WELLINGTON MORTGAGES, LTD.

Evening Post, Volume CIX, Issue 38, 14 February 1930, Page 12

WELLINGTON MORTGAGES, LTD.

The annual report of the directors of Wellington Mortgages, Ltd., states that during the past financial year the business of the company has been profitable, and that the accounts show a large 'increase in every item. On 31st December last the subscribed capital was £45,200 as against £21,480 on the same date of the previous year. Of this amount £31,581 11s 8d has been paid up. Deposits amount to £2949 Is 3d, a slight increase on last year's figure. Investments by way of loans on second mortgage amount to £37,695 17s 6d as against £14,603 9s 5d for the previous year. Care has been exercised in the selection of these investments and interest and instalments of principal have been paid punctually, with one or two_ exceptions, and the necessary action is being taken in these cases. The gross income from the investments representing interest and premiums on purchases, for the financial year, was £2556 8s 3d, and the net profit was £1821 5s 4d. This amount does not represent the full return on the capital subscribed as the increase during the year has been received in calls paid monthly, and invested from time to time. Recently the directors have been obliged to decline profitable business for want of funds, and it is suggested that it will be in the best interests of shareholders if the balance due on allotted shares be paid up. The amount thus made available could be invested to advantage without adding to the cost of management. An interim dividend of 3 per cent, for the half-year was paid in July last, and the directors recommend that a further dividend of 4 per cent., making 7 per cent, for the year, be declared on the capital paid up, absorbing £952 0s 6d of the profits, and that the balance, £236 13s, after providing for payment of income tax, be written off preliminary expenses. . Forty-six meetings of directors were held during the year. ■ Messrs. Hay and Meadowcroft, the retiring directors, offer themselves for re-election. Mr. C. E. Webb, the company's auditor, offers himself for re-election.