NATIONAL BANK OF NEW ZEALAND.

Otago Daily Times, Issue 19202, 19 June 1924, Page 9

NATIONAL BANK OF NEW ZEALAND.

YEAR’S PROFIT £243,955. (Pee United Phess Association.) WELLINGTON, Juno 18. The general manager ot the National Bank of New Zealand has received cable advice that the profit of the bank for the your ended March 51 last was £245.935, which, with £145,567 brought forward from the previous year, makes the amount available £589,50k. Tne proposed appropriations are; Promises account £20,000, reserve lime) £IO,OOO, pensions turn! £28,944, the payment ol a dividend of 12 per cent, per annum and a bonus ot 2 per cent, (holh tree of income lux) £175,000. The amount to be carried forward is £155,558. The, net profit shown last year was £228.746, and, with the amount brought forward, there was available for allocation £570,867. This year the amount is £389,502, or nearly £19,000 more. With the proposed allocation of £10,009 and the premiums received on the now issue of shares the reserve fund will stand at £1,470,000, while the paid-up capital will amount to £1.500,000. Shareholders’ funds, including the undivided profit, will then stand at £3,126,000. The. annual meeting of shareholders will be held in Loudon on July 2, and will he followed by an extraordinary meeting at which will be submitted a resolution proposing an increase in the capital of the hank to £6,000,009 by the creation of 200,000 new shares of £7 iOs each.