 Is 6cl for the year), £250,000; transfer to reserve fund, £847,G59, making the reserve fund £2,825,000, and leaving a balance to be carried forward of £505,378. During the year the agency at Owaka has been made a branch, and agencies have been opened at Avondale, Clcvedon, Ellcrslie, Henderson, Richmond, Wakefield, and Walton. The agency at Aratapu has been closed. During the currency of the Dunedin Exhibition an agency was opened in the exhibition buildings. The Balance-sheet. The liabilities arc set forth in the balance-sheet as follows: —Capital, £0,154,988; reserve fund, £2.577,310, to be increased to £2,825,000; reserve for taxes £420,000; notes in circulation, £4,444,392; deposits, £31,121,288; bills payable and other liabilities, £3,648,285; sundry' other liabilities, £207,506; balance of profit and loss, £1,183,877; total, £49,763,649. The assets arc as follows: —Coin, cash balances, bullion, and deposits with bankers, £7,303,753; notes of Commonwealth and Fijian Governments and Samoan Administration and legal tender notes of other banks, £131,141; money at call and short notice, Government and other securities, and bills receivable in London and in transit, £9,949,809; investments in Government and municipal securities in New Zealand and Australia, £7,045,256; bills discounted and other advances and securities and debts due to the bank, £22,002,097; remittances in transit between branches, £1,416,486; landed property, premises, etc., ~-' l j i ' l <- 103; sundry other assets, £170,402; , total, £49,763,049.