BK. N.S.W. DIVIDEND

Press, Volume CIV, Issue 30919, 27 November 1965, Page 22

BK. N.S.W. DIVIDEND

Hopes To Hold Present Rate

(N.Z. Press Association)

WELLINGTON, Nov. 26.

Subject to favourable economic conditions the Bank of New South Wales hopes that the present dividend rate of 10 per cent per annum will be maintained on capital increased by the coming one-for-five issue of £1 shares at 10s premium. This is stated in a letter to shareholders signed by the general manager (Mr R. W. Norman) and sent out with the notice of the annual meeting.

“The last issue of capital was made in 1958 when a similar amount was raised,” the letter states. “Since then the banks’ business has continued to develop to the extent that it is again necessary to strengthen the ratio of proprietors’ funds to the assets employed in the business.

The new funds will enable the bank to maintain its leading part in the economics of the countries and territories in which it operates.

Business Personal Mr K. B. Myers, of Auckland, has joined the board of Imperial Chemical Industries (N.Z.), Ltd. Among his other interests, Mr Myers is chairman of the South British Insurance Company, Ltd., and Fibremakers (N.Z.), Ltd., and a director of N.Z. Breweries and the A.M.P. Society. Mr T. B. Swanson, a managing director of 1.C.1.A.N.Z., Melbourne, has also joined the board.

Prudential Building. Final dividend of the Prudential Building and Investment Society of Canterbury is 4 per cent, making 8 per cent for the year, against 7i per cent last year. It will be paid on December 17.

Carter Interim.— lnterim dividend of Carter Consolidated is 4i per cent; payable December 15, ex dividend December 9. Last year interim dividend was 5 per cent and total for the year was 11 per cent. —(P.A.)