BANK OF NEW ZEALAND.

Dominion, Volume 4, Issue 1144, 3 June 1911, Page 4

BANK OF NEW ZEALAND.

The balance-sheet of the Bank of New Zealand for the year ended March 31 last, published' in this issue, comes fully up to expectations, and the_ directors arc able to mark the jubilee year of the institution with increased dividends, both on the preference and ordinary shares. The gross profits for the year amounted to £622,391, as against £560,617 in 1910, £603,296 in 1909, and £600,000 in 1908. The expenses of management amounted to £267,120, as against £246,231 in 1910, £235,145 in 1909, and £230,087 in 1908. • The net profit, after deducting £40,000 interest on guaranteed stock, amounts to £315,271, and there was brought forward from the previous year £64,134, making available £379,405, which has been allocated as under: £ ■Written off Bank Premises • 20,000 Dividend on Preference Shares, 10 per cent 50,000 Dividend on Ordinary Shares, 12 per cent; 60,000 Bonus on Ordinary Shares, 3 per cent IS.OQO Added to Reserve. Fund 200,000 Carried-forward 34,405 379,405 The dividend on the preference shares is increased from 82 to 10 per cent, and the ordinary shareholders get, with the bonus, 15 per cent, as against 12!,- per cent last year. Of the above dividends 6 per cent was paid on both classes of shares in December last as an interim dividend. With the present addition of £200,000 the reserve fund is brought up_ to a round million sterling, and this conforms to thc i policy advocated by some of the directors and the shareholders, viz., to build up the reserve fund before increasing the dividends. The shareholders can be heartily congratulated on the great success achieved by_ the Bank and on the financial position disclosed in this jubilee year. The net profits of the Bank for the past eleven years show as under: Net profit, .C 1001 210.CG5 1902 - 200,501 ISO 3 210,5110 1904 212,803 1905 21)8,930 1900 290,330 1907 310,880 1908 329,923 1909 328,150 1910 27-1,385 1911 315,271

The Public Works Department lias acccpicil the tender of Sir. J. W.. Macmillnn, £%i, for the crcclion of a' training depot and gymnasium at tho Newtown Police Station. Tho same contractor is tho successful tenderer for additions to tho Mount Cool; Tolico Barracks, the amount being .CGIB. Tho military college at Duritroon, New South Wales, will be opened by tho Uov-ernor-General on June 27. Federal and Ktale Ministers will bo invited, and it is intended to make the ceremony notable W ft landmark in tho history of the Australian army,—Melbourne "Age.".