BANK OF NEW ZEALAND.

Bush Advocate, Volume XIX, Issue 737, 10 June 1907, Page 5

BANK OF NEW ZEALAND.

— * [Press Association.] . WELLINGTON, June 10. " The directors of the Bank of NewZealand, in their report and balancesheet for the \ r ear ended 31st March, state that the profits, after providing for the expenses of management, ali bad and doubtful debts, and ' after making provision for an annual donation to the provident fund, and for a bonus to the staff, are £350,880 16s 7d. From this has to be deducted interest on guaranteed stock, £4000, leaving £310,880 16s 7d. Of this sum the- directors have allocated in reduction of bank premises and furniture £16,000, leaving a balance of profit for the year of £294,880 16s 7d, from wliich has been paid an interim dividend at 5 per cent, on preference shares of £25,000, and on ordinary shares, £25,000, leaving available for distribution £244,880 16s 7d. This the directors propose should he disposed of as follows: Dividend at the rate of 2§ per cent., on preference shares of £12,500 (making 7£ per cent, for the year), a dividend of 5 per cent, on ordinary shares of £25,---000 (making 10 per cent.), transfer to the reserve fund £168,705 9s 9d (making a reserve fund of £250^000) grant to the officers' provident fund of £7000, leaving a balance to be carried forward of £31,675 6s lOd.