BANK OF NEW ZEALAND.

Sun (Christchurch), Volume V, Issue 1359, 21 June 1918, Page 9

BANK OF NEW ZEALAND.

THE ANNUAL MEETING. ■ Press Association. WELLINGTON, June 21. The annual meeting of the Bank of New Zealand was held to-day. The balance-sheet and report, which are published in another part of this issue, were adopted. Mr T. S. Weston said that in 1914 the bank had paid £61,267 in taxation and rates, and the profits were £348,490. This year taxation and rates had increased to £346,386, the profits were £386,606, and the amount distributed in dividends this year, £237,500, was nearly £109,000 less than the levy for taxation and rates. The assets now were greater than those of any other bank, except the Bank of New South Wales. Shareholders deserved credit for the strong and satisfactory position because they had supported the building-up of substantial reserve funds. He gave figures showing how shareholders had accepted a lower dividend, in proportion to assets, than those of other banks, thus the Union Bank had paid 6J per cent., the Bank of Australasia 6J per cent., and the Bank of New Zealand 6 per cent.