BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1939.

Appendix to the Journals of the House of Representatives, 1939 Session I, B-15

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1939. NEW ZEALAND.

BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1939.

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

BANK OF NEW ZEALAND. Incorporated by Act of the General Assembly, 29th July, 1861. Authobizbd Capital. £ s. d. Preference A shares—soo,ooo at £1 .. .. .. .. ■• 500,000 0 0 C long-term mortgage shares—46B,7so at £1 .. .. .. .. .. 468,750 0 0 D long-term mortgage shares—937,soo at £1 .. .. .. .. .. 937,500 0 0 Preference B shares—l,37s,ooo at £1 .. .. ... .. .. 1,375,000 0 0 Ordinary shares—3,7so,ooo at £1 .. .. 3,750,000 0 0 £7,031,250 0 0 Subscribed Capital. £ s. d. Preference A shares issued to the New Zealand Government .. .. .. 500,000 0 0 C long-term mortgage shares issued to the New Zealand Government .. .. 234, 375 0 0 D long-term mortgage shares .. .. .. •• •• •■ 468,750 o 0 Preference B shares issued to the New Zealand Government .. .. .. 1,375,000 0 0 Ordinary shares 3,750,000 0 0 £6,328,125 0 0 Capital Paid up. £ s. d. Preference A shares issued to the New Zealand Government .. .. .. 500,000 0 0 C long-term mortgage shares issued to the New Zealand Government .. .. 234,375 0 0 D long-term mortgage shares .. .. • • • • • • • • 468,750 0 0 Preference B shares issued to the New Zealand Government .. .. .. 1,375,000 0 0 Ordinary shares .. ... • • • • • ■ • • • • .. 3,750,000 0 0 6,328,125 0 0 £ s. d. KeserveFund 3,575,000 0 0 Undivided profits .. ... •• •• .. 385,602 5 6 3,960,602 5 6 £10,288,727 5 6

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BANK OF NEW ZEALAND. Balance-sheet at 31st March. 1939. Liabilities. Assets _ Capital— £ s. d. £ s. d. £ s d £ s d Preference A fully paid £1 shares issued to the New Zealand Coin, Reserve Bank notes, and deposits with bankers .. 7 677 918 18 2 Government 500,000 0 0 Government notes: Commonwealth, Fijian, and Samoan C long-term mortgage fully paid £1 shares issued to the Administration 98 736 15 0 New Zealand Government 234,375 0 0 Balances due by other banks 42'439 3 11 D long-term mortgage fully paid £1 shares .. .. 468,750 0 0 Money at call and short notice, Government securities and Preference B fully paid £1 shares issued to the New Zealand other securitiess in London .. .. . 4 391 263 2 10 Government 1,375,000 0 0 Bills receivable in London and in transit .. .. 931,876 15 8 Ordinary fully paid £1 shares .. .. .. 3,750,000 0 0 New Zealand Government securities .. .. 5,540,847 0 7 t, i /• t ■ t. , 6,328,125 0 0 Australian Government securities .. .. .. 488,075 6 5 Reserve Fund (invested m British Government securities) 3,575,000 0 0 Municipal and other local bodies'securities .. 265 589 110 Long-term mortgage debenture stock .._ 607,050 0 0 Remittances in transit between branches .. .. 1,978'715 0 8 Notes m circulation 627 00 ' 21415 461 <5 1 Deposits .. 33,328,478 19 0 Bills discounted .. .. " '529'654 11 9 Baances due to other banks 27,717 7 0 Other advances and securities and debts due to the bank, Bills payable and other liabilities (including provision for contingencies) .. 5,248,240 2 3 after deducting provision for bad and doubtful debts 26 673 085 0 4 Reserve for taxes 426,000 0 0 Landed property, premises, &c. " " '738' 022 14 9 London Office acceptance under credits 41,342 19 1 Liabilities of customers for acceptances, per contra .. .. 41 '342 19 1 Transfers from Long-term Mortgage Department 458,698 10 8 Long-term Mortgage Department 1 3i0'175 0 0 Balance of profit and loss .. .. .. .. .. .. 666,461 13 0 ±,oiu,i/o u u ; : £50,707,741 11 0 £50,707,741 11 0 Long-term Mortgage Department. Long-term Mortgage Fund— , £ s d £ a P ita ! ;■ 703,125 6 6 Loans .. : 851 476 9 4 Debenture stock .. .. 607,050 0 0 Transfers to bank 458,698 10 8 £1,310,175 0 0 £1,310,175 0 0 This is the balance-sheet referred to in the certificate on attached Profit and Loss Statements marked " B."~ A. Hempton, Chief Auditor.

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Pbofit and Loss. £ s. d. £ s. d. j £ 8. d Dividend on C long-term mortgage shares .. .. .. 7,031 5 0 Balance at 31st March, 1938 .. .. .. .. .. .. 654,739 15 8 Dividend on D long-term mortgage shares .. .. .. 17,578 2 6 Dividend on preference B shares .. . . . . .. 68,750 0 0 Dividend on ordinary share capital .. .. .. .. 187,500 0 0 280,859 7 6 Balance carried down .. .. .. .. .. .. .. 373,880 8 2 £654,739 15 8 £654,739 15 8 Dividend paid 10th December, 1938— £ s. d. £ s. d. £ s . d. Dividend on preference A shares .. .. .. .. 50,000 0 0 Balance brought down .. .. .. .. .. .. .. 373, 880 82 Interim dividend on C long-term mortgage shares .. .. 7,031 5 0 Pronts for year ended 31st March, 1939, including recoveries, and Interim dividend on D long-term mortgage shares .. .. 17,578 2 6 after payment of and provision for all interest due and accrued Interim dividend on preference B shares .. .. .. 31,250 0 0 on deposits, provision for bad and doubtful debts, depreciation Interim dividend on ordinary shares .. .. .. 187,500 0 0 of furniture, and for the annual donation to the Provident 293,359 7 6 Fund are .. .. .. .. £1,684,989 19 1 Balance, being profit for the year .. .. .. .. 585,940 12 4 1,684,989 19 1 To which has to be added amount brought forward from last year 373,880 8 2 Less — Salaries and allowances at Head Office and £ s. d. 959,821 0 6 230 branches and agencies .. .. 576,233 2 10 Less dividend paid, as above ... .. .. .. 293, 359 7 6 Directors' remuneration, including London — 666,46113 0 Board and local directors in Australia .. 9,250 0 0 General expenses, including rent, stationery, telegrams, postages, travelling, repairs to premises, &c. .. .. .. 142,462 19 2 Audit Expenses Account .. .. 3,010 0 0 Rates and taxes .. .. .. 368,093 4 9 : ■ 1,099,049 6 9 585,940 12 4 £959,821 0 6 £959,821 0 6

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BANK OP NEW ZEALAND— continued. Reserve Fund. £ s. d. £ s. d. Balance .. .. .. .. .. .. .. .. 3,575,000 0 0 Balance per last statement .. .. .. .. .. .. 3,575,000 0 0 £3,575,000 0 0 £3,575,000 0 0 Note.—London assets are shown in this balance-sheet in sterling, and no provision has been made for their appreciation in their relation to New Zealand currency. CERTIFICATES. We hereby certify that, having carefully examined the foregoing balance-sheet (marked " A ") and statements, we are satisfied that they have been correctly compiled from the books and accounts of the bank, and that the balance-sheet is a full and fair balance-sheet, properly drawn up, and exhibits a true and correct view of the state of the bank's affairs at the date thereof. Dated this 22nd day of May, 1939. H. Chalmers, General Manager. A. W. Hall, Accountant. I, Arthur Lewis Hempton, the Chief Auditor of the Bank of New Zealand, do hereby certify :— 1. That, having carefully examined the foregoing balance-sheet (marked " A ") and statements, I am satisfied that they have been correctly compiled from the books and accounts of the bank. 2. That I am also satisfied that the said balance-sheet is a full and fair balance-sheet, properly drawn up, and exhibits a true and correct view of the state of the bank's affairs at the date thereof. 3. That I have verified so much of the cash, investments, securities, and assets of the bank as at the date of the said balance-sheet were held at the Head Office, in Wellington, and have had access 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 25th day of May, 1939.

A. Hempton, Chief Auditor.

By Authority: E. V. Paul, Government Printer, Wellington.— 1939.

Approximate Cost of Paper. — Preparation, not given; printing (470 copies), £4.

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