THE TRADING YEAR

Timaru Herald, Volume CXLIV, Issue 21052, 2 June 1938, Page 8

THE TRADING YEAR

Profit of £583,209 Bank of New Zealand By I elegraph—Prese AwoclailOD WELLINGTON, June 1. The report of the directors of the Bank of New Zealand, to be presented at the ordinary general meeting on June 10, states that for the year ended March 31, profits, after providing for expenses of management and for all bad and doubtful debts and other contingencies and after making provision for the annual donation to the Provident Fund, were £583.209/5/11, to which has to be added the balance brought forward from last year £364,889/17/3, making a total of £948,095 3/2, from which has been paid the dividend on preference A shares £50,000, the interim dividend on C long-term mortgage shares £7031/5/-, the interim dividend on long-term mortgage shares £17,578/2/6, the interim dividend on preference B shares £31,250, and the interim dividend on ordinary shares £187,500. totalling £293,359/7/6, leaving available for distribution £654,739/15/8. This the directors propose should be disposed of as follows: £ s. d. Dividend on C longterm mortgage shares at 6 per cent per annum 7,031 5 0 Dividend on D longterm mortgage shares at 7-1* per cent psr annum 17,578 2 6 Dividend on preference B shares (making £lOO.000 for the year) .. 68,750 0 0 Dividend at the rate of of 5 per cent on ordinary shares (making £375,000 for the year equal to 10 per cent. .. 187,500 0 0 Balance to be carried forward 373,880 8 2 Total 654.739 15 8 The dividends are to be paid in New Zealand currency. During the year agencies have been opened at Granity, Kerikeri. Manurewa, Oamaru North. Okaihau, Pokeno, Riccarton, Town Hall (Dunedin), and Upper Queen Street, Auckland. The Waikouaiti branch has been converted into an agency and the St. Helier’s Bay agency has been closed.