DOMINION INVESTMENT BANKING ASSOCIATION

Sun (Auckland), Volume I, Issue 128, 20 August 1927, Page 12

DOMINION INVESTMENT BANKING ASSOCIATION

Co-operative investment has taken on in New Zealand. In little over eight months the Dominion Investment and Banking Association announces a dividend of seven per cent, on A, B, and C shares, and carry forward £SOO to reserves. The total funds are now over £112,000. In reviewing the work of the association during the nine months of its existence the chairman, Mr. A. G. Lunn, at a general meeting of shareholders held this week, said its activities to date were unparalleled in the history of New Zealand. To date over £IOO,OOO capital had been subscribed, and for raising that sum the total cost was the remarkably low figure of £4BO. This meant that the Dominion Investment and Banking Association was in the fortunate position of being free from the burden of the “dead-weight” of the usual heavy establishment charges. It was thus able to earn and pay dividends from the commencement. This fortunate position enabled the association to immediately found a reserve which was a reality, and not merely a set-off against establishment account. The association came into being less than a year ago through the energy of Mr. David Pollok, now the managing director. They were told they would have difficulty in raising £50,000, but that amount was over-subscribed at short notice. An appeal for another £50,000 had also been over subscribed, for over £IOO,OOO had been applied for. The directors at their next meeting would consider the question of whether they would allot the applications in full, or reduce them on a pro rata basis. A pleasing feature was the steady increase in deposits, the sum of £19,549 having come in to date, and in the savings bank department close °n f £20,000 had been received. The “C” shares were an excellent investment for all wage-earners. Mr. H. P. R. Caughey. a director, emphasised the policy of conservative methods in finance pursued by the directors. This was the considered and permanent policy of the board, and shareholders could rest assured that it would be strictly adhered to. It was the intention of the board to build up a substantial reserve fund. Mr. Lunn and Mr. Pollok, retiring directors, were unanimously re-elected. Messrs. Hutchinson. Eliffe anri Cameron were reappointed auditors. A motion -thanking the staff for its active co-operation was carried. A suggestion that the directors be voted an honorarium was brought forward. The chairman stated, however that they were so pleased with the results that they had decided not to yeai- Pt any honol ' ariu m during the first MATAMATA DAIRY CO. (From Our Own Correspondent.) MATAMATA, Friday. On an output of 857 tons of cheese, tne Matamata cheese factory was enabled to make an average butter-fat payment of Is 4.53 d for the season, according to the report presented to the annual meeting of the company held yesterday. There was a large attendance of suppliers, and the chairman, Mr. B. C. Taylor, reported a successful season! The bonus payment will be paid out at the end of August.