N.Z. INVESTMENT TRUST.

Auckland Star, Volume LXVI, Issue 223, 20 September 1935, Page 8

N.Z. INVESTMENT TRUST.

SATISFACTORY PROGRESS. DIVIDEND 5 PER CENT. The third annual report of the New Zealand Investment Trust, Ltd., for tlia year ended May 31 shows net revenue, after deducting expenses, including debenture interest, income tax and other pro* visions, of £3254. This, with the sum brought forward, £921, makes a total of £4176. From this amount dividend at 5 per cent for the year ended May 31, £647, and directors' fees, £250, was paie, leaving a balance of £3278. From this the directors recommend a dividend of 5 per cent, absorbing £2520. leaving a balance to carry forward, subject to payment of directors' fees, of £758. The revenue account shows receipts at £14,009. On the expenses side debenture and other interest accounts for £4308, rent and general administration £5169, amounts written oil" £777, provision for income tax £500.

The chief items of the balance-sheet are:— , Liabilities. —Paid capital, £67.906; debentures, £106.372; deposits, £1600; otne? liabilities, £1312. . Assets. —Investments, £150,150; £6744; sundry debtors, etc., £61o8# brokerage and underwriting, £17,932. At the annual meeting held in Wellington yesterday, the acting chairman stated that the chairman and managing director, Mr. A. W. Gibson, was on n® way to England in connection with tne sale of certain rights in which the JNew Zealand Investment Trust had a valuable interest, and also to facilitate the cond u « of business in England. Mr. H. L. Elbow had been appointed to act as managing director during Mr. Gibson's absence. J-D report stated that all investments been conservatively valued, and at curren market prices showed a substanti surplus over cost. Since May the i®* provement in many classes of industrial had been marked, and confirmed tn director' policy of diverting nearly per cent of the company's resources to commercial and industrial enterprise, an a further 14 per cent to financial concern*" Total subscribed and debenture caPp 3l had now reached the figure of £212 r Lw>