N.Z. TRUST AND LOAN COMPANY.

Auckland Star, Volume XXXVIII, Issue 167, 15 July 1907, Page 2

N.Z. TRUST AND LOAN COMPANY.

Tlie 44th annual report of the directors of the Kew Zealand Trust and Loan Company, to be presented to the shareholders at the ajinuaj general meeting in London on 11th June, states that the balance of undivided profits shown, after payment of all current expenses, is £22,130 2/1 L The directors recommend that a. son of £2000 be appropriated for th« payment of a dividend on the £1 ■fully-paid ordinary shares of one shilling per share, free of income tax, being five j»er cent for the year 1906, and that the remaining balance of £20,190 2/11 be carried forward. A proht of £7581 3/6 was made on the sale of "Mount Parker," which amount has been carried to the credit of the reserve fund. Further properties, including the major part of Roxburgh, have been sold since the 31st December at prices which the directors believe will, in the aggregate, be quite covered by the provision in the contingent account. On 31st December last, £28,000 had been accumuilated towards the £40,000 required to be set aside for redemption of the capital of the company, and that amount has since been ■increased to £33,500.

In their report for 1899 the directors announced that arrangements had been made with some members of the staff with a view to retaining their services so long as they might be required. The present manager, who is now the only member of the staff remaining in New Zealand, has requested we Board to pay form now, instead of at the termination of the company's business, the £800 to -which he becomes entitled under a clause in his agreement. In view of the small amount of assets now remaining to be realised, the directors will submit to the meeting a resolution authorising immediate payment to the manager of the sum of £800; an-d, as the secretary is the .only member of the staff left in London affected by the arrangement referred to, the Board will, at the same time, ask for the authority of the shareholders to pay to liim at once the sum of £ 1000 under his agreement.