Bank of New Zealand.

Hokitika Guardian, 7 June 1922, Page 4

Bank of New Zealand.

annual report. WELLINGTON, June 5

The annual report of the directors of the Bank of New Zealand for the year elided March 31. 1922. which will be presented at the ordinary general meeting of tbe proprietors, states that the profits, after providing for expenses of management, all bad and doubtful debts and other contingencies. and after making provision lor r lie annual donation to the provident fund, for the special grant to increase pension benefits, and also lor a bonus to tlie stall', amount to £703.342 4s Bd. From this has to be deducted ns interest on guaranteed stock 021,199 10s 2d. leaving £532.012 Its Gil. Of this sum the directors have allocated, in reduction of bank premises and furniture, £50,000 leaving a balance of profit for tlie year of 0032.042 14s Gd, to which has t<> lie added the balance brought forward from last year of £301,275 IGs 9d, making £993,318 Ils 3d. From this sum there has been paid a dividend on “A” preference shares ol 050.000; an interim dividend on “B” preference shares of £21.875, and an interim dividend oil ordinary shares of £131,250. totalling 0203,125, leaving vailablc for distribution £790,192 Us 3d.

This the directors purpose should bo disposed of as follows:—Dividend on “’B’ preference shares (making £02.500 for the year, equal to 2s per share), £40,025: dividend on ordinary sbres (making £300,000 for the year, equal to 2s 8d per share), C 168.750; transfer to reserve fund £150.000. making the reserve fund £1.075,000, leaving a balance to be carried forward of £430,818 Lis 3d. During the year branches have been opened at Hamilton North and North End (Wellington). An agency has been reopened at Avondale, and the agency at Normanby hs been closed.