BANK OF NEW ZEALAND.

Taihape Daily Times, 7 June 1919, Page 5

BANK OF NEW ZEALAND.

REPORT on DIRECTORS. A VERY SUCCESSFUL YEAR_ "I WELLINGTON, June 6‘ The report of the directors of the; Bank of New Zéaland for the year] ended 31st March last shows that the profits, after provinding-for expenses‘ of management, all bad and doubtful debts, and after making provision for the annual donation fund and for the special grant thereto, also for bonus‘ to the staff, are £459,221 4/4. From , this has to be deducted interest on‘ guaranteed stock (£21,199 10/10), leaving £438,021 13/6. Of this sum The Gil‘eCtors have allocated, in reduc-| tion of bank premises and furniture, £50,000, leaving a balance of profit‘ for the year of .-.E-3388.021 13/6, to which has to be added the balance] brought; forward from last year! (£145,702 12/3), making £533,724‘; 5/9, from which there has been paid! an interim dividend of 6 per cent. out A. and B‘. preference shares, a. 000 interim dividend at 6 per cent. on ordinary «Shares, £60,000 (together £105,000), leaving available for dis~ tribution £428,724 5/9_ This the directors propose to dispose of as follows: Dividend rate of 4 per cent. on A. preference shares, £20,000; dividend at the rate of 6 per cent. on B. preference shares, £15,000; dividend at the rate of 6 per cent_ on ordinary shares, £60,000; bonus at the rate of 3 per cent. on B, preference shares, £7500; bonus at the rate of 3 per cent. on ordinary shares, £30,000; transfer to reserve fund, £150,000 (making the reserve fund £2,350,000) leaving a balance to be Carried forward of £146,224 5/9. Owing to short-' ages of staff caused by the war, the branch at Buckley has been closed and the branch at Pongaroa made a receiving agcnev. An agency has been opened at Ngartea and the agency 1 at Pleasant ‘Point has been reopened ,

Aiiioiigx-sthe principal items in "the balance .sil_eet "are lia.bilifies—£2,79.988: I'e;€er{7e" £220.00o: notes in cir-. cuiatiozi‘, £3:728.249: bins payable and other liabilitiesf,‘ "£2,860,391; Asset's'.+Coin and cash at banks £5,918,455; Government notes of Commonwealth, Fiji, and Samoa, £269,754; bullion £90,595; money at can and short no~ iice, Government and other securities in London, £13,179,285;_ iiivestnients in the Dominion, £3,276,162; Commonwealth and Fiji Governnie‘nt securities, £134,316; bills discbunted, £1.475,750; other advances and debts due to bank £17,389,789; landed pro—perty £399,867_