A PROGRESSIVE CONCERN

Sun (Auckland), Volume IV, Issue 1033, 25 July 1930, Page 13

A PROGRESSIVE CONCERN

DOMINION INVESTMENTS ASSOCIATION NET PROFIT OF £12,869 Increased progress is shown in the fourth annual report of the Dominion Investment and Banking Association, which states that the thoroughly sound financial position of the association in spite of the acute commercial depression of recent months could not but be regarded with satisfaction. After meeting all expenses and writing off an amount of £3OO from preliminary expenses account, finally extinguishing that account, and £22 from furniture and fittings, the net profit for the year ended June 30 was £12,869 15s lOd, which, added to £452 16s Id brought forward from last year, made a total of £13.322 11s lid. This the directors recommended appropriating as follows: —Payment of dividend of 7 per cent, on A shares and first issue of B and C shares, £11,195 5s 9d; payment of dividend of 6 per cent. B shares, second issue, and C shares, second issue, £135 13s 6d; to reserve, £1,000; leaving a sum of £991 12s 8d to carryforward. The report adds that it was gratifying that the year’s operations permitted of the transfer of a further £I,OOO to reserve, as well as the carrying forward of an amount £SOO in excess of the amount brought forward last year. With this year’s addition the reserve account would stand at £3,000. During the year a second issue of B shares, carrying a dividend of 6 per cent, per annum, and a second issue of C subscription shares, were authorised and freely subscribed. The total number of shares now Issued was 161,840. Steady progress had been maintained in the banking department, and a surplus of deposits over withdrawals, together with interest credited, of £26,808 9s 2d, brought the total amount to the credit of depositors in the association to £133,364 3s lOd. compared with £106,556 last year. Fixed deposits with the Bank of New Zealand increased from £IO,OOO to £20,000, in addition to deposits at call. The amount advanced upon first mortgage now totalled £291,277. Following is a summary of the association’s operations during the last three years:— 1928. 3929. 1930. Capital .. .. £137,558 £153,565 £167,922 Deposits . . .. 45,945 106,506 133,364 Mortgage .. 151,425 256,310 291,277 Net profits .. £8.250 £11,389 £12,870 Dividends — , A 7,490 10,243 11,195 6 p.c. B & C (2nd issues) To reserve . . 500 1,000 1,000 Car. forward £307 £453 £992 The balance-sheet shows assets totalling £328,823, compared with £272,816 last year. In addition to advances on first mortgage and fixed deposits they include deposits at call, £14,160 (£4,263) and balance at bank, £3,134 (£1,778). The retiring directors, Mr. C. 11. Furness and Mr. A. G. Lunn, offer themselves for re-election.