INVESTMENT COMPANY'S YEAR

Evening Post, Volume XCVI, Issue 16, 18 July 1918, Page 4

INVESTMENT COMPANY'S YEAR

The report of the directors of the Wellington Investment, Trustee, and Agency Company .for the financial year ended 30tll June, 1918, first expresses regret •that durin| the year the chairman (Mr. James M'Korrow)'found it necessary to resign his seat on the board. The board records its appreciation of the services rendered by Mr. M'Kerrow as director since the inception of the company in 1886, and wishes him many years in which to enjoy his retirement. The board has elected Mr. Herbert G. Smith, manager for New Zealand of the Phoenix Assurance Co., Ltd., to fill tho vacancy caused by,the retirement of Mr. M'Kerrow.

After providing for depreciation on the company's buildings arid furniture, there is left for disposal (including £219 3s 7d brought forward from last year) £4698 17s sd. An interim dividend of 3 per cent, was paid in January, and it is now recommended to pay a further dividend of 3 per cent, (making a dividend of 6 per cent, for the year) and a bonus of 1 par cent. This will absorb £4340, leaving a balance of £358 17s sd> which it is recommended should be,carried forward to the ensuing year's profit and loss account. . .

Messrs. R. M. Simpson ■ and Paul Coffey, retiring.directors, boijig eligible, offer themselves for re-election. The auditors, Messrs. E. Buchols and J. H. G. Rowley, also offer themselves for re-, election. 'I