BANK OF NEW ZEALAND.

Auckland Star, Volume XXXVIII, Issue 137, 10 June 1907, Page 2

BANK OF NEW ZEALAND.

ANNUAL REPORT. (By Telegraph.—Press Association.)

WELLINGTON, this day

The directors of the Bank of New Zealand, in their report and balance-sheet for the year ended March 31, state that the profits, after providing for expenses of management, all bad and doubtful debts, and after making provision for the annual donation to the Provident Fund, and for a bonus to the staff, are £350,880 10/7. Prom this has to be deducted interest on guaranteed stock, amounting to £40,000, leaving £310.880 16/7. Of this siun the directors have allocated in reduction of bank premises and furniture a s-um of '£16.000, leaving a balance of profit for the year of £294,880 16/7, from which has been paid an interim dividend at the rate of 5 per cent—on preference r-hares, £25,000: on ordinary shares, £25.000—leaving available for distribution, £244,850 10/7. Inis tne directors propose should be disposed of as follows: Dividend at the rate of 2_ per cent on preference shares, £ 12,50o" (making 74 per cent for the year) ; dividend, o petcent on ordinary shares, £25,000 (making 10 per cent) ; transfer to reserve fund, £168.705 9/9 (making the reserve fund, £250,000); grant to Officers' Provident Fund. £7000; leaving a balance to be carried forward of £31,675 6/10.