B—ls

Profit and Loss Account and Dividend The profits, after providing for expenses of management, and for all bad and doubtful debts, and other contingencies, and after making £ s. d. provision for the annual donation to the Provident Fund, are .. 403,660 7 5 To which has to be added : Balance brought forward from last year .. 432, 930 010 836,590 8 3 From which has been paid : £ s - d. Dividend on preference A shares .. .. 46,250 0 0 Interim dividend on C long-term mortgage shares 6,503 18 1 Interim dividend on D long-term mortgage shares 16,259 15 3 Interim dividend on preference B shares .. 18,750 0 0 Interim dividend on ordinary shares .. .. 112,500 0 0 200,263 13 4 Leaving available for distribution .. .. •• £636,326 14 11 This the Directors propose should be disposed of as follows : Dividend on C long-term mortgage shares at 6 per cent, per £ s. d. £ s. d. £ s. d. annum .. • • 7,031 5 0 *Keduced by Id. for every 13M. or part thereof .. 527 611 6,503 18 1 Dividend on D long-term mortgage shares at per cent, per annum .. .. 17,578 2 6 *Reduced by Id. for every 13id. or part thereof .. 1,318 7 3 16,259 15 3 Dividend on preference B shares (making £43,750 for the year) .. 25,000 0 0 Dividend at rate of 4 per cent, on ordinary shares (making £262,500 for the year, equal to 7 per cent.) .. .. - • 150,000 0 0 Leaving balance to be carried forward .. 438,563 1 7 6 £636,326 14 11 Such dividends to be paid in New Zealand currency. The gross profit for the year, less provision for contingencies, &c., amounted to .. £2,456,399 a decrease of £17,399 Expenses amounted to .. .. •• £2,052,739 a decrease of £21,079 Leaving net profit as above .. •. £403,660 an increase of £3,680 The gross profit for the year was lower than for the previous year on account of reductions in interest receipts due to the average level of overdrafts being lower and the repayment of Government securities and local-body debentures.

* Reduction on account of New Zealand social security charge in pursuance of section 9, Finance Act (No. 2), 1941.

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