THE NATIONAL BANK

Hokitika Guardian, 20 June 1924, Page 4

THE NATIONAL BANK

AXXTAJ. REPORT. WELUXGTOX, June IS Tlie General Manager of tlit* X'atioiuil Hank of X'ou Zealand lias reeeived ruble advice that the net profit of the hank for the year to -March dl last was t'iJd.O.'P), which with JL’l 45,507 brought forward from previous year makes the iiniiiunt availahle £‘35f1,502, The proposed appropriations are:— Premises account, £'220,000; reserve fund. £10,000: pensions fund, G2S.O4J ; payment of a dividend of 12 per cent per annum and a bonus of 2 per cent ilmth free of income tax), £'175,000; to he carried forward, £'155.555. The net profit shown last year was t‘225.710. and with the amount brought forward there was availahle for allocation £'.'l7o,t'O". while this year the amount is nearlv t'l'.i.OOO more.

With the proposed allocation of .£IO.OOO and premiums received <;n the new issue of shares, the reserve fund will stand at Cl,-170,000. Paid-up capital now amounts to j£1,500,000, and shareholders’ funds, including undivided profits stand at £'.'!, 125.555.

The annual meet in" of shareholders will he held at I.ondon on .July 2. and will he followed by an extraordinary meet ill", at which will he suhmitted a resolution increasing the e:i|iilal of the hank to 1'd,000,000 hv the creation of 200,000 new shares of i'7 10s each.