BANK OF NEW ZEALAND

Southland Times, Issue 20794, 7 June 1929, Page 7

BANK OF NEW ZEALAND

DIRECTORS’ ANNUAL REPORT.

£1,300,000 FOR DISTRIBUTION.

(Per United Press Association.)

Wellington, July 6

Following is the report of the directors of the Bank of New Zealand to be presented at the annual meeting on June 21:

The profits, after providing for expenses of management, all bad and doubtful debts and other contingencies, and after making provision for the annual donation to the provident fund also for a bonus to the staff, are £934,153 6/8. From this has to be deducted interest on guaranteed stock £21,199 8/11, leaving a balance of profit for the year of £912,953 17/9, to which has to be added the provision previously made for certain doubtful advances not now required and recoveries totalling £212,004 18/- and the balance brought forward from last year £582,525 3/8, a total of £1,170,483 19/5, from which has been paid a dividend on preference A shares of £50,000, an interim dividend on C long term mortgage shares of £6152 6/10, an interim dividend on D long term mortgage shares of £15,380 17/2, an interim dividend on preference B shares of £41,666 13/4, an interim dividend on ordinary shares of £250,000, a total of £363,199 17/4, leaving available for distribution £1,344,284 2/1. This the directors propose should be disposed of as follows: A dividend on C long term mortgage shares at 6 per cent per annum, £7031 5/-; a dividend on D long term mortgage shares at 74 per cent, per annum, £17,578 2/6; a dividend on preference B shares (making £162,500 for the year), £120.833 6/8; a bonus on preference B shares £18,750; a dividend of 1/4 per share on ordinary shares (making £500,000 for the year equal to 2/8 per share), *■oso 000; a bonus of 1 per cent, on ordinary shares. £37.500: transfer to reserve fund (making it £3.425,000), £275 000 leaving a balance to be carried forward of £617.591 7/11. Total £1.344.284 2/1. The balance-sheet, shows the total assets to be £54,561,908 and the liabilities £53,117,624.