BANK OF NEW ZEALAND.

Wairarapa Age, Volume XXX, Issue 8461, 11 June 1907, Page 3

BANK OF NEW ZEALAND.

* —■— By Telegraph—Press Association. WELLINGTON, June 10. , The Directors of the Bank of New Zealand, in their report and balancesheet for tho year ended March 31st, state that the profits, after providing for the expenses of management, all bad ' and doubtful debts, and after m iking provision for annual donations to tho Provident Fund, and for bonus to tho staff, are £350,880 His 7d. From this has to be deducted interest on guaranteed stock .£40,000, leaving .£310,880 16s 7d. Of this sum, the Directors have allocated in the reduction of bank premises and furniture .£16,000, leaving the baluico of profit for the year £294,880 16s 7d from which has been paid an interim dividend of 5 per cent., on preference shares, £25,000, and on ordinary shares £25,000, leaving available for distribution £244,888 16s 7d. This the Directors propose should be disposed of as follows : Dividend at the rate of 2h per cent, on preference shares £12,500 (making 7$ per cent, for the year), dividend 5 per cent, on ordinary shares £25,000 (making 10 per cent.), transfer to Reserve Fund £108,705 9ds 9d, making the Reserve Fund £250,000, grant to Officers' Provident Fund £7,000, leaving a balance to be carried forward of £31,675 6s lOd.