BANK OF NEW ZEALAND

Otago Witness, Issue 3352, 12 June 1918, Page 37

BANK OF NEW ZEALAND

ANNUAL BALANCE SHEET.

WELLINGTON, June 7

The balance sheet of the Bank of New Zealand for the year ended 31st March last shows that the profits, after providing for cxpensas of management, bad and doubtful debts, provision for annual donations to tho provident fund, and a bonus to the staff, were £407,806 9s. From this has to be deducted interest on guaranteed stock, £21,199 10s Id, leaving £386,606 18s lid. Of this the directors have allocated in reduction of the bank premises and furniture £50,000, leaving the balance of profit for the year £336,606 18s lid, to which has to be added the balance brought forward, £111,595 13s 4d, making a total of £448,202 12s 3d, from which there have to be paid tho interim dividends, totalling £105,000, leaving available for distribution £343,202 12s 3d.

This the directors propose should be disposed of as follows: —Dividend at the rate of 4 per cent, on "A" preference shares issued to the Government, £20,000; dividend at the rate of 6 per cent, on "B" preference shares issued to the Government, £15,000; dividend at the rate of 6 per cent, ''on ordinary shares, £60,000; bonus at the rate of 3 per cent, on "B" preference shares, £7500; bonus at tho rate of 3 per cent, on ordinary shares, £30,000; and transfer to the reserve fund, £65,000 (making the reserve fund £2,200.000); leaving the balance to be carried forward £145,702 12s 3d. Owing to the shortage of the staff caused by the war, tho branches at Mataura and Clinton have been made receiving agencies of Gore and Balclutha respectively; and for tho same reason the agencies of Avondale, Midhurst, and Three Lamps (Auckland) have been closed temporarily.