DEPOSIT, MORTGAGE AND BUILDING CO.

Dominion, Volume 6, Issue 1743, 7 May 1913, Page 10

DEPOSIT, MORTGAGE AND BUILDING CO.

ANNUAL MEETING. Tho twelfth annual meeting of the Wellington Deposit, Jlorteaef, amd Building Association, Ltd., was held in the Chamber of Commerce on Monday evening, Jlr. W. 11. P. Barber iu the chair. In moving tho adoption of the annual report and balainctisheet, tho chairman said that the result of the year's operations 6hould be considered satisfactory,, in that tho directors could recommend the payment ol a dividend at a slightly higher rate than was the case at this time last year. The net profit this year was £1241 13s. 4d., against £959 4s. 9d. last year. A sum ot £189 ss. Id. hud been written oIT out ot this year's profits. It was considered prudent to provide for possible contingencies, but it was hoped that thero might be no losses, and that this amount might yet be recovered. A new 'item, "freehold property," appeared on the assets side of the balancc-shcct for the first time. This consisted of freehold land at the Lower llutt, on which two'-housos arc crcctcd, which was submitted to public auction under order i'roin tho Registrar pf the Supremo Court, and bought in by the association, a<3 they failed to realise the amount advanced. The figure at which this property stood was much below tho Government valuation. One of the houses was let, and they hoped soon to have a tenant for the other, In which oase the renia would more than cover the interests on tho investment. Tho directors recommended the payment of a dividend at the rate of per cent, per annum for the year, which would absorb £1125, and that, tho balsncc, £317 3s. 7d„ be carried forward to next year's account. The expenses were slightly less this year than tho previous year. The lease of the office premises expired on February 24 last, und at nrctent 1 they were, occupied on a temporary tenancy with right of renewal on more favourable terms. With regard to the recommendation passed at last general meeting, viz.; that negotiations be entered into with other companies with a view to amalgamation. the directors cave most careful consideration to the proposal, but in their opinion it was not an opportune time to deal with tho rmo.tion. It mi',-Li. be mentioned that the board was unaniitious in this matter. The directors were of opinion that tho depression that had existed during the last few years liad to some extent passed.'and tho prospccts for the future seemed more favourable. They urged upon shareholders tho wisdom of using their influence in the direction of securing business and deposits in favour of the assocation. The motion mis seconded by Mr. Curtis. In reply to a quostion by Mr. Swift as to whether the directors did not think it was time the reserve of £1000 should be increased, the chairman said' that tlio profit earned this year was nearly absorbed by a dividend of per cent. If the shareholders did not want such a big dividend they could place some of tho profits to the reserve. The directors were of a different opinion. Tho report and balance-sheet wero adapted. Messrs. 0. Palliser and C. Smith, tho retiring directors, were ro-e!ectcd without opposition. Messrs. R. T. Badham and J. H. G. Rowley wero rc-olected auditors. It was decided that tho directors' honorarium be £ICO. The meeting terminated with a vote of thanks to the directors for their services during the past year.