SUCCESSFUL YEAR.

Taranaki Daily News, 17 June 1921, Page 8

SUCCESSFUL YEAR.

FOR BANK OF NEW ZEALAND. MR. HAROLD BEAUCHAMP SUMMARISES POSITION. An aggregate profit of £848,455 for the year ended March 31, 1921, is shown by the annual report and balance-sheet of the Bank of New Zealand, to be presented at the meeting of shareholders this week, and the reserve fund now totals £1,525,000. “With the dividend that will be paid, if the balance-sheet and report are adopted on June 17, the ordinary shareholders will receive 2s 8d per share for the full year,” stated Mr. Harold Beauchamp (chairman of the Bank of New Zealand), when asked by a Press representative to put the position with regard to the dividends in a nutshell. “That i‘b to say, the ordinary shareholders have already received an interim dividend of Is 2d per share, and they will now receive a further Is 6d, making a total of 2s Bd. The Government, in respect of its holdings of both A and B preference shares, will receive 2d pei- share. If in future a greater dividend than 2s 8d per whare is declared, the Government, on its B shares, will receive one-third of the extra dividend declared over and above 2s 8d per share; while the ordinary shareholders will receive two-thirds, this being provided for in the last Act passed in 1920.” It its understood that the ordinary shares ( £1 paid up) are now selling at £2 6s Gel to £2 6s 9d cum. dividend; and/ at that price the return to the shareholders on the present value of their shares would be round about 6 per cent.