BANK OF N.Z.

Hawke's Bay Tribune, Volume XXVI, Issue 145, 4 June 1936, Page 7

BANK OF N.Z.

Directors Recommend 10 Per Cent. Dividend

HALF MILLION PROFIT By Telegraph—Press Association, WELLINGTON, June 1 The report of th® directors, of the Bank of New Zealand, to be presented at tho meeting on June 12, says that the profits for the year ended March 31, after providing for expenses of management and for all bad and doubt lul debts and other contingencies, and alter making provision lor an annual donation to the provident fund, are £565, 181 9/9, to which has to be added £5348,131 13/-, the balance brought forward from last year. From this total of £913,319 2/9 there has been paid a dividend on preference A shares of £so,Out), interim dividend on O long-term mortgage shares £7031 5/-, interim dividend on D long-term mortgage shares £17,578 2/5, interim dividend on preference B shares £31,250, interim dividend on ordinary shares £187,500, total £229.359 7/6, leaving available for distribution £619.959 15,3.

This the directors propose should be disposed of as folions:—Dividend on O long-term mortgage shares at six per cent, pgr annum £7031 5/-, dividend on D long-term mortgage shares at 7J per cent, per annum £17,578 2/6, dividend on preference B shares (making £lOO,OOO for tho year) £68,750, dividend at the rate of five per cent, on ordinary shares (making £375,000 for the year, equal to ten per rent) £187,500, leaving a balance to be curried forward of £339,100 7/9. such dividends to be paid in New Zealand currency.