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Digger (Invercargill RSA), Issue 18, 16 July 1920, Page 11

The following is an extract from Passing Notes, from page six, by ~ " Jacques" : — I see that the National Bank of New Zealand, with a subscribed capital of £3,000,000, and a paid-up capital of only £1,000,000, has paid a dividend of 14 per cent. for the year just ended. These be figures, my masters, to leave a sweet taste in the months of shareholders. Even if the dividend is only on the paid up capital it has a very fat, comfortable appearance; but if, as is usually the case, and is so, I believe in the present one, the dividend is payable on the subscribed capital, then it meant that every pound paid in by the investors is yielding 42 per cent. profit, besides a fair wad put into the reserve fund — which will also come to the shareholders in one form or another later on. Those lucky ones must wear wide smiles these times. Young man, start a bank.