YEAR’S PROFIT £867,013

Taranaki Daily News, 10 June 1931, Page 7

YEAR’S PROFIT £867,013

BANK OF NEW ZEALAND FUNDS DISTRIBUTION BY DIRECTORS. £626,001 TO BE CARRIED FORWARD. By Telegraph.—Press Association. Wellington, Last Night. The report of the directors of the Bank of New Zealand, Ltd., to be presented at the general meeting, to be held on June 19 is for the year ended on March 31. 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 £867,013. From this has to be deducted interest on guaranteed stock (£21,199), leaving a balance of profit for the year of £845,813, to which has to be added the balance brought forward from last year (£623,156), leaving £1,468,970, from which has been paid a dividend on preference A shares of £50,000, an interim dividend on C long-term mortgage shares of £7031, an interim dividend on D longterm mortgage shares of £17,578, an interim dividend on preference B shares of £41,666, and an interim dividend on ordinary shares of £250,000, amounting to £366,276. There is thus left available for distribution £1,102,694. This the directors propose should be disposed of as follows: A dividend on 0 long-term mortgage shares at 6 per cent, per annum (£7031), a dividend on D long-term mortgage shares at 74 per cent, per annum (£17,578), A dividend on preference B shares, making £162,500 for the year (£120,853), a bonus on preference B shares of £18,750, a dividend of one shilling and foUrpence per share on ordinary shares, making £500,000 for the year, equal to two shillings and eightpence per share (£250,000), a bonus of 1 per cent, on ordinary shares (£37,500), transfer to reserve fund, making £3,575,000 (£25,000), leaving a balance to be carried forward of £626,001 13s Id.