BANK OF NEW ZEALAND.

Lyttelton Times, Volume CXV, Issue 16568, 4 June 1914, Page 8

BANK OF NEW ZEALAND.

ANNUAL REPORT. [Pir Press Association.] WELLINGTON, June 3. The annual report of the Bank of New Zealand states that the profits, after providing for the expenses of management, bad and doubtful debts, etc., are £385,490 13s Bd. From this has to be deducted interest on guaranteed stock £40,000, making £348,490 13s Bd. Of this sum the directors have allocated for bank pre-mises-and furniture £40,000, leaving a balance of profit for the year of '£308,490 13s Bd, to which has to be added the balance brought forward from last year. £43,117 15s 2d, making in all £351,60S 8s lOd. From this has been paid the interim dividend of 6 per cent on preference shares (£30,000) and the interim dividend on ordinary shares (£30,000), after which there is loft available for distribution £291,608 8s lOd. This the directors propose should be disposed of as follows: Dividend at the rate of 4 per cent on preference shares £20,000. dividend at the, rate of 6 per cent on ordinary shares £30,000, bonus at the rate of 3 per cent on ordinary shares £15,000, transfer to reserve fund £175,000 (making reserve fund £1,550,000), leaving a bailee to be carried forward of £51.608 Bslod.