MORTGAGE AND DEPOSIT CO.

Dominion, Volume 2, Issue 498, 4 May 1909, Page 8

MORTGAGE AND DEPOSIT CO.

ANNtJAIr MEETING; ■~.;■';; The annual meeting of shareholders in tho Now Zealand .Investment, ■ Mortgage and Deposit Co., was held yesterday in the Chamber of Commerce, Mr. w. G. I'oster, chairman of directors, presiding. .••■'". Tho annual report stated that tho net profit ontho year's business was .£1226 9s. 2d., to which was to be added tho snm of .£9l 16s. Id. brought forward from last year, making a total of ,£l3lß ss. 3d. An interim dividend at the rate of 5 per cent, per annum, amounting to £iei ,lSs. Id., was declared and paid for the half-year ended Soptember 30, 1908. A further 6um of ..£2OO had been- written off preliminary, expenses account, leaving a balance of JE6a6 Cs. 2d. to be dealt with.. Tho directors recommended α-fnrther dividend at the rate of 5 per cent, per annum, which would absorb £181 18s. Bd., and that the balance of .£174 7s. od. bo carried forward. Tbo company moved into" its present offices on October 16 last, and found them, suitable in every way. ..The chairman; in moving the adoption of tho report -and t balance-sheet, congratulated the shareholders on tho successful year which had been experienced and the good profit which had been made: They had had a period of stringency, but this had been rather anticipated by the directors, and consequently the business had been conducted with .the greatest caro. Ihe figures before them gave ample cause for congratulation, arid he- could assure any i'of them who had misgivings as to ; finance that' they could-set their minds attest. Their business was, absolutely safe. ' ". . ■ ■'Mr. Gibson seconded,the motion, which was carried unanimously. , The retiring directors, Messrs. IV. G. Foster and J.JCirkcaldie, were re-elocted, as also were the auditors, Messrs. Henry. Kember and Son the remuneration for the latter being fixed at the 6ame amount as for tho previous year" . An_ honorarium of .£IOO was voted to the directors to bo dinded as.they thought fit • v On the motion of Mr. D. T. Stuart, : the directors were accorded a vote of thanks for their work during tho past year. The mover said that there was no:doubt that the operations of the year and tho dividend ,of 5 per cent, were very, satisfactory.:. . ■' .\: , ■■>:■ ••■•■•:'■. thanks,- the chairman of directors, Mr. W. G. Foster, said that thousjTthe one, it might have been increased'had ihe directors not thought: it Rh-^J? , cond,lct , t , lie prudently. The stringency, he thought, .had now reached vanishing .pointy and the company had acquired such a reputation in the city, that they could look forward to prosperity in the future. Air. Kirkcaldie also thanked the shareholders for re-electing him as a director. ■ «, I^, l c T lusi ? n . ae, chairman- referred .to .the excellent work which/the secretary,* Mr. ;ChM; E. Stuart, had accomplished.