BANK OF NEW ZEALAND.

King Country Chronicle, Volume VII, Issue 576, 14 June 1913, Page 5

BANK OF NEW ZEALAND.

ANNUAL BALANCE-SHEET. The annual balance-sheet and profit and loss statement of the Bank of New Zealand for the year ended March 31 is to hand. It is shown that after providing for expenses of management and all bad and doubtful debts, and after making provision for the annual donation to the provident fund, the profits are £382,53C. From this has to be deducted interest on guaranteed stock, £40,000, leaving £42,530. Of this sum the directors have allocated reduction of the bank premises and furniture £40,000, leaving a balance of profit for the year of £302,530, to which has to be added the balance brought forward from last year of £40,587, making a total of £343,117. From this there has been paid a interim dividend of 6 per cent, on preference shares, taking £30,000, and an interim dividend of 6 per cent, on ordinary shares, taking £30,000, or a total of £60,000. This leaves available for distribution £283,117. I

This the directors propo3e should be disposed of as follows: —Dividend at the rate of 4 per cent, to preference shares, making 10 per cent, for the year, £20,000; dividend at the rate of 6 per cent, on ordinary shares £,30,000; bonus at a rate of 3 per cent, on ordinary shares, making 15 per cent, for 'he year, £15,000; transferred to reserve fund, £175.000, making a total reserve fund of £1,375,000, leaving a balance to be carried forward of £43,117.