WELLINGTON DEPOSIT CO.

Dominion, Volume 10, Issue 3068, 2 May 1917, Page 8

WELLINGTON DEPOSIT CO.

Tho annual meeting of shareholders ot tho Wellington Depoait. Mortgago, and Building Association, Ltd., was held, last evening in tho Chambor of Commerce, and Mr. W. H. P. Barber, chairman of directors, presided. Tho chairman, in movLnf- tho adoption of the report and balanco-shcot (already published), ■ stated that tie deposits, as compared with tho previoua year, ■wcto £1000 higher. Mortgages had fallon from £61,4*9 to , £57,631, a. reduction of £3768, largely due to tho discharge of several of tho Day's Bay balances. On the other hand; "deposits lit call," £5000 on tho assets sido, moro than mado up for tho J'Cduotion 'mentioned. Tho profit loss account for tho year showed a not profit of £1757 10s. 6d., as against £1843 17s. 7d. in tho previous year, a, reduction of £86 7s. Id., this iiainjf largely duo to incrcfijod taxation, whicli wa3 £130 greater than in tho preceding y«s.r. Coatmuins, the chairman sajil the dj.r«itors wero strongly of opinion, that it''wiis ttiwr to strongtiin tho 'ros'evTo fu£<! ti:an io i»cr«iso the dividend under present conditions, and therefore £-400 was baing added to lho\roserve, which would uow stand at £2000. / Tho report and biilauce-shect wero adopted. Tho retiring directors, Mossrs. P. J. Evj.r.3, ord 0. Smith, wero re-elected, and Messrs. J. E. G. ltowlt-y and W. Beau-clmmp-Platts (tho latter in succession to the iato Kr. E. T. Bnxlham) were appointed audit-ore. A sum of £100 ma voted the 'directors to bo distributed as they may think fit, tho amount to becomo an annual grant.