MORTGAGE TRUST AND BOND CORPORATION

Otago Daily Times, Issue 26625, 22 November 1947, Page 3

MORTGAGE TRUST AND BOND CORPORATION

The annual meeting of the New Zealand Mortgage Trust and Bond Corporation, Ltd., was lreld on Thursday, Mr J. W. Scurr (Chairman) presiding. In' presenting tile report and balance sheet the chairman emphasised the satisfactory outcome of the year’s operations, enabling the company to pay a dividend of 4 per cent, on the paid-up capital of 5s per share. This was the second year in succession, he said, that the company had been able to do this. The report and balance sheet were adopted and the declaration of the dividend was approi&ed. The profit and loss statement showed a profit of £BO9 6s lOd, and this amount, plus the balance of £241 15s 5d carried forward last year, gave a total of £lOsl 2s 3d, which the directors recommended should be allocated as follows:—Tax provision, £2lO 6s; dividend requirement, £593 12s; carry forward, £247 4s 3d. After payment of the dividend the reserves will total £lO6l 14s 3d. The retiring directors, Messrs 'M. W. Marriage and J. Brooke, were re-elected, and the retiring auditors, Brodrick and Chalmer, were reappointed. The managing secretary, Mr David Leslie, who has been in office since the company started, intimated his retirement on December 31, and the meeting endorsed the appointment of Mr David Boyd Leslie to the position. Complimentary remarks were expressed to the retiring secretary for his untiring efforts on behalf of the company.