B—ls

Profit and Loss Account and Dividend The profits, after providing for expenses of management, and for all bad and doubtful debts, and other contingencies, and after making £ s. d. provision for the annual donation to the Provident Fund, are . . 435,250 7 8 To which has to be added : Balance brought forward from last year .. 360,119 17 7 795,370 5 3 From which has been paid : £ s. d. Dividend on Preference A shares ..* .. 45,000 0 0 Interim dividend on C Long-term mortgage shares 6,328 2 6 Interim dividend on D Long-term mortgage shares 15,820 6 3 Interim dividend on preference B shares .. 18,750 0 0 Interim dividend on ordinary shares .. .. 112,500 0 0 . 198,398 8 9 Leaving available for distribution .. .. .. 596,971 16 6 This the Directors propose should be disposed of as follows : Dividend on C long-term mortgage £ s. d. £ s. d. £ s. d. shares at 6 per cent, per annum . . . . 7,031 5 0 * Reduced by Id. for every 13-|d. or part thereof .. 527 6 11 6,503 18 1 Dividend on D long-term mortgage shares at 7i per cent, per annum .. .. 17,578 2 6 * Reduced by Id. for every 13|d. or part thereof .. 1,318 7 3 16,259 15 3 Dividend on preference B shares (making £43,750 for the year) .. 25,000 0 0 Dividend at rate of 4 per cent, on ordinary shares (m akin g £262,500 for the year, equal to 7 per cent.) .. .. .. 150,000 0 0 Leaving balance to be carried forward .. 399,208 3 2 £596,971 16 6 Such dividends to be paid in New Zealand currency.

* Reduction on account of New Zealand social security charge in pursuance of section 9, Finance Act (No. 2), 1941.

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