BANK OF NEW ZEALAND.

Taranaki Daily News, Volume XLVII, Issue 8136, 16 June 1906, Page 2

BANK OF NEW ZEALAND.

A SUCCESSFUL YKAII. | PEB PBESS ASSOCIATION. Wkllinoto.s - , June 15. The annual report of the directors of the Bank of New Zealand for the year ended 31st March last, to be presented ac the ordinary general meeting a fortnight hence, shows the profits, afier prjviding for expenses of the management, all bad and doubtful debts in the bank's current business, and making provision for the Bnnual donation to provident the fund and for bonus to the staff, are £330,329 14s 3d. From this has to be deducted interest on guaranteed stock, £40,000, leaving £290,880 14j 3d, Of this sum tho directors have allocated £16,000 14s 3d as under s In reduction of Bank of New Zealand premises and furniture £15,50014s 3d, m reduction of Colonial Bank premises £SOO, leaving to balance of profit a total of £274,329, This the directors have disposed of as follows; Statutory payment to Assets Realisation Board £50,000; provision for dividend at the rate of 5 per cent, tor the year ended 31st Maroh, 1906, on £500,000 preference shares issued to the Crown, in terms of " the Bank of New Zealand Act, 1903," £25,000; provision for dividend at the rate of 6 per cent, for the year euded 31st March, 1906, on £500,000 ordinary share capital, £25,000; surplus to be paid, to the Asset Realisation Board in terms of "the Bank ot New Zealand Act, 1903," Clauso 15, including £3482 15s 5d on account of Income Tax on debentures, £174,320; total, £274,329