YEAR’S PROFIT £600,000

Taranaki Daily News, 8 June 1932, Page 7

YEAR’S PROFIT £600,000

THE BANK OF NEW ZEALAND 14 PER CENT ON ORDINARY SHARES DIRECTORS’ ANNUAL STATEMENT By Telegraph.—Press Association. Wellington, Last Night. The directors of the Bank of New Zealand submit in their report the balance-sheet and profit and loss statement of the bank for the year ended March 31. After provision has been made for expenses of management and all bad and doubtful debts, and the annual donation to the provident fund, the profits amount to £608,222. From that amount has to be deducted interest on guaranteed stock (£21,199), leaving a balance of profit for the year of £'587,023. To this has to be added the balance brought forward from last year (£626,002), the total available for distribution thus being £1,213,025. From this amount £366,27G has been paid in interim dividends, leaving available for distribution £846,749, which the directors propose to be disposed of as follows: Dividend on C long term mortgage. shares at 6 per cent, per annum, £7031; dividend on D long term mortgage shares at 7J per cent, per annum, £17,578; dividend on preference B shares (making £181,2'50 for the year), £139,583; dividend at the rate of 7 2-3_per cent, on ordinary shares (making £537,500 for tho year, equal to 14 1-3 per cent.), £287,500; balance to be carried forward, £395,057.