BANK OF NEW ZEALAND.

Oamaru Mail, Volume XXXIX, Issue 10782, 2 June 1911, Page 4

BANK OF NEW ZEALAND.

(Per Phess Association.) Wellington, Juno 2. ' Tile directors of the Bank of New Zealand, in submitting their balancesheet for the year ending 31st March, state that the profits, after making provision for expenses of nianageiiieitt, bad and doubtful debts, donation 'to' the provident fund, and a bonus to the staff, are £355,270. From this has to b« deducted interest on guaranteed stock (£40,000), making £315,270. Of this sum the direr-tors have allocated in reduction of bank premises aiid furniture £20,000, leaving the balance of profit for the year at £295,270, to which has to be adtletl the balance from last year (£64,134), thus totalling £359,405. From this has been paid dividends on preference and ordinary ■shares totalling £60.000, leaving available for distribution £299,405. This the directors propose should br disposed of as follows: —Dividend of 4 per cent, on preference shares, £20,000, making 10 per cent, for the. year; dividend of 6 per cent, on ordinary shares, £30,000; bonus of 2 per cent, on ordinary shares. £15,000 (making 15 per cent, for the year); transfer to the reserve fund, £200.000, making reserve fund £1,000,000: balance to be carried forward, £34,405.