BANK OF NEW ZEALAND.

Manawatu Standard, Volume XLI, Issue 8306, 10 June 1907, Page 8

BANK OF NEW ZEALAND.

LAST YEAR'S LARGE PROFITS

Per Press Association

WELLINGTON, June 10

The directors of the Bank of New Zealand, in their report and balancesheet for the year ended 31st March, state that the profits, after providing for the expenses of management and all bad and doubtful debts and after making piovision for the annual donations to the provident fund and for a bonus to the staff, are £350,880 16s. From this has to be deducted tlia interest on guaranteed stock, £40,000, leaving £310,880 16s 7d. Of this sum the directors have allocated In reduction of the bank premises and furniture £10,000, leaving the balance of profit for the year £294,880 16s 7d, from which has been paid an interim dividend at 5 per cent, on preference shares, £25,000, and on ordinary shares £25,000, leaving available for. distribution £244,880 lGs 7d. This the directors propose should be disposed of as follows: —Dividend at the rate of 2 5 per cent, on preference shares £12,500 (making 7J per cent, for the year), dividends of 5 per cent, on ordinary shares £25,000 (making 10 per cent.), transfer to reserye fund £168,705 9s 9d (making reserve fund £250,000), grant to officers' provident fund £7000, leaving the balance to be carried forward £31,675 6s lOd.