BANK OF NEW ZEALAND.

Hawera Star, Volume XLV, 12 June 1925, Page 5

BANK OF NEW ZEALAND.

FINANCIAL STATEMENT. (BY TELEGRAPH. —PRESS ASSOCIATION.) WELLINGTON, June 11. The balance-sheet and profit and loss statement of the Bank of New Zealand for the year ended March 31 last, which is to be presented at the ordinary general meeting on June 19, are as follows: The profit's, after providing for expenses. of management, all bad and doubtful debts, and other contingents, and after making provision for the annual donation to the provident fund, also for a bonus to the staff, are £840,485 Qs 7d. From this has to be deducted interest’ on guaranteed stock £21,199 8s lid, leaving a balance of profit for the year of £819,285 11s Bd, to which has to be added the balance brought forward from, 'last- year of £500,513 11 s lei, making a total of £1,325.799 2s 9d.

From this sum has, been paid dividend on preference’ “A” shares £50,000; interim dividend on preference “R” shares £33,333 6s Bd, and interim dividend of Is 4d per share on ordinary shares £200,000; a total in. all of £283,333 Os Bd, leaving available' for distribution £1,042,465 16s Id.

This, the directors propose, should be disposed of as follows: Dividend on preference “R” shares (making £112,500 for the year, equal to 2s 3d per share) £79,166 l’3si 4d; dividend of 1® 4d per share on ordinary shares (making £400,000 for the year, and equal to 2s 8d per share), £200,000: transfer to reserve fund £250.000; making a reserve fund of £2,575,000- and leavincr a balance to be carried forward of £513,299 2s 9d.

The reserve fund has been increased bv £250.000, and now stands a;fc £2,575,000.