PERPETUAL TRUSTEES

Press, Volume CII, Issue 30154, 11 June 1963, Page 17

PERPETUAL TRUSTEES

Value Of Estates Doubled

A big increase in the value of estates under administration is the feature of the annual accounts of the Perpetual Trustees Estate and Agency Company of New Zealand. Ltd., for the year ended March 31. At the latest balance date the value of estates under administration was £106,483, more than double the previous year's figure of £48.853

The company’s revenue from sources other than investments rose £9358 to £107.473. Interest from Government stock fell £52 to £257 and interest from other investments fell £544 to £6771. Expenses rose £6249 to £99.335 depreciation rose £290 to £2486 and taxation provision was £6OO higher at £4630. Tax-paid profit rose £1434, or 34.2 per cent., to £5630. Capital Doubled

. .The company's paid capital was doubled during the year by calling up £1 on each of the 25.000 £4 5s shares, making them paid to £2. This call was satisfied by transferring the £25.000 in the reserve fund Dividends of 9d interim and Is 6d final total 2s 3d, or 5| per cent., and require £2812, the same •as the previous year, 111 per cent.

A steady £5OO is appropriated for the staff benefit fund and with £490 (£97 the previous year) over-provided for tax in 1962, the carryforward is raised to £8979. With the payment of £1 on each share, paid capital is now £50,000 Reserves of £15,729 bring shareholders’ funds to £65.729 an increase of £2807 Mortgage debt is £5OOO higher at £lB.OOO. Current liabilities are up £66.488. mainly because of the increase in estates under administration, at £663,535. Fixed assets rose £4627 to £70.614 and current assets rose £69.668 to £676,650.