BANK OF NEW ZEALAND.

Oamaru Mail, Volume XXXIX, Issue 12254, 3 June 1914, Page 5

BANK OF NEW ZEALAND.

(Per Press Association.) , Wellington-, June 3. The annual report, of the Bank of New Zealand states that the profits, after providing for the expenses of management,. bad and doubtful debts, are £388,490 13s 8d ; From this has to be deducted interest on guaranteed stock (£40,000), making £348,490 13s Bd. Of this sum the. directors have allocated in reduction of bank premises and furniture £40,000, leaving a balance of profit for the year Of £308,490 13s Bd, to which has to be added the balance brought forward from last year (£43,117 las 2d), making in all £351,608 Bs. From this has been paid an interim dividend of' 6 per cent, on preference shares. (£30,000), and an interim dividend oil ordinary shares (£30,000). There is left, available for distribution '£291,608 8s 10d. This the directors propose should be disposed of as follows: Dividend at the rate of 4 per cent, on preference shares, £20,000; dividend a't the rate of 6 per cent, on ordinary shares, £30,000; bonus at the rate of 3 per cent, on ordinary shares, £15,000; transfer to reserve fund, £l7s,ooo,..making the reserve fund £1,550,000, and leaving the balance to be carried forward £51,608 8s lOd.