BALANCE-SHEET OF THE BANK OF NEW ZEALAND AT THE 31st MARCH, 1945

Appendix to the Journals of the House of Representatives, 1945 Session I, B-15

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1945 NEW ZEALAND

BALANCE-SHEET OF THE BANK OF NEW ZEALAND AT THE 31st MARCH, 1945

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, 000 0 0 C long-term mortgage shares —468,750 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 —3,750,000 at £1 . • • • • • ■ • 3,750,000 0 0 £7,031,250 0 0 Capital Subscribed and 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 .. •• •• •• 359,722 6 8 3,934,722 6 8 £10,262,847 6 8

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BANK OF NEW ZEALAND Balance-sheet at 31st March, 1945 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 .. 17,100,465 16 11 Government .. .. .. .. .. 500,000 0 0 Government notes: Commonwealth, Fijian, and Samoan C long-term mortgage fully paid £1 shares issued to the Administration .. .. .. .. .. 127,116 0 0 New Zealand Government .. .. .. .. 234,375 0 0 Balances due by other banks .. .. .. .. 494,851 0 4 I) 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 .. .. .. .. 8,608, 941 19 7 Government .. .. .. .. .. 1,375,000 0 0 Bills receivable in London and in transit . . .. .. 229,911 18 0 Ordinary fully paid £1 shares .. .. .. 3,750,000 0 0 New Zealand Government securities (including £500,000 6,328,125 0 0 free-of-interest loan) .. .. .. .. 15,543,680 15 11 Reserve Fund (invested in British Government securities) .. .. 3,575,000 0 0 Australian Government securities .. .. .. 1,089,953 8 6 Deposits .. .. .. .. .. .. .. .. 57,747,070 4 1 Fijian Government securities .. .. .. .. 50,000 0 0 Balances due to other banks .. .. .. .. .. .. 14,935 4 9 Municipal and other local bodies'securities .. .. 1,532,922 7 10 Bills payable and other liabilities (including provision for contingencies) .. 5,294,844 18 3 Remittances in transit between branches .. .. .. 4,644,350 13 3 Provision for taxes .. .. .. .. .. .. .. 760,000 0 0 49,422,194 0 4 London office acceptances under credits .. .. .. .. .. 13,653 8 4 Bills discounted .. .. .. .. .. .. .. 478,453 3 8 Transfers from long-term mortgage department .. .. .. .. 135,692 6 7 Other advances and securities and debts due to the bank, after deducting Balance of profit and loss .. .. .. .. .. .. 556,255 10 8 provision for bad and doubtful debts .. .. .. .. .. 23,016,483 2 4 Landed property, premises, &c. .. .. .. .. .. 791,667 18 0 Liabilities of customers for acceptances, per contra.. .. .. .. 13,653 8 4 Long-term mortgage department .. .. .. .. .. 703,125 0 0 £74,425,576 12 8 £74,425,576 12 8 Long-term Mortgage Department £ s. d. £ s. d. Long-term Mortgage Fund: Capital .. .. .. .. .. 703,125 0 0 Loans .. .. .. .. .. .. .. 567,432 13 5 Transfers to bank .. .. .. .. .. .. .. 135,692 6 7 £703,125 0 0 £703,125 0 0

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Profit and Loss £ s. d. £ s. d. £ 8. d. Dividend on C long-term mortgage shares .. .. .. 6,152 6 10 Balance at 31st March, 1944 .. .. .. .. .. .. 570,435 8 8 Dividend on D long-term mortgage shares .. .. .. 15, 380 17 2 Dividend on preference B shares .. .. .. .. 25,000 0 0 Dividend on ordinary shares .. .. .. .. 150,000 0 0 196,533 4 0 Balance carried down .. .. .. .. .. .. .. 373,902 4 8 £570,435 8 8 £570,435 8 8 Dividend paid Ist December, 1944— £ s. d. £ s. d. £ s. d. Dividend on preference A shares .. .. .. .. 43,750 0 0 Balance brought down .. .. .. .. .. .. .. 373,902 4 8 Interim dividend on C long-term mortgage shares .. .. 6,152 6 10 Profits for year ended 31st March, 1945, including recoveries, and, Interim dividend on D long-term mortgage shares .. .. 15,380 17 2 after payment of and provision for all interest due and accrued Interim dividend on preference B shares .. .. .. 18,750 0 0 on deposits, provision for bad and doubtful debts, and for the £ s. d. Interim dividend on ordinary shares .. .. .. 112,500 0 0 annual donation to the Provident Fund are .. .. 1,976,481 3 10 196,533 4 0 LessBalance, being profit for the year .. .. .. .. 378,886 10 0 Salaries and allowances at Head Office and £ s. d. To which has to be added amount brought forward from last year 373,902 4 8 193 branches and agencies .. .. 574,730 1 6 Directors' remuneration, including London 752,788 14 8 Board and local directors in Australia .. 7,083 6 8 Less dividend paid, as above .. .. .. .. 196,533 4 0 General expenses, including rent, stationery, 556,255 10 8 telegrams, postages, travelling, repairs to premises, depreciation, &e. .. .. 169,252 17 9 Audit Expenses Account .. .. 3,025 0 0 Bates and taxes .. .. .. 843,503 7 11 1,597,594 13 10 378,886 10 0 £752,788 14 8 £752,788 14 8

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BANK OF 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 appreciation in their relation to New Zealand currency. CERTIFICATES We hereby certify that, having carefully examined the foregoing balance-sheet 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 15th day of May, 1945. H. Chalmers, General Manager. A. W. Hall, Chief Accountant. I, David Firth Reid, the Chief Auditor of the Bank of New Zealand, do hereby certify .— (1) That, having carefully examined the foregoing balance-sheet 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.

D. F. Reid, Chief Auditor.

By Authority: E. V. Paul, Government Printer, Wellington.— 1945.

Approximate Cost of Paper.—Preparation, not given printing (516 copies), £7 10s.

Dated this 16th day of May, 1945.

Price 3d.]

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