NATIONAL BANK.

Hawera Star, Volume XLVIII, 19 June 1924, Page 5

NATIONAL BANK.

LAST YEAR’S PROFIT £243,935. PROPOSAL TO INCREASE CAPITAL. (BY TELEGRAPH —PRESS ASSOCIATION.) WELLINGTON, June 18. The general manager of the National Bank of New Zealand has received cable advice from London • that the profit of the bank for the year to March 'M A J was £243,935, which, with £140,567 brought forward from the previous year, makes the amount avail, able £389,502. Proposed appropriations are: Premises account, £20,000: reserve fund, £10,000; pensions fund, £28,944; payment of a dividend of 12 per cent, per annum, and a bonus of 2 per cent, (both free of income tax) £175,000; leaving to be carried forward the sum of £155,558. profit shown last year was £228, / 46, and, witli the amount forward, there was available for allocation £370,867, while this vear the amount is £389,502, or nearly £19,000 MRh bhe proposed allocation of £IO,OOO and the premiums received on the new issue of shares the reserve fund will stand at £1,470,000, while capital will amount to £1,500,000, and the shareholders’ funds, including undivided profit, will then stand at £3,126,000. The annual meeting of shareholders will be- held in London on July 2, and will be followed by an extraordinary meeting, at which will be submitted- a resolution increasing the capital of the bank to £6,000,000 by the creation of £200,000 new shares' of £7 10s each