NATIONAL BANK OF N.Z.

Press, Volume LXXXVIII, Issue 26728, 12 May 1952, Page 8

NATIONAL BANK OF N.Z.

FINAL DIVIDEND OF 5 PER CENT. (New Zealand Press Association) WELLINGTON, May 11. The directors of the National Bank of New Zealand, Ltd., have recommended a final dividend for the year ended March 31, 1952, of 5 per cent., less United Kingdom income tax at the full standard rate of 9s 6d in the £. The general manager of the bank has received this advice from the head office in London. The dividend is payable on July 8, at the air mail buying rate of exchange for demand drafts on London current at the date of the dividend warrants. An interim dividend of 3 per cent., less United Kingdom income tax of 9s 6d in the £, was paid in January. The distribution for the year thus totals 8 per cent., less United Kingdom income tax. Net profit for the year, after making full provision for bad and doubtful debts and other contingencies, amounts to £244,015, which, with £128,005 brought forward from the previous year, makes an available total of £372,020. The interim dividend paid in January absorbed £31,500. There has been transferred to the premises account £28,193. to pension and gratuity funds £30,000, and to contingency accounts £lOO.OOO. leaving £182.327 available for distribution. The directors propose to allocate £52,500 of this in payment of the final dividend, leaving a balance of £129,827 to be carried forward. The sum of £250.000 is transferred from the contingency account to the general reserve. Because of double taxation relief, the net United Kingdom rate of tax payable by the bank on the final dividend is lid in the £. Tax may be deducted bv the

bank at the full standard rate of 9s M in the £. The rate at which any relief or repayment of United Kingdom income tax may be allowed to a shareholder i» limited to the net United Kingdom rat* payable by the bank—lid in the £.