BANK OF NEW ZEALAND

Taranaki Daily News, Volume LIII, Issue 318, 3 June 1911, Page 5

BANK OF NEW ZEALAND

FURTHER FAT PROFITS. By Telegraph.—Press Association. Wellington, Friday. The. directors of the Bank of New Zealand, in submitting the balance-sheet for the year ending March 31, state that the profits, after making provision for expenses of management, bad and doubtful debts, donation to provident fund, and bonus to staff, are £355,270. from this has to be deducted interest on guaranteed stock, £40,000, making £315,270. Of this sum the directors have allocated in reduction of bank premises and furniture £20,000, leaving the balance of profit for the year £295,270, to which has to be added balance from last year, £04,134, totalling £359,405. From this have been paid dividends on preference and ordinary shares totalling £OO,OOO, leaving available for distribution £299,405. This the directors propose should be disposed of as follows:—Dividend of 4 per"cent, on preference s-liarcs (making 10 per cent, for the year), dividend of 0 per cent, on ordinary shares £30,000, and bonus of 3 per cent, on ordinary shares £15,000 (making 15 per cent." for the year), transfer to reserve fund £200,000 (making the reserve fund £1,000,000) balance to be carried forward £34,405.