APEX TRUST INVESTMENT

Wairarapa Times-Age, 20 August 1943, Page 2

APEX TRUST INVESTMENT

ELEVENTH ANNUAL MEETING. FUTURE TAXATION POLICY. The eleventh annual meeting of the Apex Trust Investment Company was held in Masterton yesterday afternoon. The chairman of directors, Mr H. A. R. Dunderdale, presided over a good attendance of shareholders. Mr Dunderdale said the income for 1 the year’ was almost as satisfactory as. in the previous year but the substantial increase in Australian taxation prevented any increase in dividend. Although the return to shareholders was a modest one the capital position of the Trust had improved by over £5,600 during the past year and the company’s entire capital and reserves were fully represented by readily realisable assets. It was hoped that the present policy of foreign goverments imposing a non-resident tax would be reversed in the near future as otherwise the effect of such taxation after the war was over would be to stop or substantially reduce the investment of outside capital in those countries and thus retard the progress of their secondary industries. Mr J. H. Cunningham said that shareholders should be congratulated on the improvement in values which had taken place. Since the balance the position had further improved. It was not likely that large dividends would be paid during the war. Mr P. J. Borthwick considered that the future of Australia after the war was so bright that it would not be wise to take the short view, but rather to be content with small returns for the duration of the war, and hope to share in the expansion likely to take place after the war. The annual report and balance sheet were adopted, and the directors’ recommendations regarding the dividend and the transfer to reserve were approved. Mr Dunderdale was re-elected a director, and Messrs James and Hollis were re-elected auditors.