DIVIDEND OF PERCENT.

Evening Post, Volume CXIX, Issue 33, 8 February 1935, Page 6

DIVIDEND OF PERCENT.

•GENT,

CANTERBURY INVESTMENT

COMPANY

I The directors of the Permanent Invest|ment and Loan Association of Canterbury, in their sixty-fourth annual report, I state that the profit lor the year, after i taking into account .all interest due and i accrued jas at December 31, amounted to £5753 18s .0(1. From this sum they have deducted £924 19s 5d for interest outstanding in respect of the past and previous years which they consider may not be received. The available profit is therefore £4828 19s which, together with the balance brought forward from last year amounting to £972i!s 7d, leaves £5801 os7d in the profit and loss account. An interim dividend of Vh per cent, was paid on July 31 and a final dividend at the rate of V/z per cent on January 31. During previous' years the directors anticipated losses in respect of certain rural securities, to meat which ;they: retained funds which would otherwise have been available for dividend purposes. : Owing to the improved pricss of primary products which prevailed during the past season "more interest has been received from these securities than had been anticipated, and the directors decided to make a special distribution by way of bqnus-of % per cent,., which was paid at the same time as the. final dividend, making a- total; distribution for the year of 4% percent. During; the present season it seems evident that the improvement in prices will not operate to the same extent. The directors decided to transfer the sum of £500 to the reserve fund and to carry forward the sum of £801 0s 7d in the pi-j----fit and loss account.