BANK OF NEW ZEALAND.

Feilding Star, Volume I, Issue 288, 11 June 1907, Page 4

BANK OF NEW ZEALAND.

A PROFITABLE YEAR.

[P£B PAES9 ASSOCIATION.] Wellington, June 10. The Directors of the Bank of New Zealand, in their annual report and balance-sheet, for the year ended 31st of March, state that profits, after providing for the expenses of management, all bad and doubtful debts, and after making provision for the annual donation to the Provident Fund and ' for a bonus to staff at £350,880 16s ' 7d. From this has to be deducted * interest on the guaranteed stock, ', £40,000, leaving £310,800 16s 7d. Of 1 this sum the Directors have allocated in reduction of bank premises and furniture £16,000, leaving a balance of net profit for the year of £294,---880 16s 7d, from which has been paid an interim dividend at 5 per cent, on preference shares £25000, on ordinary shares £25,000, leaving avail- ; able for distribution £244,880 16s 7d. 1 This, the directors proposed, should be disposed of as follows : —Dividend at the rate of 2i per cent, on preference shares £12,500 (making 7\ | per cent, for the year), a dividend of 1 5 percent, on ordinary shores £25,---000 (making 10 per cent.), transfer to reserve fund £168,705 9s 9d (making reserve fund £250,000), grant to Officers' Provident Fund £7000, leav- . ing a balance to be carried forward [ £31,675 6s lOd.