BANK OF NEW ZEALAND.

New Zealand Herald, Volume LXI, Issue 18891, 13 December 1924, Page 13

BANK OF NEW ZEALAND.

INTERIM DIV'DENDS.

RATE OF IS 4D A SHARE.

[BV TELEGE.U'H.—OWN CORRESPONDENT. ]

WELLINGTON. Friday.

The half-yearly meeting of shareholders of the Bank of New Zealand was held this morning. The acting-chairman, Mr. William AVatson, presided.

The chairman declared Mr. R. W. Gibbs re-elected to the board as a shareholders' representative, he being tho retiring director and the only candidate. Mr. Watson said the profits for the halfyear ended September 30 wero satisfactory, and the board had accordingly resolved to distribute £283.333 6s 8d or the amount as follows: —Dividend for the full year to March 31, 1925, at the rate of 10 per cent, on preference "A" shares, £50,000; interim dividend on preference "B" shares, £33,333 6s 8d; interim dividend on ordinary shares (Is 4d a share), £200,000.

Reviewing the proposed issue of additional capital, the chairman referred to the great strength to which the bank has attained, and the gilt-edged nature of the shares as an investment, but deprecated their being made the media, of speculation, as, although the future is promising, shareholders would not be warranted in anticipating recurrence of all tho benefits they have received within tho last few years. " Our advances in the Dominion show an increase of over a million for the halfyear, while deposits decreased to the extent of four millions. This, coupled with our inability to transfer hither a sufficiency of funds from London, has necessitated our keeping a tight hand on advances," the chairman continued. " Our branch advices inform ns that the weather conditions throughout the country have so far been very favourable this season for large production of primary products, and, as prices upon tho wholo are unusually high, there is every prospect of farmers substantially improving their financial positions. It is to be hoped, however, that recent experience will lead to the more economic use of surplus funds and credit than in speculation in land tiascd on the present high prices of produce.

" Traders complain that business was dull throughout the winter and spring, but there are now signs of improvement,"