BANK OF NEW ZEALAND

Wairarapa Times-Age, 1 June 1938, Page 8

BANK OF NEW ZEALAND

PROFIT OF £583,209 SHOWN FOR YEAR DIRECTORS’ ANNUAL REPORT DIVIDENDS RECOMMENDED (By Telegraph—Press Association.) WELLINGTON, This Day. The report of the directors of the Bank of New Zealand, to be presented at the ordinary general meeting of shareholders on June 10, states that for the year ended on March 31, the profits, after providing for expenses of management and for all bad and doubtful debts and other contingencies, and after making provision for the annual donation to the provident fund, were £583,209 5s lid, to which has to be added the balance brought forward from last year, namely £364,889 17s 3d, making a total of £948,099 3s 2d, from which has been paid a dividend on preference A shares £50,000, an interim dividend on C long term mortgage shares £7031 ss, an interim dividend on D long term mortgage shares £17,578, 2s 6d, an interim dividend on preference B shares £31,250, and an interim dividend on ordinary shares £187,500, totalling £293,359 7s 6d, leaving available for distribution £654,739 15s Bd. This amount the directors propose should be disposed of as follows: Dividend on C long term mortgage shares at 6 per cent per annum £7031 ss, dividend on D long term mortgage shares at 7 J per cent per annum £17,578 2s 6d, dividend on preference B shares (mak£loo,ooo for the year), £68,750, dividend at the rate of 5 per cent on ordinary shares (making £375,000 for the year, equal to 10 per cent), £lB7, 500, leaving a balance to be carried, forward of £373,880 8s 2d. Total, £654,739 15s Bd. The dividends are to be paid in New Zealand currency.

During the year agencies have been opened at Granny, Kerikeri, Manurewa, Oamaru North, Okaihau, Pokeno, Riccarton, Town Hall (Dunedin), and Upper Queen Street (Auckland). '

The Waikouaiti branch has been converted into an agency and the St Helier’s Bay agency has been closed.