Bank of New Zealand.

Manawatu Herald, 7 July 1903, Page 2

Bank of New Zealand.

The report of the directors of the Bank of New Zealand to be presented at the ordinary general meeting of the proprietors, to be held at the head office of the Bank on Friday, 7th August, is as follows : “ The directors submit herewith the balance-sheet and profit and loss statement of the Bank for the year ended 31st March last The profits, after providing for expenses of management, donation to the Provident Fund (£1*650), and for all bad and doubtful debts in the Bank’s current business, are £290,590 12add. From this bo deducted—lnterest

COD guaranteed stock, £BO,OOO, leaving balance of available profits £210,690 12s Id. Of this sum the directors have allocated —-In reduction of Colonial Bank property and premises ac- ( counted, £5000; in reduction of j Bank of New Zealand property, , premises and furniture, £IO,OOO 12s Id ; a total of £15,000 12s Id, I leaving balance in profit and loss of £195,590. j “This the directors propose: should be disposed of as follows: , Statutory payment to Assets .and | Realisation Board, £50,000; divi- 1 dend at rate of 5 per cent for the year ended 31st March on the share , capital with call paid up (£423,500) £21,180'; leaving a surplus payable ; to the Assets Realisation Board in terms of the Bank of New Nealaud and Banking Adt, 1895, ‘ section 2, ( £124,410. - * j “ During the year the agency at ; Ormondville has been re-opened. Agencies have also been opened at Takapau and Mangatainoka. and a , branch in the Hot Lakes District at; Rotorua.”