NEARLY A MILLION

Sun (Auckland), Volume IV, Issue 992, 7 June 1930, Page 1

NEARLY A MILLION

BANK OF NEW ZEALAND PROFIT DIVIDENDS ANNOUNCED Press Association WELLINGTON, Today. The report of the directors of the Bank of New Zealand for the year ending March 31 states that the profits, after providing for the expenses of management, all bad and doubtful debts and other contingencies, and after making provision for the annual donation to the Provident Fund, and for the bonus for the staff, are £969,733 Ss From this has been deduct interest on guaranteed stock, £21,199 8s 6d, leaving a balance of profit for the year of £948,534 Os 4d.

To this had to be added the balance from last year of £617,591 7s lid, making a total of £1,566,125 Ss 3d, from which has been paid a dividend on preference A shares of £50,000, an 'interim dividend on C long-term mortgage shares of £7,031 ss, and an interim dividend on D longterm mortgage shares of £l7,siS 2s 6d 7 an interim dividend on preference B shares of £41,666 13s 4d, an interim dividend on ordinary shares of £250,000, making a total of £366,276 0s 10d, leaving available for distribution £1,199,849 7s sd. This the directors propose to dispose of as follows: —A dividend on C long-term mortgage shares at 6 per cent, £7,031 ss; a dividend on longterm D shares at 7i per cent., £17,578 2s 6d; a dividend on preference B shares, making £162,500 for the year, £120,833 6s Sd; a bonus on preference B shares of £18,750; a dividend of Is 4d a share on ordinary shares, making £500,000 for the year, equal to 2s Sd a share, £250,000; a bonus of 1 per cent, on ordinary shares, £37,500; a transfer to the reserve fund, making £3,550,000, of £125,000, leaving a balance to be carried forward of £623,156 13s 3d.