NATIONAL BANK OF N.Z.

Sun (Auckland), Volume II, Issue 392, 28 June 1928, Page 14

NATIONAL BANK OF N.Z.

NET PROFIT OF £289,803 Cable advice has been received by the general manager of the National Bank of New Zealand that the net profit for the year ended March 31, after providing for bad and doubtful debts, and afteii paying, a bonus of £35,000 to the staff, amounted to £289,803. This. with £175,769 brought forward from the previous year, leaves available for distribution £465,572. It is proposed to allocate the amount as follows: In payment of a dividend at the rate of 12 per cent., and a bonus of 2 per cent, per annum. £280,000; to premises account, £10.000; to pension fund. £10.000: balance to be carried forward. £165,572. The dividend and bonus are at the same rate as last year. Following is a comparison of the bank’s profits and appropriations for the last three years:— 1925-26 .1926-27. 1927-28. Brought forward 167,697 173,044 175.769 Net profit . . . 333.088 312.275 289,803 £500,785 £485,319 £465,572 Reserve fund . 20,000 Pensions fund . . 10,000 9,550 10,000 W.O. premises . 20.000 20,000 10.000 Dividend, p.c. . . 14 14 14 Amount .... 277,741 250.000 280,000 Car. forward . £173,044 £175,769 £165,572 The reserve fund remains at £2,000,000, equal to the paid-up capital. The latest sale of National Bank scrip on the Auckland ’Change was recorded at £7 6s. At that figure the return to the investor is approximately £4 15s lOd. MARKETING OF PIGS SUCCESS OF WAIKATO ASSN. (From Our Own Correspondent) PAEROA, Wednesday. Speaking at a meeting of the Paeroa branch of the New Zealand Co-op. Pig Marketing Association, the secretary, Mr. E. Martin, reported that 2,000 pigs had been shipped to overseas buyers since December. It had been found necessary to extend the branch’s organisation to Waitakaruru and Pipiroa. The price received for pigs had in all cases proved satisfactory. The problem of insurance had been overcome by a payment of 6d a carcase to the cartage contractor, who Avas held responsible for damage occurring to carcases between the farm and railhead. This arrangement had worked satisfactorily. CHICAGO WHEAT MARKET (United P.A. —By Telegraph — Copyright) i (Australian Press Association) Reed. 9.5 a.m. CHICAGO, Wednesday. Wheat.—July, l dollar 361 cents a bushel; September, 1 dollar 352 cents; December, 1 dollar 421 cents.

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