NEW ZEALAND INVESTMENT COMPANY .

Dominion, Volume 13, Issue 187, 4 May 1920, Page 3

NEW ZEALAND INVESTMENT COMPANY .

FOURTEENTH ANNUAL MEETING. The fourteenth annual meeting of shareholders in the 'New' Zealand Investment, Mortgage, and B/eposit Company, Ltd., was held in the Chamber of Commerce yesterday, Mr."TV.; 0. Foster presiding; , In moving the adoption-of the directors' | report, - details of which "have'been published, Mr: Foster said that the result of the year's working had huen- most satinfactory, and,/the'-figures in thebalannei sheet'constituted a'record for the company; Business during, the-year-had been brisk, and still continued so, and the company was receiving excellent support from the public. "I would like to mention that although the values of-all classes of property • have- increased • enormously, every care has been-used by us in 'the.-selection of tnitable securities." continued. Mr. Foster. "Concurrent with ,t.he rn:dfl advance in market Vulues/'-horrowersThave shown favourable-disposition to placing portions of the loiuis under, monthly repayment table, thu6 enouririsa gradual I reduction and thereby an -increase in-the margin of security. The present' rapid inflation of values, of ■•securities;, is; a 'matter of some anxiety to your directori", who, howeyor,. have ..throughout, followed, a conservative policy. The present year has opened satisfactorily, and; your, directors anticipate a continued increase in businetiu. Coming to the balance-sheet and taking the liabilities first, capital account shows an,increase of 4624 new shares allotteu during the year. at par and paid up to 10s. each. Deposits'received show-an increase of £14 914 14s. 2d. T]ic reserve account'after to-day'a report is adopted will stand at £3050. Investors'- subscriptions, are £253 Ids. less than lart year, owing to somo of our accounts having matured. 'The allowance made for Income tax is £108 19s. lid. more thau last year. On the assets side mortaapos show an increase of £13.894:55. 2d. .Further loans have.been granted since the end of our financial year, increasine- • this amount considerably. .Special deposits by the company are £2300 ahead of last year'.?' figure's, A further £830 was Invested in the \var Loan during the year. Coming to the profit and loss account, the gross return from investments is £7285 7i 7d..'being'aii,incrcnae ol £1410 7s. Id. on last year's -figures. Onthe other side, interest paid to depositors is £793 13s. 6d. more than last year.. General charges, as is to be expected, show, an increase of £107 lis. sd. Legal ex-. penses are, about £50 more than " last year, being, cost of work done to date ui connection with the alteration in .the' memorandum of association. The pet result is that, notwithstanding increases in outgoings, the actual earnings are £342 lis: nd. better than last yoar. <ind the. shareholders must be consratulated. The prospects for the current year' are good." Mr.'Foster mentioned that the company started in IMo with 20.905 shares on its register, and in 14 years these haul accumulated to 60,497 an increase of 31,592. ' The report was adopted without discussion. Messrs. Gerald FitzGerald and John Kirkcaldie were re-elected to the board of directors. . - Jfcssrs. llenry Ketnber and Son were reappointed auditor:. . < Mr. Foster said he had nothing hut I he. warmest praise for the manner in which the secretary, Mr. 0. I!. Stuart, had carried out his duties during the y;ar. •A" vote of thanks w.ib accorded the directors and staff for the way they had performed thl'r work during the year.