A PLEASING RECORD

Sun (Auckland), Volume 1, Issue 116, 6 August 1927, Page 12

A PLEASING RECORD

DOMINION INVESTMENT ASSOCIATION SEVEN PER CENT. DIVIDEND the fact that the Dominion Investment and Banking Association has only been in existence nine months, four of which were largely occupied with preliminary organisation, shareholders are to receive a dividend of 7 per cent. The report of operations covering the period ended June 30 shows preliminary expenses at the remarkably low figure of £4BO 17s, while administration expenses over the period came to £371 3s 9d. Receipt of interest, etc., have been £2,45G 2s Id, and after writing off £SO 17s of preliminary expenses the directors are able to show a net profit of £2,004 Is 4d. They propose to pay a dividend of 7 per cent, on the three classes of shares, absorbing £1,457 Os lid, to place £SOO to a reserve account, and to carry forward the balance of £4>7 0s sd. The number of shares subscribed to June 30 was 83,917, in respect of which £58,195 10s had been paid up, and the report states that the total has been considerably increased since then. The association has received £79,549 9s lOd on fixed deposit, and £13,707 2s 6d in its savings bank department. Advances on first mortgage total £81,337, while £6,040 15s 3d is on deposit at call, and £5,929 13s 2d in deposits at banks. Appreciation is expressed by the directors of the services rendered the association by the managing director and secretary, Mr. David Pollock, in the inception, formation, and subsequent management of the business of the association. In accordance with the rules of the constitution, two directors, Messrs. A. G. Lunn and D. Pollock, retire, and are eligible for re-election.