BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1941.

Appendix to the Journals of the House of Representatives, 1941 Session I, B-15

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1941. NEW ZEALAND.

BALANCE-SHEET OF THE BANK OF NEW ZEALAND AS AT 31st MARCH, 1941.

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—soo,ooo at £1 .. .. .. .. _ _ _ 500 qqo q q 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 —1,375,000 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 .. . . . . ~ _ _ _' ' 750 0 0 Preference B shares issued to the New Zealand Government . 1 m'onn n n Ordinary shares .. ;; 8',?T0,506 0 O £6,328,125 0 0 Capital Paid up. £ s d Preference A shares issued to the Now 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 . . .. .. . _ _ _ '' ' 0 0 Preference B shares issued to the New Zealand Government .. " 1 375'000 0 0 Ordinary shares " " 3 ] 7 r M [ m) 0 0 6,328,125 0 0 £ s. d. Reserve Fund 3,575,000 0 0 Undivided profits .. .. .. .. .. 392,500 8 3 — 3,967,500 8 3 £10,295,625 8 3

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BANK OF NEW ZEALAND. Balance-sheet at 31st March, 1941. Liabilities. Assets. „ . . £ s. d. £ s. a. A fully paid £1 shares issued to the New Zealand £ s. d. £ s. d. Coin, Reserve Bank notes, and deposits with bankers ..10,439,733 10 2 Government . •• •• •• 500,000 0 0 Government notes: Commonwealth, Fijian, and bamoan C long-term mortgage fully paid £1 shares issued to the Administration -• •• *o k New Zealand Government 234,375 0 0 Balances due by other banks .. .. 451,016 2 5 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 m London 7,022,099 ~ 7 Government •• 1,375,000 0 0 Bills receivable in London and m transit .. .. 415,976 17 7 Ordinary fully paid £1 shares '.! .. .. 3,750,000 0 0 e ono ]oc a n New Zealand Government securities (including £500,000 J — 6,328,125 0 0 free-of-mterest loan) .. .. .. .. o,do7,UUz o o Reserve Fund (invested in British Government securities) 3,575,000 0 0 Australian Government securities .. .. 623,162 1 0 ATn+oa in .. .. •• 627 0 0 Municipal and other local bodies securities .. .. 54b, 7dl 17 Z T ) i( .... .... 39,590,874 6 1 Remittances in transit between branches .. .. 1,526,041 9 2 deposits .. .. ■■ •• 14 15 3 20,464,659 4 0 Balances due to other banks .. .. .. •• •• •• f ,' ,' ~ . _ 0 00 .n s Bills payable and other liabilities (including provision for contingencies) .. 4,880,971 13 11 Bills discounted .. .. •' •• •• • • . " 282, 4bU V Or 576,000 0 0 Other advances and securities and debts due to the bank, after deducting proLondon under credits " " •• 87,339 18 10 vision for bad and doubtful debts 24,213,258 17 9 Provision for long-term mortgage debenture stock due, but not presented .. 1,700 0 0 Landed property, premises, &c .. It 1U Balance of Profit and Loss . 560,859 15 9 Liabilities of customers for acceptances, per contra 87,339 18 10 Long-term mortgage department .. .. .. .. . • t u ,i o/ a a £55,616,460 9 10 £55,616,460 9 10 ===== — Long-teem Mortgage Department. LO C^r M ° rtgageFmld ~ 703?125 0 0 Loans - - .. -■ 9 % Transfers from bank .. .. .. •• •• 74,332 9 9 £777,457 9 9 £777,457 9 9 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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Profit and Loss. £ s. d. £ s. d. £ s. d. Dividend on C long-term mortgage shares .. .. .. 7,031 5 0 Balance at 31st Marck, 1940 .. . .. .. .. 673,169 6 4 Dividend on D long-term mortgage shares .. .. .. 17,57826 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 .. .. .. .. .. .. .. 392,309 18 10 £673,169 6 4 £673,169 6 4 Dividend paid 7th December, 1940— £ s. d. £ s. d. £ s. d. Dividend on preference A shares .. .. .. .. 50,000 0 0 Balance brought down .. .. .. .. .. .. 392,309 18 10 Interim dividend on C long-term mortgage shares .. .. 7,031 5 0 Profits for year ended 31st March, 1941, 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 Fund are .. .. .. 1,726, 636 4 9 Balance, being profit for the year .. .. .. .. 461,909 4 5 Less— To which has to be added amount brought forward from last year 392,309 18 10 < Salaries and allowances at Head Office and £ s. d. ~ 230 branches and agencies .. .. 576,965 11 10 854,219 3 3 Directors' remuneration, including London Less dividend paid, as above .. .. .. 293, 359 7 6 Board and local directors in Australia.. 9,250 0 0 560,859 15 9 General expenses, including rent, stationery, telegrams, postages, travelling, repairs to premises, &c. .. .. 139,143 2 11 Audit Expenses Account .. .. 3,025 0 0 Rates and taxes .. .. 536, 343 5 7 1,264,727 0 4 461,909 4 5 £854,219 3 3 £854,219 3 3

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BANK OF NEW ZEALAND— continued. Reserve Fund. £ s. d. £ s. d' Balance .. .. .. .. .. .. .. .. 3,575,000 0 0 Balance at 31st March, 1940 .. .. .. .. .. .. 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 27th day of May, 1941. • H. Chalmers, General Manager. A. W. Hall, Chief 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 3rd day of June, 1941. A. Hemptoit, Chief Auditor.

By Authority: E. Y. Paul, Government Printer, Wellington.— 1941.

Approximate Cost of Paper.—Preparation, not given ; printing (441 copies), £6 15s.

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