BANK OF NEW ZEALAND.

Stratford Evening Post, Volume XXXVI, Issue 32, 12 June 1913, Page 6

BANK OF NEW ZEALAND.

PROFIT FOR THE YEAR. [Per Press Association. ] . .Wellington, June 12. The annual report of the. Bank of New Zealand states that the profits, after providing -.for expenses of management, all bad and doubtful debts, and after making provision for an annual donation to the Provident Fund, are £382,530. From this, has to be deducted the interest on the. guaranteed stock amounting to £4OOO, leaving £342,530. Of this sum directors have allocated in reduction of bank premises and furniture £40,000, thus leaving to balance the profit for the year £302,530, to which has to he added the balance brought forward from last year, £40,587, making a total of £343,117- The directors propose to dispose of the balance available for distribution, viz., £283,117, as follows:—A dividend of 4 per cent on preference shares, £20,000; a dividend of 6.per cent on ordinary shares, £30,000; a bonus of 3 per cent on ordinary shares, £15,000; a transfer to reserve of £175,000, making the reserve fund £1,375,000, and ca rry forward the balance of £43,117.