BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1940.

Appendix to the Journals of the House of Representatives, 1940 Session I, B-15

B.—15.

1940. NEW ZEALAND.

BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1940.

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.

Authorized Capital. £ s. d. Preference A shares —500,000 at £1 .. .. .. .. .. .. 500,000 0 0 C long-term mortgage shares —468,750 at £1 .. .. .. .. .. 468,750 0 0 D long-term mortgage shares —937,500 at £1 .. .. .. .. .. 937,500 0 0 Preference B shares —1,375,000 at £1 .. .. .. .. .. 1,375,000 0 0 Ordinary shares —3,750,000 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 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 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. Reserve Fund .. .. .. .. .. .. 3,575,000 0 0 Undivided profits .. .. .. .. .. .. 392,309 18 10 3,967,309 18 10 £10,295,434 18 10

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BANK OF NEW ZEALAND. Balance-sheet at 31st March, 1940. Liabilities. Assets. Capital— ' £ s. d. £ s. d. Preference A fully paid £1 shares issued to the New Zealand £ s. d. £ s. d. Coin, Reserve Bank notes, and deposits with bankers .. 10,825,108 16 8 Government .. .. .. .. .. 500,000 0 0 Government notes : Commonwealth, Fijian, and Samoan C long-term mortgage fully paid £1 shares issued to the Administration . . . . . . . . .. 85,493 0 0 New Zealand Government .. .. .. 234,375 0 0 Balances due by other banks .. .. .. .. 154,930 0 6 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 securities in London .. .. .. .. 6,066,263 2 10 Government .. .. .. .. .. 1,375,000 0 0 Bills receivable in London and in transit .. .. .. 19 7 Ordinary fully paid £1 shares .. .. .. 3,750,000 0 0 New Zealand Government securities (including £1,000,000 6,328,125 0 0 free-of-interest loan) .. .. .. .. 8,530,195 17 10 Reserve Fund (invested in British Government securities) .. .. .. 3,575,000 0 0 Australian Government securities .. .. .. 453,931 6 5 Long-term mortgage debenture stock .. .. .. .. .. 500,000 0 0 Municipal and other local bodies'securities .. .. 6 7 Notes in circulation .. .. .. .. .. .. .. 627 0 0 Remittances in transit between branches .. .. .. 1,859,458 16 7 Deposits .. .. .. .. .. .. .. .. 36,422,293 4 11 28,405,000 7 0 Balances due to other banks .. .. .. .. .. .. 22,286 0 1 Bills discounted .. .. .. .. .. .. .. 428,008 1 0 Bills payable and other liabilities (including provision for contingencies) .. 4,981,663 19 4 Other advances and securities and debts due to the bank, after Reserve for taxes .. .. .. .. .. .. .. 426,000 0 0 deducting provision for bad and doubtful debts .. .. .. 22,531,587 17 3 London Office acceptances under credits .. .. .. .. 75,988 16 8 Landed property, premises, &c. .. .. .. .. .. .. 753,158 13 11 Transfers from long-term mortgage department .. .. .. .. 391,715 8 6 Liabilities of customers for acceptances, per contra .. .. .. 75,988 16 8 Balance of Profit and Loss .. .. .. .. .. .. 673,169 6 4 Long-term mortgage department .. .. .. .. .. 1,203,125 0 0 £53,396,868 15 10 £53,396,868 15 10 Long-term Mortgage Department. Long-term Mortgage Fund— ............ £ s. d. £ s. d. Capital .. .. .. .. .. .. .. .. 703,125 0 0 Loans .. .. .. .. .. .. .. .. .. 811.409 11 6 Debenture stock .. .. .. .. .. .. .. 500,000 0 0 Transfers to bank .. .. .. .. .. .. .. 391,715 8 6 £1,203,125 0 0 £1,203,125 0 0 This is the balance-sheet referred to in the certificate on attached Profit and Loss Statement marked " B."— A. Hempton, Chief Auditor.

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8.—15.

Profit and Loss. £ s. d. £ s. d. I £ o d Dividend on C long-term mortgage shares .. .. .. 7,031 5 0 Balance at 31st March, 1939 .. .. . fififWfil is n 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 .. .. .. .. .. .. .. 385 602 5 6 £666,461 13 0 £666,461 13 0 Dividend paid 9th December, 1939— £ s. d. £ s. d 7 , Dividend on preference A shares .. .. .. .. 50,000 0 0 Balance brought down .. .. 385 602 5 6 Interim dividend on C long-term mortgage shares .. .. 7,031 5 0 Profits for year ended 31st March, 1940, including recoveries ' Interim dividend on D long-term mortgage shares .. .. 17,578 2 6 and after payment of and provision for all interest due Interim dividend on preference B shares .. .. .. 31,250 0 0 and accrued on deposits, provision for bad and doubtful Interim dividend on ordinary shares 187,500 0 0 _ _ debts, depreciation of furniture, and for the annual dona- £s. d. _ 293,359 7 6 tion to the Provident Bund are .. .. 1 712 685 4 0 Balance, being profit for the year .. .. .. .. 580, 926 8 4 Less ' ' ' To which has to be added amount brought forward from last year 385,602 5 6 Salaries and allowances at Head Office and £ s. d. 233 branches and agencies .. .. 580,550 4 5 966,528 13 10 Directors'remuneration, including London Less dividend paid, as above .. .. .. .. 293,359 7 6 Board and local directors in Australia 9,250 0 0 673,169 6 4 General expenses, including rent, stationery, telegrams, postages, travelling, repairs to premises, &c. .. .. 131,764 1 9 Audit Expenses Account .. .. 3,010 0 0 Bates and taxes .. .. .. 407,184 9 6 1,131,758 15 8 580,926 8 4 £966,528 13 10 £966,528 13 10

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BANK OP NEW ZEALAND— continued. Kesekve 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 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 thereoi. Dated this 27th day of May, 1940. TT ~ ~ J J 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 ha\e 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 29th day of May, 1940. . TT f J J A. Hempton, Chiei Auditor.

Approximate Cost of Paper.—Preparation, not given ; printing (470 copies), £5 10s.

By Authority : E. V. Paul, Government Printer, Wellington.— 1940.

Price 3d.~\

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