BANK OF N.Z,

Hokitika Guardian, 10 June 1931, Page 3

BANK OF N.Z,

A PROFITABLE YEAR

(By Teleyraph —Per Press Association)

WELLINGTON, June 9

The report of the Directors of the 1 Bank of New Zealand, Ltd., to be presented at the general meeting of the proprietors to be held on Friday, I.9th. Jane, is for the year ended 31st March. It shows that the profits, after providing for the expenses of management all bud an doubtful debts an other contingencies, and after making provision for the annual donation to the Provident Fund, and also for a bonus to the staff, are £867,013. From this, there has to be deducted the interest on guaranteed stock, totalling £21,190, leaving a balance of profit for the year of £845,813, to which has to he added a balance brought forward from last year of £623,156, leaving £1,468,970, from which there has been paid a dividend on the Preference A shares of £50,000; ail interim dividend on the C long-term mortgage shares of £7031; an interim dividend on, the D long-term mortgage shares of £17,578; an interim dividend on the Preference B shares of £41,066; and air interim dividend on the ordinary shares of £250,000, amounting to £366,276. There thus is left available for distribution £1,102,694 Tliis the directors propose should be disposed of as follows: Dividend on C long-term mortgage shares at 6 per cent, per annum, £lO3l ; dividend on D long term mortgage shares at 71 per cent, per annum, £17,528; dividend on the Preference 15 ■shares (making £162,500 for the year). £120,833; bonus on the Preference 15 shares. C‘18,750; dividend of one shil ling and fourpen.ee per share on the ordinary shares (making £500.000 for the year, equal to two shillings and eightpence per share) £250,000; bonus j of 1 per cent, on the ordinary shares. | £37.500 ; transfer to the reserve funds (making £3,575,000) £25.000: leaving the balance to he carried forward at £626,000 13s 6d.