BANK OF NEW ZEALAND.

Taranaki Daily News, 19 June 1915, Page 6

BANK OF NEW ZEALAND.

THE ANNUAL M FFT I No. By Telegraph.—Press Association. Wellington, June 18. .U (h<' annual meeling of the Bank of New Zealand, held to-day, the chairman I'cad his report, ami moved its adoption. Inter alia, the report stated that the hoard, after making provision for all bad and doubtful debts, de- ' pronation of investments, and other ap- j propriations, was able to recommend a. , distribution to shareholders on the same i scale as in recent years, Mr. Beau- j champ referred to the principal items in the balance-sheet, which is printed I elsewhere in this issue. Continuing, the j chairman said tile net profits for the 1 year, after paying interest on guaran- j teed stock and making all necessary appropriations, including provision for the bank's annual grant to the provident fund as well as a (bonus to the staff, ! and the .allocation of .£50,0110 in redue- , tion of hank premises furniture accounts, amount to £31!),48(1, as com- ; pared with ;C.W8,4!)0 at March 31, 1914. Adding the amount brought forward from last year (£51,4508), and deducting the amount of interim dividend at II per cent, (paid in December ( ClOO.liOfll, 1 the sum now available for distribution is .«37«.3!)4. The directors now propose to pay a further dividend oF fl per cent, and a bonus of 3 per cent, on ordinary mid 35 preference shares (making 15 per cent, for the year), and a further -1 per cent, on A preference shares (making 10 per cent, for the year). The distribution to shareholders will, therefore, amount to £22!),-15!) for the year. Of the balance remaining, it is proposed to transfer £84,-Mil t'o the reserve fund, and to carry forward £57,170. Mr. Martin Kennedy seconded the adoption of the report and lialaneesheet. lie commented specially on the fact that the reserve fund had reached the two-minion mark. At one time he was opposed to the Government being permitted to take up shares in the bank. Circumstances had made a radical change in his views in this respect, and he was now prepared to admit thai the combination with the Government was calculated to achieve the best results. Mr. S. Kirkcaldie criticised the bal-ance-sheet, wit'li particular reference to the failure of the directors to renew the one million guaranteed stock. Mr. Beauchamp, replying, said it would have ibeon bad business to pay 4 per cent, per annum for guaranteed stock, when the ruling rate on the London market for money at short call amounted occasionally to only 1 per cent. The whole amount of guaranteed stock could have been underwritten at 1 per cent., but the directors decided not to accept this, and proceeded by negotiation 'with holders to renew the stock. Of this, ,£5-28,n,88 was renewed without cost to the lank. The report -was adopted.