cclxxxvii 



The following figures are taken from the report of the bank for the 

 year ending 31st December 1883, and are given in round numbers : — 



The resources of the bank consisted of — 



£ 



(1) Paid up capital in £20 shares (the State must be 



the proprietor at least of 1,000 shares) 380,000 



(2) The funds obtained by the issue of debentures 



in amounts of £20, £40 and £200 ... ■ ... 790,000 



(3) The funds of the State Savings Bank, on which 4 



per cent, interest is guaranteed 835,000 



(4) Sundry convertible securities, cash, &c. ... ... 80,000 



According to the constitution of bank, loans can only be made on 

 real or quasi-veal property, and by preference on agricultural and pas- 

 toral properties. The following classes of loans are made : — 



(1) On real estate, for terms varying from 9 to 53 years, repay- 



able by a sinking fund, varying according to the term, 

 from 10 per cent, to ^ per cent., the interest being calcu- 

 lated at 4| per cent. 



(2) On real estate for not less than five years ; but without 



sinking fund repayment ; at the expiration of this time 

 repayment cannot be required unless a year's notice has 

 been given. 



(3) On assignment^ of mortgage debts and deposit of the bankers 



own debentures. 



During 1883, 4| per cent, interest was charged on loans with a com- 

 mission of from i to J per cent. ; £12 is the smallest amount lent. 



Four per cent, is paid, the debentures issued and outstanding deben- 

 tures issued at 4J and 4^ per cent, are being paid off. 



At the ending of 1883, the bank had 17,533 debentures of the 

 aggregate value of £790,000 in circulation, and had 9,087 loans out- 

 standing of the aggregate value of £1,899,400. 



During 1883 its chief operations were the issue of 1^026 new loans 

 amounting to £219,500 ; and the cancelling of loans repaid amounting 

 to £162,183, the issue of 1,264 new debentm-es at 4 per cent., and 

 the paying off of 588 4 J and 4^ per cent, debentui-es of the value of 

 £39,700. It had property of the value of £60,000 in liquidation, and 

 during the year had disposed of £18,880 worth of these estates. The 

 realization of such property is, the directors report, the most difficult 

 part of their work, requiring great care and watchfulness of the market, 

 lest by too many sales in any locality they should increase the depres- 

 sion which had now for some years prevailed in the market for land. 



The bank pays 4 per cent, for the Savings Bank funds ; a trifle 

 over 4 per cent, on the whole on its debentures and 4 per cent, on its 

 paid up shares ; after providing for these fixed charges, three-fifth of 

 the net profit is divided among the shareholders, and the remaining 

 two-fifth between the bank's officers and the reserve funds. 



For 1883 the bank had a net profit of £7,304, which was disposed 

 of in the following manner : — 



