NEW ZEALAND TRUST AND LOAN.

Auckland Star, Volume XXXII, Issue 162, 22 July 1901, Page 5

NEW ZEALAND TRUST AND LOAN.

The report of the directors of the N.Z. Trust and Loan Company, Ltd., for 1900, states tbat the net profit after payment of all debenture interest and current expenses, and including £11,091 brought forward, is £37,098. Of this amount, there has been appropriated to payment of an interim dividend of 2/6 per -share in December last on the ordinary shares, £5000; to payment of dividend on preference shares, due Ist July,, 1900, £12,500; to payment of dividend on preference ghares from Ist July to 31st August, 1900, date of redemption, £4178; leaving a balance of £15,420. The directors recommend a dividend on the ordinary shares of 2/6 per share (making, with tbe interim dividend, 5 per cent, for the year), and that the balance—£lo,42o —be carried forward. Tbe reduction of tbe company's capital which was to be effected by the special resolution passed and confirmed by extraordinary general meetings last year was, on the Bth August, 1900, duly confirmed by an order of the High Court of Justice. In accordance therewith the preference capital was returned on 31st August last, and the 20,000 preference shares cancelled; and, further, the liability in respect of uncalled capital to the extent of £20 per share on each of the 40,000 ordinary shares was, at the same time, extinguished, leaving those shares £5 each, fully paid. The directors hope to be in a position to make a return on account of ordinary capital towards the end of the year. The debenture debt on 31st December last was only. £33,300, provision for which is included in the £49,747 of consols appearing in tbe balance-sheet and held in trust by order of the Court. In respect of the amount standing at credit of contingent account, the directors believe that the £90,625 is, under the present improved condition in the colony, in excess of what may be required, but they do not recommend a retransfer to the reserve fund.