BANK OF NEW ZEALAND.

Rangitikei Advocate and Manawatu Argus, Volume XXXII, Issue 8834, 10 June 1907, Page 2

BANK OF NEW ZEALAND.

Per Press Association. Wellington, June 10. The directors of the Bank of Zealand, in their report and balance sheet for tho year ended 31st March, state that the profits, after providing for tho expenses of management and all bad and doubtful debts, and after making provision for the annual donation to the provident fund and for tho bonus to die staff are £350,880 16s 7d. From this has to be deducted the interest on the guaranteed stock £40,000, leaving £310,850 16s 7d. Off this sum tho directors have allocated in reduction of bank premises and furniture £16,000, leaving a balance of profit for the year £294,880 JOs 7d, from which has been paid an interim dividend at 5 per cent on preference shares £25,000, on ordinary shares £25,000, leaving available for distribution £244,880 16s 7d. This, the directors propose, should be disposed of as follows : Dividend at tho rate of 2% per cent on preference shares £12.500, making i% per cent for the year; dividend 5 per cent on ordinary shares £25,000, making 10 nor cent; transfer to reserve fund £108,705 9s 9d, making resreve fund £250,000; grant to officers prvidont fuud £7OOO, leaving balance to be carried forward £31,675 6s lOd.