BANK OF N.Z.

Hokitika Guardian, 7 June 1929, Page 6

BANK OF N.Z.

ANNUAL REPORT. (By Telegraph—Per Press Association.) WELLINGTON, June 6. The following is tlie report of the directors of the Bank of New Zealand to lie presented at the annual meeting on June 21st: — The profits, after providing for expenses of management, all bad and doubtful debts, find other contingencies, and after making provisions for the annual donation to the provident fund, and also for a bond to the staff, are £934,153 6s Bcl. From this has to be deducted the interest on the guaranteed stock, viz., .■£621,199 81 lid, leaving a balance of profit For the’year of £912,953 17s 9d, to which has to be added the provision previously made for certain doubtful advances not now required, and recoveries £212,004 18s; also the balance brought froward from last year, viz, £582,525 3s Bd, making a total of £1,707,483 19s sd; from which there has been paid a dividend on the preference A. shares totalling £50,000; an interim dividend <sn the C. long term mortgage shares, totalling £6,152 0s 10<1; an interim dividend on the J>. long )tenn mortgage shares toalling £15,380 17s 2d; an interim dividend on the Preference B. shares totalling £41,666 13s 4d; and an interim dividend on the ordinary shares totalling ,£2SO,(XX); making a total of £363,199 17s 4d, and leaving £1,344,284 2s Id. This the directors propose should be disposed of as follows:—Dividend on C. long term mortgage shares at 6 per cent per annum, £7,304 ss; dividend yn D. long term mortgage shares at 7] per cent per annum, £17,578 2s 6d; dividend 011 Preference B. shares (making £162,500 for the year), £120,833 6s 8d; bonus on Preference B shares, £18,750; a dividend of one shilling and fourpence per share on ordinary shares making £500,000 for the year, equal to two shillings and eightpenec per share, £250,00.); ’> bonus of one per cent on tlie ordinary shares, £3/,o00; transfer to the reserve fluid (making £3,425,000) £275.(XX); thus leaving the balance to be carried forward of £617,591 7s lid—total £1,344,284 2s Id. Tbe balance sheet shows tlie total assets at £54.561,908; and tbe liabilities at £53,117.624.