BANK OF NEW ZEALAND.

Taranaki Daily News, Volume LVII, Issue 15, 5 June 1914, Page 7

BANK OF NEW ZEALAND.

Till] l-'IXAXUA!., KKL'OIiT. 'Hie annual report and balance-sheet nf the Bunk of N.Z. for the year ended, :ilst March last, is to hand. The report states that the profits, after providing for the expenses of management all bad and doubtful del.-U, and after making provision for the annual donation to the Provident l<"i:;-.■! ami for a bonus to the stall', are .t;l.-fi,-l'.Kt l.'is Sd. from this has to ho deducted interest on guaranteed stock £4U.<K)O, makiii" £348,-1990 13s Bd. Of this sum the .directors have allocated in reduction of Bank premises and furniture £4OOOO. leaving thcimlance of profit for the year £308,4!)!! I.ls Sd, to which has to be added the balance brought forward from last year £-13.117 15s 2d,—in all £351,808 8s lOd. From this there has to be paid an interim' dividend at (i per cent on preferable shares (£30,000) and an interim dividend of 0 per cent on ordinary'shares is left available for distribution £291,008 8s lOd. This, the directors propose, should be disposed of as follows: Dividend at the rate of 4 per cent on preference share, £20,000; dividend at the rate of 0 per cent on ordinary shares, £30,000; bonus at the rate of 3 per cent on ordinary shares. £15,-000; transfer to reserve fund £175,000 (making reserve fund £1,500,000), leaving a balance to he carried forward of £51:808 8s lOd.

During tlie year branches have been opened at Kaitai, Kohokohu, Murchison and Whakatane, and the agencies at Oxford and Shannon have been made daily branches. The branch at Ophir is no longer <open daily but is visited from Alexandra twice weekly. Agencies have been opened at Awanui, Frankton Junction, Hikutaia, Katikati, Kihikihi, Matata, Pacngaroa, Papakura, Shortland, Three Lamps (Ponsonby, Auckland), Tokomaru, and Warkwort'h. and agencies at Karangahake and Te Karaki have been closed.