BANK OF NEW ZEALAND.

Waikato Independent, Volume XII, Issue 1020, 3 June 1911, Page 5

BANK OF NEW ZEALAND.

GROSS PROFIT, £355,270. RESERVE FUND A MILLION. By Telegraph—Press Association. Wellington, this day. The directors pf the Bank of New Zealand, in submitting their balancesheet for the year ending. 31st March, state that the profits, after making provision for expenses of management, bad. and dbubtful debts, donation to provident fund and bonus to staff, are £355,270. From this has to be deducted interest on guaranteed stock £40,000, making £315, 270. Of this sum the directors have allocated in reduction of bank premises and furniture £20,000, leaving the balance of profit for the year £295.270, to which has to be added the balance from last year £64,134, totalling £359,405. From this'have been paid dividends on preference and ordinary shares, totalling £60,000, leaving available for distribution £299,405. t This the directors propose should’ be disposed of as follows:—Dividend 4 per cent, on preference shares, £20,000, making 10 per cent, for the year; dividend 6 percent, on ordinary shares, £30,000, bonus 3 per cent, on ordinary shares, £150,00, making fifteen per cent, for the year; transfer to reserve fund, £200,000, making reserve fund £1,000,000; balance to be carried forward, £34,405.