TRUSTEES AND EXECUTORS

Press, Volume XCVIII, Issue 28894, 14 May 1959, Page 19

TRUSTEES AND EXECUTORS

Higher Profit Last Year Consolidated net profit of the Trustees Executors and Agency Company of New Zealand, Ltd., rose £975 to £7505 in the year ended March 31. The latest result is reached after provision of £2578 (down £214) for depreciation. and £6020 (down £27) for taxation.

The parent company’s accounts show a net profit of £6605. Dividend, as announced earlier, is unchanged at 8 per cent., and requires £2400. An amount of £l5OO previously provided for repairs has been transferred to the profit and loss appropriation account, and £403 was over-pro-vided for tax the previous year. Carry-forward is £5508 higher at £16.380. The consolidated accounts show that agency commission, rent and safe deposit fees rose from £62,751 to £69,653, and interest on stock and debentures fell from £761 to £2B. Interest from other investments was £lOl2 higher at £7541. General reserve is unchanged at £11,218, as are mortgages owing by subsidiary at £9500. Balances due by the company have fallen £5433 to £303.745. Cash at bank has fallen from £92,099 to £40.275, while balances due to the company rose from £215.824 to £264.152. Shortterms advances fell by £355 to £10,369. and holdings- of loca body debentures and Government stock fell from £986 to £739. Mortgages are shown at £10.208, against £10.039 last year. Fixed assets rose from £45,258 to £47.597.