NEW ZEALAND LOAN AND MERCANTILE COMPANY
NZPA—Copyright Rec. 8 p.m. LONDON, Dec. 7. The New Zealand Loan and Mercantile Agency Company. Ltd., brought in £70,596 from last year, making the net profit £170,544. The general reserve is £22,474. The interim dividend of 2J per cent., less income tax, on the 5 per cent, cumulative preference stock, required £13,705, and the final dividend of 21 per cent., less income tax, on the cumulative preference stock a further £13,705. A dividend of 6 per cent, and a bonus of 2 per cent, on the ordinary stock, less income tax, required £55,000, leaving £87,707 to be carried forward.
The directors’ report says that £227,526, which was a book profit from the appreciation of New Zealand currency, has been taken to the general reserve. This, with the appropriation this year, increases the general reserve to £1,000,000.
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Otago Daily Times, Issue 27259, 9 December 1949, Page 4
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142NEW ZEALAND LOAN AND MERCANTILE COMPANY Otago Daily Times, Issue 27259, 9 December 1949, Page 4
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