WELLINGTON DEPOSIT COMPANY

Dominion, Volume 9, Issue 2761, 3 May 1916, Page 8

WELLINGTON DEPOSIT COMPANY

ANNUAL MEETING. : The annual meeting of the Wellington . Deposit, Mortgage and Building Associa- ; tion, Ltd., was' ncld in the Chamber of Commerce Inst evening, Mr. W. 11. P. Barber in the chair. •In moving the adoption of the report (already published), the chairman said that business condition's - (lifting the period 'under review Mvcro- very similar to thoso which existed during the 1914-15 year, particularly the restrictions under which the building trade. suffers on account of high and steadily increasing prices of materials in consequence of the effects of the war. These, of course, naturally reduce this field for investment, making fresh securities of a satisfactory nature difficult to obtain. In the circumstances your directors consider that the shareholders havo -(ivory reason to be congratulated on the results shown in the balance-sheet for the year just ended. Last year the deposits stood a/t £28,859, this yoa-r they are £33,608, an increase of £4749. Ou the other side of tho -balauce' sheet the investments have risen from £56,654 to £61,448, an increase of £4794, practically balancing the amount of increased deposits. The • "reserve for. contingencies" remains the same as last year, not having-been touched.' With respect to tho profit and loss account, t3ie net .profit darned for the vear just ended is £1843 17s. ' 7d.;ds against, £1549 Is. '9d. last year, or iin increase of £294. The increase is duo .to the larger business the association was able to-transact. Tho total balance available is £2074 Is. Id., as against £1780 3s. 6d. for the previous year. On the debtor side, of tho. account it will be observed that the amount of interest paid, to depositors and others i-s greater ; than for the previous year, partly due to tho increased deposits and also because tho amount of deposits shown in tho. 1914-15 balance-sheet were only held by the association during; part, of that; year. Thero was thus iless interest to pay -then. Interest, etc., received and accrued shows an increase of. £590 over the previous twelvo months.' Coming to the expenses, theso are heavier by £71, chiefly accounted v for by increased land and income tax and rent, tho 'former being fully £48 higher than previously owing to the larger profits and increased rate of tax. Tho result of tho year's operations is such that a dividend at the rate of 5. per cent, per , annum, as recommended, can easily bo paid. lour directors deemed' it wiser to carry a substantial sum (£4CO) to tQic reserve account and a fairly large balance forward, to next year's account, rather than to increase the rate of dividend at the present time. With the addition of the £400 recommended to be added to tho reserve, and the contingency reserve of £150, the reserves will then stand at £1760, and if the amount to be oa-med forward be also taken into consideration, the reserves and undivided profits -will amount to £2074.. " ■ . The report was adopted. Messrs. \\ r . Cable and E. Falliser wore reelected/directors,,,and. Messrs.,. E. ,T. BadJbam and J. H. G. Rowley were re-elected auditors ct the same remuneration as last year. The sum of £100 was voted to the directors for, their services during tho .past . year* Mr. J. W. Jack, secretary, was given a' vote of thanks for his work during the past year.