TRUST, LOAN, AND INVESTMENT COMPANY.

Dominion, Volume 12, Issue 96, 17 January 1919, Page 8

TRUST, LOAN, AND INVESTMENT COMPANY.

The report to be presented at the annual meeting; of the Wellington Trust, Loan, and Investment Co.. Limited, states that the inequitable system of heavy taxation on this class of company still obtains, and thereby relatively reduces the amount available for distribution by way of dividend In this connection, the taxation charged against the year 1914 was £t65 12b. 7d., as agaiiißt £5615 16s. 7d. for tho year 1918, showing an increase of £4750 4s. The sum to the credit of profit and loss on tho year's working (after allowing for £160 written off properties for depreciation), together with the amount of £3886 Bs. 9d. brought forward from the previous year, amounts to £13,319 16s. 6d„ from which £4375 has been paid as an interim dividend at the rate of 35 per cent, for the half-year ended .rune 30, 1918. The directors recommend that a further dividend at £5000 be declared on the paid-up capital at tho rate of 4 per cent, for the halfycur ended December 31. 1918 (making 7t per cent, for the year), leaving Hie sum of £3944 16a. 6d. to be carried forward. It is with regret the board informs tho shareholders that during the year the Hon. Sir James Prendergast, Kt., sent in his resignation as a director. The directors desire to put on record their high appreciation of the valuable services rendered by their colleague for so many years. '■ The vacancy was filled by the appointment of Dr. Charles Prendergast Knight.- The directors retiring by rotation are the Hon. C. 11. Izard, M.L.C.", Dr. A. K. Newman, M.P., and Mr. O. S. Watkinß, who, being eligible offer themselves for re-election. The auditors, Messrs. C. P. Powles and Ernest W. Hunt, oifcr themselves for re-election.

Cußtoms duties collected at the port of WcllinKton 'yesterday amounted to ££457 13». lCd.