BANK OF NEW ZEALAND.

Marlborough Express, Volume XXXIX, Issue 139, 16 June 1906, Page 2

BANK OF NEW ZEALAND.

ANNUAL REPORT. V. [PBEBS ASSOCIATION.3 . . , . WELLINGTON, June 16. . The annual report of the directors of the Bank of New Zealand for the year ended 31st March last, to be presented at the ordinary general meet-: ■ing a fortnight hence, shows: the profits, after: pz-oviding, for-expenses of. management, all bad and doubtful debts in Banks, current business, and. making provision for the annual ponation to the provident fund and for & { bonus to the staff, are ; £330>329 14s '3d. From this has to be deducted interest on guaranteed stock £40,000, leaving £290,329 14s 3d. Of this sum the directors have allotted £16,000 14s 3d as under: in reduction of Bank of New Zealand premises and furniture, £15,500 14s 3d; in reduction of Colonial Bank premises, £500; : total, - £16,000 14s 3d, leaving a balance of profit totalling £274,329.1 This- the ,- directors have disposed of. as follows: Statutory payment to Assets Board, £50,000; provision for dividend at the rate of 5 per cent, for the year ended ,31st March, 1906, on £500,000 preference shares, issued to the Crown in terms of "The Bank of New Zealand Act, 1903/' £25,000; provision for dividend at the rate of 5 per cent for the year ended 31st Marchy 1906, on • £500,000 , ordinary share capital, £25,000; surplus paid to Assets Realis-,, ation Board in terms of " The Bank of New Zealand Act, 1903," clause 15, including £3482 Is 3d on account of income tax debentures, £174.329; total, £274,329.- :