NATIONAL BANK OF N.Z.

Southland Times, Issue 24162, 26 June 1940, Page 3

NATIONAL BANK OF N.Z.

PAYMENT OF DIVIDENDS

(United Press Association) WELLINGTON, June 26. Fuller details of the operations of the National Bank of New Zealand, Ltd. for the year ended March 31 have been received by the Wellington office. The net profit, after appropriations to contingency accounts, out of which full provision has been made for exchange, the national defence contribution and so on, amounts to £86,149, which is plus £114,131 brought forward from the previous year, and makes available a total of £200,280. An interim dividend of 3 per cent., less United Kingdom income tax, paid in January, absorbed £23,313 and there were transferred to the premises account £lO,OOO and to the pension and gratuity funds £14,000, leaving £152,968 available for distribution. The directors propose to allocate this as follows: Payment of a dividend at the rate of five per cent., less United Kingdom income tax, at 4/11J in the £1 for' the half-year ended March 31, 1940, £37,604; balance to be carried forward, £115,363. The final dividend, which is the equivalent of £4/13/- per cent, net in New Zealand currency, will be payable in New Zealand on July 16 at the buying rate of exchange for demand drafts on London current at that date.