BANK OF NEW ZEALAND

Wanganui Chronicle, Volume 77, Issue 133, 7 June 1934, Page 9

BANK OF NEW ZEALAND

PROFIT FOR THE YEAR. THE PROPOSED DIVIDENDS. [ Per Press Association. } WELLINGTON, June 6. The balance-sheet of the Bank of New Zealand states that for the year ended March 31 last the profits, after providing for the 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, amounted to £594,231. From this had to be deducted interest on guaranteed stock (£21.199), leaving a balance of profit for the year of £573,032The balance brought forward from last year was £344,795, making a total of £917,827, from which had been paid a dividend on preference A shares (£50,000), an interim dividend on C long-term mortgage shares (£7031), an interim dividend on 1) long-term mortgage shares (£17,578), an interim dividend on preference B shares (£31,250), and an interim dividend on ordinary shares (£187,500), leaving available for distribution of the sum of £624,468. It is proposed to dispose of this as follows: Dividend on C long-term mortgage shares at 6 per cent, per annum (£7,031); dividend on D long-term mortgage shares at 74 per cent, per annum (£17,578); dividend on prefer■ence B shares (£68,750 making £lOO,OOO for the year); a dividend at the rate of 5 per cent, on ordinary shares (£187,500, making £375,000 for the year, equal to 10 per cent); and leaving a balance to be carried forward of £343,608. Dividends are to be paid in New Zealand currency.