N.Z. INVESTMENT COMPANY

Dominion, Volume 11, Issue 191, 2 May 1918, Page 8

N.Z. INVESTMENT COMPANY

MKETJNCi OP SHAREHOLDER'S. The annual meeting of shareholders in il'.i' Now /.calami Investment, Mortgage, iiinl Deposit Company. Ltd., was. held in I hi' (Jliyniber of Commerce nl iionn yesterday. Mr. AY. CI. l-'ostcr, chairman of | ilirectors, pvcsidotl. I In moving the adoption of the jenort nnd balance-sheet (already published), the I'liiiiruiiin said that this result of the company's operations had been ealisfactor.v, _ iiud the usual dividend and the carrying to reserve of a larger amount were recommended. Dealing with the figures, he said that capital account showed an increase of !M1 shares paid up In 10m. each. Deposits were 3s. IIW. less than at March 31, 1017, but were ■G'M\ (Is. 3d. ahead of Ihe figures for the year ended March 31, 1316. The redue- ! iiji; _ iii'.il bc-fiii cans..: 1 , to ft great extent b.V depositors requiring their money for investment in the War Loan. The reservo account stood at,- i;2l. r >n, 'having been increased by the amount of ,£l5O ; passed last year. On the assets side ; mortgages were I'aSl 10s. 7d. less than last year. The item of freehold property had disappeared from tho balancesheet, Ihe properties having been disposed of. The special deposits were less by .t15,'J30. The sum of .£IOOO had been invested in inscribed stock, and a further application for JJ7OO in inscribed stock had been made since tho close of Cue financial year. The gross return from investments was .£6396 16s. id., or .i&S 3s. 2d. more thau last year. Willi respect to the future, be thought they had no reason to fear. Money perhaps in (he future would be dearer, but the Government would make every effort to keep it cheap. Ho did not think reconstrucI tion would bring about anything liko a slump. At the moment they had to think of winning the war, and to do whatever they had to do cheerfully, no matter what sacrificea they might be called upon to make. The report and balance-sheet were adopted. Messrs. John Kirkcaldie and W. G. Foster wero re-eleoted directors, and .Messrs. Henry Kember and Son were reelected auditors. A vole of thanks was accorded the stalf, and a similar compliment to the chairman concluded the meeting.