WELLINGTON LOAN COMPANY

Dominion, Volume 9, Issue 2684, 2 February 1916, Page 8

WELLINGTON LOAN COMPANY

ANNUAL MEETING. The annual meeting of the Wellington Trust, Loan, und Investment Company was held last evoning. Mr. J. P. Jlax-1 whII presided. The report, and the balance-sheet (already published) were adopted. The retiring directors, Messrs. C. H. Izard, J. P. Maxwell, and Dr. A. K. Newman, M.P., were re-elected. Messrs. C. P. Powles and E. W. Hunt were re-elected auditors. In the course of an address to (ho meet : ng the chairman said that in the light of present conditions the company's operations had been fairly successful. The directors were able to recommend the usual dividend. There had been a certain amount of stagnation in business in the first half of 1915, which was rather adverse to the company, and a very large factor affecting net profits had been tho heavily increased taxation. The profit and loss account showed an increase in this item from .£865 12s. 7d. in 1914 to ill'Jjri lis. lid. in 1915. . During tho last five years the company's loans had been earning from 5 per cent, to G per cent., but duiing the last three years of this period the normal rates received from new loans had been G per cent. The rate paid .for fixed deposits had increased front ■J per cent, to 4! per ccnt. There has been no increase in tho current mortgage. or deposit rates, due to the war conditions. The shareholders' money employed consisted of .1:125,000 capital, and JSi.OOO reserves, the latter being partly composed of undivided profits, accruing during the forty-three years of the company's existence, and partly from, pre.mi'inis on new shares, a total of ,£1!H,000. The shareholders realised dividends equalling about (I psf cent, ftu this