NATIONAL BANK OF NEW ZEALAND.

Auckland Star, Volume XXXVIII, Issue 179, 29 July 1907, Page 6

NATIONAL BANK OF NEW ZEALAND.

ASHSTUAL EEPQRT.

The annual report of the National Bank of New Zealand, presented to the shareholders at the general meeting of the bank, held on July 2, stated that the ret profit, after providing for bad and doubtful debts, and including £9167 brought forward from the previous year, amounts to £96,568. The interim dividend at the rate of 10 per rent per annum, paid in January last, absorbed £12,500. The sum of £ 15,000 has been placed to premises account, and £4000 appropriated to pay a bonus on the salaries of the staff, leaving the amount now available £65,068, which the directors propose to allocate thus: —In payment of a dividend for the harf-year ended March SI last, at the rate of 10 per cent per annum, £18,750; bonus of 2 per cent on the paid-up capital of the bank, £7500; to reserve fund (which will then stand at £325,000), £25,000; to officers' pension fund, £3500; balance to be carried forward, £10,318. By the issue of 50,000 new shares at £ 1 per share premium, to -which reference was ma-dc in the last report, the paid-up capital of the bank was increased from £250,000 to £375,000 and the reserve fund from £250,000 to £300,000;. The gross profits for the year, after ma-king provision for bad and doubtful debts and less expenses of (management, directors'' Remuneration, and charges at head office and at 44 branches and agencies, amounted to £87,401.