NATIONAL MORTGAGE.

Auckland Star, Volume LXII, Issue 81, 7 April 1931, Page 4

NATIONAL MORTGAGE.

(From Our Own Correspondent.)

LONDON, February 20

After paying all expenses in London and New Zealand, interest on debentures, providing for depreciation oil premises, plant and furniture, contributing £4425 5/2 to the staff superannuation and provident fund, and having previously made full provision for bad and doubtful debts, the balance at credit of profit and loss account of the National Mortgage Agency Loj of Mew Zealand, Ltd., for the year ended September 30 last, including £15,177 2/6 brought forward from last year, is £30,462,14/11. From this amount an interim diviO-.id at the rate of V& per cent per annum has already been paid, and it is proposed now to pay a further dividend at the same rate, free of income tax, and to cairy forward £ 13,813 18/4 ito next account. The directors in their report state that the year under review has been an anxious and difficult one. The values of New Zealand exports, especially wool, have experienced an unprecedented fall. These factors, naturally, have had an effect on the year's operations, and are reflected in the results shown in the accounts. The terrible earthquake calamity which occurred in the Hawke's Bay district of New Zealand, has, fortunately, not resulted in any direct damage to the company's properties. The board record with very deep regret the death of their esteeiried colleague, Mr. Lindsay Eric Smith, who was one of the original members of the directorate. Captain Evan Cadogan Eric Smith, M.C., son of the late Mr. L. E. Smith, has been appointed to fill the vacancy. J