BALANCE-SHEET OF THE BANK OF NEW ZEALAND FOR THE YEAR ENDED 31st MARCH, 1924.

Appendix to the Journals of the House of Representatives, 1924 Session I, B-15

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1924. NEW ZEALAND.

BALANCE-SHEET OF THE BANK OF NEW ZEALAND FOR THE YEAR ENDED 31st MARCH, 1924.

Laid before both Houses of the General Assembly in pursuance of Section 24 of the Bank of New Zealand and Banking Act Amendment Act, 1898.

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BANK OF NEW ZEALAND. A.—Balance-sheet at 31st March, 1924.

Liabilities. Capital — 4-per-cent. guaranteed stock Preference " A " fully paid £1 shares issued to the New Zealand Government Preference " B " fully paid £1 shares issued to the New Zealand Government Ordinary shares of £1, fulh T paid £ s. d. 529,988 10 6 500,000 0 0 1,000,000 0 0 3,000,000 0 0 £ s. d. 5,029,988 10 6 Assets. £ s. d. £ s. d. Coin, cash balances, and deposits with bankers .. .. .- 7,196,347 15 0 Government notes —Commonwealth, Fijian, and Samoan Administration .. .. .. .. .. .. 137,178 15 0 Notes of other banks (legal tender) .. .. .. .. 29,695 0 0 Balances due by other banks .. .. .. .. .. 26,927 8 7 Bullion on hand and in transit .. .. .. .. .. 10,36061 Money at call and short notice, Government securities, and other securities in London .. .. .. .. 5,477,173 9 2 Bills receivable in London and in transit .. .. 5,695,080 19 3 11,172,254 8 5 New Zealand Government securities .. .. .. .. 3,579,481 12 6 Reserve Fund 1,828,453 9 11 Notes in circulation 4,072,101 10 0 Deposits ' 30,501,719 14 5 Australian Government securities .. .. .. .. 1,784 ,834 19 8 Balances due to other banks 102,906 10 3 Municipal securities .. .. .. .. .. .. 973,802 0 1 Bills discounted .. .. .'. .. .. .. 1,341,191 6 5 Bills payable and other liabilities (including provision foi contingencies) 3,265,519 14 3 Other advances and securities and debts due to the bank, after deducting provision for bad and doubtful debts .. .. 18,787,100 15 7 Reserve for taxes 426,000 0 0 London Office acceptances under credits 363,704 7 9 Remittances in transit between branches.. .. .. .. 1,100,408 0 4 Landed property, premises, &c. .. .. .. .. .. 352,474 4 1 Balance of profit and loss 1,265,367 2 5 Liabilities of customers for acceptances, per contra .. .. .. 363, 704 7 9 £46,855,760 19 6 £46,855,760 19 6 £46,855,760 19 This is the balance-sheet referred to in the certificate on attached Profit and Loss Statement, marked " B." —Richard W. Gibbs, Chief Auditor.

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B.—Profit and Loss, 31st March, 1924.

Approximate Cost of Paper. —Preparation, not given ; printing (475 copies), £4.

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£ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Dividend on £625,000 preference "B" shares .. .. 37,500 0 0 Balance at 31st March, 1923 ... .. .. .. 759,457 6 4 Dividend on ordinary share capital .. .. .. 150,000 0 0 Amount transferred to Reserve Fund .. .. .. 150,000 0 0 — 337,500 0 0 Balance carried down .. .. .. .. .. .. 421,957 6 4 £759,457 6 4 £759,457 6 4 Twelve months' interest on guaranteed stock .. .. .. 21,199 9 6 Balance brought down .. .. .. .. .. 421,957 6 4 Dividend paid 15th December, 1923 — ! Profits for year ended 31st March, 1924, after On preference " A" shares, £500,000 .. .. 50,000 0 0 payment of, and provision for, all interest due On preference " B" shares, £625,000 .. • • ■ • 25,000 0 0 and accrued on deposits, provision for bad and On Ordinary shares, £2,250,000 .. .. •• j 150,000 0 0 doubtful debts, and other contingencies, for the | 225,000 0 0 annual donation to the Provident Fund, also Balance, being profit on the ordinary operations of the bank j for bonus to staff .. .. .. .. 1,709,288 18 3 for the year .. .. .. .. .. 757,031 6 9 Surplus on realization of British Government Less twelve months' interest on guaranteed stock .. 21,199 9 6 securities .. .. .. •• 148,112 9 10 — Provision previously made for certain doubtful 735,831 17 3 advances not now required .. .. .. 184,465 9 0 To which has to be added — -■ 332,577 18 10 Surplus oh realization of British Government securities .. 148,112 9 10 Less — Provision previously made for certain doubtful advances not Salaries and allowances at Head Office and 218 now required .. .. .. .. .. 184,465 9 0 branches and agencies .. .. .. 405,316 9 2 Directors'remuneration, including London Board 7,500 0 0 1,068,409 16 1 General expenses, including rent, stationery, Balance brought forward from last year .. .. . • 421,957 6 4 telegrams, postages, travelling, repairs to i premises, &e. .. .. .. .. 146,913 11 9 1,490,367 2 5 Audit Expenses Account .. .. .. 2,866 7 0 Less dividend paid, as above .. . • 225,000 0 0 Rates and taxes .. .. .. .. 389,661 3 7 1,265,367 2 5 — 952,257 11 6 757,031 6 9 £1,511,566 11 11 £1,511,566 11 11 Reserve Fund. £ s. d. £ s. d. Balance .. .. .. .. .. .. .. .. .. 2,325,000 0 0 Balance per last statement .. .. .. .. .. .. 1,825,000 0 0 Premium on 2,205 shares (fractions and unallotted) sold by tender .. .. 3,453 9 11 Amount to be added from profits for year ended 31st March, 1924 .. .. 496, 546 10 1 £2,325,000 0 0 £2,325,000 0 0 CERTIFICATES. I, Richard Waine Gibbs, the Chief Auditor of the Bank of New Zealand, do hereby certify — jj We hereby certify that, having carefully examined the foregoing balance-sheet (marked " A ") 1. That, having carefully examined the foregoing balance-sheet (marked " A ") and statements, and statements, we are satisfied that they have been correctly compiled from the books and accounts I am satisfied that they have been correctly compiled from the books and accounts of the bank. of the bank, and that the balance-sheet is a full and fair balance-sheet, properly drawn up, and 2. That I am also satisfied that the said balance-sheet is a full and fair balance-sheet, properly exhibits a true and correct view of the state of the bank's affairs at the date thereof. drawn up, and exhibits a true and correct view of the state of the bank's affairs at the date thereof. fe 3. That I have verified so much of the cash, investments, securities, and assets of the bank as | Dated this 2nd day of June, 1924. H. Buokleton, General Manager, at the date of the said balance-sheet were held at the Head Office, in Wellington, and have had access A. H. Bath, Accountant. to certified returns of so much thereof as were then held at the various branches and agencies of the bank or were then in transit. Dated this 10th day of June, 1924. Richard W. Gibbs, Chief Auditor.