THE RATIONAL BANK

New Zealand Times, Volume XXXIII, Issue 7871, 5 August 1911, Page 5

THE RATIONAL BANK

The directors’ report submitted at the annual, meeting of the National Bank of Now Zealand, held in London on July 4th, stated that the net profit, after providing for bad and doubtful debts andincluding 4217,909 14s 3d brought forward from . the previous year, amounts t0'.£124,001 10s 9d. The interim dividend at tho rate of 12 per cent, per annum, paid in January last, absorbed 4722.000. Tho sum of J210.0W has been placed to premises account, .£7500 to reserve lor depreciation ef investments, and .£6OOO appropriated to pay' a bonus on the salaries' of the staff, leaving now available for distribution .£78,004 10s „ 9d, which tho directors propose to allocate as follows: — t ■4* Dividend at tho rate of 12 per cent, per annum for tho half-year ended 31st . March last 30,000 0 (1 Bonus of 1 per cent. 5,000 0 0 To reserve fund (which will thou stand at .£180,000) ... 20,000 0 0 To officers' pension fund ... 3,000 0 0 Balance to bo carried forward 20,00-4 10 9 4)78,004H0 .9 By tho issue of 50,000 new shares at a premium of £1 5s per share, to which reference was made in the last report, tho paid-up capital of the bank was in. creased- from 4:375,000 to .£500,000 and the reserve fund .from 42397,500 to 4)400,000. Branches of the bank have been opened at Gisborne, Newmarket, Palmerston North, Pukekoho and AVaiuku, and an agency at Owaka.