PROFITABLE YEAR.

Ashburton Guardian, Volume 49, Issue 198, 7 June 1929, Page 6

PROFITABLE YEAR.

THE BANK OF NEW ZEALAND

DIVIDEND AND BONUS RECOMMENDED.

(Special to the "Guardian.") WELLINGTON, June 6. Following is the ■ report of the directors of the Bank of New Zealand to be presented at the annual meeting on June 21: —

The profits, after providing for" expenses of management, all bad and doubtful debts and other contingencies, and after making provision for the annual donation to the (Provident Fund, also for a bonus t*-the staff, are £934,153 6s Bd. From this has to be deducted interest on guaranteed stock £21,199 8s lid, leaving a profit for the year of £912,953 17s 9d, to which has to be added provision 'previously made for certain doubtful advances, but not now required, and recoveries, totalling £212,004 18s, and balance brought forward from last year £582,525 3s Bd, making a total of £1,707,483 19s sd. From this has been paid a dividend on preference A shares £50,000, an interim dividend on C long-term mortgage shares £6152 6s 10d, an interim dividend on D long-terms mortgage shares £15,380 17s 2d, interim dividend on preference B shares £41,666 13s 4d, and an interim dividend on ordinary shares £250,000, a total of £363,199 17s 4d, leaving available for distribution £1,344,284 2s Id. This the directors propose should bo disposed of as follows: —

The balance-sheets shows total assets of £54,561,908, and liabilities of £53,117,624.

£ s. d. Dividend on C mortgage shares at 6 p.c. p.a. 7,031 5 0 Dividend on D mortgage \ i shares at 7J p.c. p.a. 17,578 2 6 Dividend on B preference shares (making £162,500 for the .year) 120,833 6 8 Bonus B pref. shanee... 18,750 0 0 Dividend Is 4d on ord. shares (making 2s 8d for the year) 250,000 0 0 Bonus, 1 per cent. ord. -" shares 37,500 0 0 Transfer t» reserve (making it £3,425,000) 275,000 0 0 Carry forward 617,591 7 11 Total .£1,344,284 2, a