NATIONAL BANK OF NEW ZEALAND.

New Zealand Herald, Volume XLIV, Issue 13502, 29 July 1907, Page 6

NATIONAL BANK OF NEW ZEALAND.

" THE YEAR'S PROFITS. [FROM OUR OWN CORRESI'ON'DKNT.] LOXDO.V, - June 21. Tins afternoon I have received from the secretary of the National Bank of New Zealand a copy of the report and bal-ance-sheet to bo presented to the shareholders at the.3sth ordinary general meetin',' of-the bank, which is to be held at | Winchester House on July 2. The rej port and statement' of accounts cover a | period to March : 3.lst last. '■:■-'•■■■; i The directors mention that the net proi fit, after providing for bad and doubtful | debts, and including £39167 brought forj ward from the previous year, amounts- to j £96,568. The interim dividend at the i rate of 10 per cent, per annum, oaid in j January last, absorbed £12,500. " TheI sum of £15.003..has been placed to prei . mises account, and £4000 appropriated to i pay a bonus on the salaries of the stall', j leaving the amount now available £65,005, I which the directors propose to allocate j thus :—ln payment of a dividend for the \ half-year ended March. 51 last, at the | rate of 10 per cent, per annum, £18,750: bonus of 2 per cent, on the paid-up capital |of the bank, £7500; to reserve fund ! (which will then stand at £325.000). j £25,000: to officers' pension fund. £5500: I balance to be carried forward, £10.318. j By the issue of 50.000 .icw shares at £1 per share premium, to which reference was made in the last report., the paid-up capital of the ban!: was increased from £250,000 to £575.000. and the reserve fund from £250.000 to £300.000. The two directors who retire by rotation are Mr. Lindsay Eric Smith and Mr. Henry Stuart Littleton: both offer themselves for re-election. The gross profits for the year, after making provision for bad and doubtful debts and less expenses of management, directors" remuneration, and charges at head office and at 44 branches and agencies, amount to £87,401.