BANK OF NEW ZEALAND.

Taranaki Daily News, 7 June 1919, Page 5

BANK OF NEW ZEALAND.

BIG PROFITS CONTINUE. By Telegraph.—Press Association. Wellington, Last Night. The report of the directors.' of the Bank of New Zealand for the year ended March 31 last shows that the profits, after providing for expenses of management, all bad and doubtful debts, and alter making provision for the annual donation fund and for a special grant thereto, also for a bonus to the staff, are £459,221 4s 4d. From this has.' to be deducted the interest on guaranteed stock, £21,199 10s lOd, leaving £43,821 13s Cd of this sum. B

The directors have allocated in reduction of the bank premises and furniture £oo,ooo, leaving a balance of profit for the year of £358,021 13s Cd. to which has to be added the balance brought forward from last year, £145,702 12s.' 3d, making £533,724 5s 9d, from which there has been paid an interim dividend at II percent, on A and B preference shares, £45,000. and an interim dividend at 0 per cent, on ordinary shares, £1HI,01)0, together £100,500, leaving available for distribution £428,721 5s 9d. This the directors propose to dispose of at: follows:—Dividend at the rate of 4 per cent, on A preference shares £20,000; dividend at the rate of fi per cent, on B preference shares, £15,000; dividend at tho rate of C per cent, on ordinary shares, £00,000; bonus at the rate of 3 per cent, on B preference shares, £7500; bonm: at the rate of 3 per CCI ,(, on ordinary shares, £30,000; transfer to reserve fund, £15,000 (making reserve fund £2,3o0,000); leaving a balance to be carried forward of £141i.22l 5s Oil. Owing to (he shortage of stall' caused by the war, the branch at Buckley had been closed and the branch at Pongaroa made a receiving agenev for Pahiatua. An agency had been I 'opened at Nsatea, and an agency at Pleasant Point had been reopened.

Among the principal items in the balance !■ hectare: Liabilities £ ? 270,088 • reserve £2,2OfUWO ; notes in circulation £3, i 28,2-1 fl; bills payable and other liabilities £2,800,301; assets, coin and cash at bankers, £5,015.4r«>; Government notes of Comonwealth, Fiji, and Samoa £2<io,7u4; bullion £00,505;' money at call and short notice, Government and other securities in London £13,170,285; investments.' in the nonunion .-e.1,'270,102; Commonwealth and Fiji Government securities £134,m0 : bills discounted £1,475,750; other advances and debts due to the bank £17,359,759; landed .eropeit'f £399,887.