NATIONAL MORTGAGE

Evening Post, Volume CXV, Issue 74, 29 March 1933, Page 10

NATIONAL MORTGAGE

A YEAR'S BUSINESS

(From "The Post's" Hepresenfative.)

LONDON, February 21,

; It is announced in the annual report of the National Mortgage and Agency Company of New Zealand, Limited, made up to September 30 last, that after paying all expenses in London and New Zealand, interest on debentures, making provision for bad and doubtful debtsI'and depreciation on premises, plant, and furniture, and ■ contributing £3723 6s to the stalf superannuation and provident fund, the balance at. credit of the profit and loss account, including £15,035 los brought forward, from last year, is £32,040 8s Bd. From this amount an interim dividend at the rate of 5 per cent, per annum haa already been i paid, and it is proposed now to pay a further dividend at the' same rate, free of income tax, and to carry forward £14,961 9s 8d to next aocount.

The company's business during the year under review has again been conducted under generally, depressed conditions, and' prices have continued on a very low level. In the circumstances, it is satisfactory that it is possible to provide for the payment of a dividend at the same rate as last year. : . ,

It is with very great regret the directors have to report the. resignation of Sir James Mills. Sir James had been a director of the company since 1919, but owing* to advancing years he had felt'it necessary to give lip some of his work.' The directors retiring by rotation are Mr. H. J. Beswick and Lord Glenconnerj who, being eligible, offer themselves for reelection. . ■ ■■■ '