INVESTMENT TRUST

Wairarapa Times-Age, 4 September 1939, Page 3

INVESTMENT TRUST

APEX COMPANY’S ANNUAL REPORT. The seventh annual report of the Apex Investment Trust of New Zealand, Ltd, for the year ended June 30, states that the paid-up capital amounted to £25,000, an increase over the previous year of £B5B Bs. The company’s authorised capital of £25,000 is now fully subscribed and paid up. The net profit, after providing for all man - agement expenses, amounted to £1,301 12s 7d, less provision for taxation £3O, leaving £1,271 12s 7d, to which is added' the amount brought forward last year £6O Is Id, making available £1,331 13s Bd, from which has been paid an interim dividend at the rate of 4 per cent annual, absorbing £491 17s 6d. The directors recommend that the balance be appropriated as follows: Pay a dividend at the rate of 4J- per cent per annum for the half year to June 30, 1939, absorbing £562 10s; transfer to exchange reserve account £l6l 16s lOd, leaving to be carried forward £ll5 9s 4d. The net loss on the sale of securities during the year amounted to £169 10s 2d, which has been transferred to the investment fluctuation reserve fund. This reserve now stands at £l,OOO 0s lOd. The reserve funds are employed in the company’s business. The value of the company’s investments at June 30, 1939, amounted to £29,933 17s 3d. In view of the disturbed international position, this is considered satisfactory. No repayments under hire purchase agreements were outstanding at the close of the period. The company’s investments are spread over 64 companies, conducting business in New Zealand, Australia, Great Britain, United States of America and South Africa. In accordance with the Articles of Association. Mr James Steel retires from the board of directors, but is eligible, and offers himself for re-election. The auditor, Mr N. H. James, retires. Messrs James and Hollis have been nominated as auditors for the ensuing year. The report is signed for the board by Mr W. J. Candy, chairman.