SATISFACTORY YEAR

Dominion, Volume 33, Issue 186, 3 May 1940, Page 12

SATISFACTORY YEAR

N.Z. Investment Company The th'irty-f'ourLh annual meeting of shareholder® of the New Zealand Investment, Mortgage, and Deposit Co., Ltd., was held yesterday, Mr. C. D. Morpeth, chairman of directors, presiding. The chairman, in moving the adoption of the report, said capital remained at £35,500, and reserve was increased as usual.

‘■Deposits at £96,163, which showed a slight toll at balance, are at their usual level,” the chairman continued. "On the assets side, imionbgages are less the difference being represented bj r the increased bank balance, while the company’s freeholds are reduced by the. allowable depreciation, and these securities are being well maintained. The harbour board debentures matured during the year, and inscribed stock and increased bank deposiilq take their place. The accounts of the company are satisfactory. All loan applications are subjected to the closest scrutiny, and no securities are accepted where the. directors consider that any hazard is entailed. The business of the company has been steadily maintained during the year, and there haive been no abnormal movements. Gross revenue is increased, and it will be readily apparent to shareholders that although the gross profit shows a satisfactory increase also, this increase lias been more than covered by the larger allocations required to meet the demands ot the tax-gatherer. The reserve fund has been augmented, as usual, by the addition of £lOOO, bringing the total up to £lB,OOO. This steady annual addition has 'been maintained over the past ten years, and it stands as a tribute to the directors who have served the company iu the past that we are enabled to contanue in the .face of today’s demands to add to our strength.” The directors recommended payment of the usual dividend of 3 per cent. ir. addition to the interim dividend of 2 per cent, paid in October, making 5 .per cent, for the year, while the allocation to reserve left the figure of £2377/16/1 of unallotted profits to be carried forward. The report anil balance-sheet were adopted. m The retiring director. Mr. W. H Denton, was re-elected, as were the auditors, Messrs. Henry Kemiber and Son. On the motion of Mr. C. J. S. Harcourt. supported by Mr. E. T. Hogg, it was unanimously resolved that a bonus of £5O be accorded the directors. The meeting closed with an unanimous vote of thanks to the directors, the secretary, Mr. C. S. B. Lambert, and the staff, the' mover being Mr. C. F. Taine.