BANK OF NEW ZEALAND

New Zealand Herald, Volume LIX, Issue 18275, 16 December 1922, Page 11

BANK OF NEW ZEALAND

HALF-YEARLY MEETING.

INTERIM DIVIDENDS.

DISTRIBUTION OF £225,000.

'in. - TELEGRAPH.—OWN CORRESPONDENT.]

WELLINGTON, Friday.

The half-yearly meeting of shareholders of the Bank of New Zealand was held to-day. Mr. George Elliot, chairman of directors, presided.

The chairman explained that there would not be an election of a director. As the amending Act of 1920 provided for tho term of office for all directors being extended from two to three years, the next election of a shareholders' director will not ake place until December, 1925.

Continuing, Mr. Elliot said the profits for tiie half year are satisfactory, although they are considerably less than those of corresponding periods for the last few years. At tho last annual meeting it was indieated that the large profits earned by the bank during recent years were due to a combination of unusual circumstances, principally in London, and that such large profits could not, in the ordinarv courso of business, be maintained. This has proved to be the case; circumstances have changed, and the change is reflected in the bank's canting power. Nevertheless, the bank was in a position to pay an interim dividend of Is 4d per share "on the ordinarv shares, which will absorb £150.000: a dividend for the year to March 31 next on the preference "A" shares held by the Government, £50.000: and an interim dividend on the preference "B" shares held by the Government, £25,000. making a total distribution of £225.000. The dividend" will be payable in Wellington to-morrow and at the various branches on receipt of advice.

Hitherto dividends on the ordinary shares have been paid in unequal portions, the smaller portion.being paid at. the end of the half-year, and the larger at the end of the full year. It was in timated at the last annual meetinp: that fi'ture dividends would, as far asi possible, be paid in two equal amounts. Such a course is now being inaugurated, but it must not be assumed that, because the interim dividend is larger than in 1921. the total dividend for this year will be on a higher scale. Full provision has been made for all known or probable losses.