THE NATIONAL BANK.

Otago Witness, Issue 2524, 30 July 1902, Page 32

THE NATIONAL BANK.

The directors of the National Bank of New Zealand, in their report, for the year, ended 31st; March last, say: — "The gross profits for the year, after deducting interest on deposits, making full provision for bad and doubtful debts, oud applying £5000 m reduction of premises and furniture, --■■d contributing to the Officers* Pension Fund, amount to £128,18 J 7s lid. There is likewise at tho credit of profit and loss account the sum of £8293 18s 8d brought forward from the p-evious year. From these hava to be deducted the exp£nse at head office and! branches, £61,395 17s 2d, and rebate on bills, £1855 2s 3d. This leaves for distribution an available balance of £73,227 7s 2d. The directors recommend that £40,000 of tho above balance be transferred to reserve fund, which will then' stand at £150,000. An interim divfdend at the rate of 8 per cent, per annum was paid in January last, and the directors now propose that a "furlhci dividend at the same rate be paid, making a dividend of 8 per cent. foi the year. In addition, the directors recommend that a bonus of 2 per cent, be declared on the paid-up capital of the bank, increasing the past year's return to 10 per cent. These paymonts' would leave a balance of £8227 7s 21 to be carried forward to the current year. A branch has recently besn opened at Gore, with an agency at Waikaia, and Alexandra, haa been constituted, a* indeDeadeafc brans*.