PROSPEROUS NEW ZEALAND BANK.

New Zealand Times, Volume XXXIII, Issue 7868, 2 August 1911, Page 8

PROSPEROUS NEW ZEALAND BANK.

mOM ora SPECIAL OOKEESPONHECTT. LONDON,-Juno'2a, . When the directors and shareholders ol the National Bonk of New Zealand assemble on July 4th at 17, Moorgato street, London, to receive the report and accounts for the year ended March 31st last, there should be an air of contentment about them.

The National has had another prosperous year, and the net profit (including last year’s carry forward of .£17,909 14s 3d), after providing for bad and doubtful debts, amounts to .£131,000 10s 3d. 'i’ho interim dividend at the rate of 13 per cent, per annum, paid in January last, absorbed .£22,500. £IO,OOO has been placed to premises account, £7500 to reserve for depreciation of investments, and £6OOO appropriated to pay a bonus on the salaries of the staff, leaving now available for distribution £78,001 10s 9d, out of which the directors propose to pay a dividend at the rate of 13 per. cent, per annum for the half-year ended March 31st last (£30,000), a bonus of 1 per cent. (£5000), to place to the reserve fund (which will then stand at £480,000) £30,000, and to the officers’ pension fund £3OOO, and jcarry forward £30,004 10s 9d. By the issue of 50,000 now shares at a premium of £1 5s per share, to which reference was made in the last report, the paid-up capital of the bank was increased from £375,000 to £500,000, and the reserve fund from £397,000. to £460,000.

Two directors retire on the present occasion. Mr illmuns Charles Morgan and the Hon. Pember Reeves, who being eligible, offer themselves for re-election, as do the auditors, Messrs Welton, Jones and Co.