NEW ZEALAND INVESTMENT CO.

Dominion, Volume 8, Issue 2452, 4 May 1915, Page 8

NEW ZEALAND INVESTMENT CO.

TEE' CHAIRMAN'S REVIEW. At the general meeting of glicjeholderfl of the Now Zealand Investment, Mortgage and Deposit Co., Ltd., yesterday, Mr. w. G. Foster, chairman of directors, presided. Tho annuel report (already published) and the balance-sheet were adopted. In moving the adoption of the "report, the ohairman mentioned that the subscribed capital had been brought up. to 45,117. shares during the paet year, while, since March 31 last," 2CO shares had been' allotted at par. and promises had been made hj shareholders to take 'more in the near future. As .a larger business could b» done without increasing the office. expen-. diture, it would be to the interest of shareholders to apply- for more shares. When another 4683 shares were taken up the subscribed capital would be £50.000. The deposits on March 31 were £1540 less than at the end of the previous year, but at different' times during the year they hsxi been greater, and' were so at .present. The mortgages wore £387 less than last year. The freehold properties owned by the company were in the books at a low figuro. They were, being kept in firstclaes or<tc.*, and were well let. The net return for tho year on the company's operations was, £173 9s: Id. better than the previous year. The company had now been approved an an institution eligible for the receipt of deposits from trustees. The increase of one-half per cent, in the dividend spoke foi* itself, and the diroctore hoped to do ae well in the future. Personally, ho thought (Tie company was going to do a great deal better, for he foresaw a considerable increaso in capital, with a consequent larger volumo of business, at no greater expense, On the motion of Mr. P. Coffey, the retiring directors (Messrs. W. O. Foster and J. Kirkcaldie) were reflected for another term.

Messrc. Henry Kember and Son wore reelected auditors for the' ensuing year at the eame remuneration as previously. The directors were voted the sum pf £100 ns remuneration, to be divided among themselves as they thought fit. A vote of thanks was accorded the staff, special mention being made of the services rendered fo the company by the secrolary (Sir. C. R. Stuart). •