Bank of New Zealand.

Taranaki Daily News, Volume XLVI, Issue 132, 8 June 1904, Page 3

Bank of New Zealand.

(Per Press Association). WELLINGTON, June 7. The annual report of the directors of the Bank of New Zealand is as follows "Profits, after providing for expenses of management, all bad and doubtful debts in the batik's current business, annual donation to the provident fund, bonus to stall, provision l'or depreciation of investment .slock (£30,315), and expenses of renewal of guaranteed stock, are £292,808 3s lOd. From this lias to be deducted interest on guaranteed stock (~£2,000,000) £BO,OOO, leaving £212,803 3s 10,1. Of this sum the directors have allocated £12,500 as lOd as follows :—ln reduction of Colonial Dank property and premises, £2OOO ; in reduction of Uank of New Zealand property, premises, and furliiturti, £10,500 3s lOd ; leaving a balarfco in profit and loss of £200,303. This the directors propose tiiould be disposed of as follows Statutory payment to Assets Realisation Hoard, £50,000 ; dividend at the rate of Jive per cent, for the year ereded 31st March on share capital with call paid on that date (£425,613 6s 8d) £21,281 ; leaving a surplus payable to the Assets Realisation Hoard in terms of " The Bank of New Zealand Act, 1903 " clause 15, of £12'J,0"22 (of which £3,489 18s 4d has alreadv been paid on account of income tax on debentures).