APEX INVESTMENT TRUST

Wairarapa Times-Age, 25 September 1941, Page 7

APEX INVESTMENT TRUST

REPORT OF YEAR’S ACTIVITIES

The ninth annual report of the Apex Investment Trust of New Zealand, Ltd., for the year ended June 30, 1941, states: “The net profit, after providing for all management expenses, amounted to £1,185 16s 2d, less provision for taxation £llB 105—£1,067 6s 2d, to which is added the amount brought forward from last year £5l 9s 3d, making available £l,llB 15s sd, from which has been paid an interim dividend at the rate of 4 per cent per annum, absorbing £5OO. The directors recommend that the balance be appropriated as follows: Pay a dividend at the rate of 4 per cent per annum for half year to June 30, 1941, absorbing £5OO and leaving to be carried forward £llB 15s sd. “Investment Fluctuation Reserve Fund.—The net loss on securities during the year amounted to £l6 10s 2d, which has been transferred to Investment Fluctuation Reserve Fund. This reserve now stands at £940 8s 2d. The reserve funds are employed in the company’s business. Value of investments. —The value of the company's Stock Exchange securities at June 30. 1941, amounted to £27,527 13s. No repayments under hire purchase agreements were outstanding at the close of the period. “N.Z. Government War Loan. 1946. — The company has subscribed for £3OO of 21 pel’ cent War Loan Stock since the plose of the financial year. Distribution. —The company’s investments are spread over GO companies, conducting business in New Zealand, Australia, Great Britain, United States of America and South Africa. Directors.— In accordance with the Articles of Association, Mr J. Macfarlane -Laing retires from the board of directors, but is eligible, and offers himself for reelection. Mr W. H. Saunders has also been properly nominated and offers himself for election. The auditors, Messrs N. I-I. James and Hollis, retire, but are eligible and offer themselves for re-election.” The report is presented for the board by Mr W. J, Candy, chairman.