SATISFACTORY YEAR

Evening Post, Volume CVII, Issue 102, 1 May 1924, Page 4

SATISFACTORY YEAR

DEPOSIT, MORTGAGE, AND BUILDING ASSOCIATION.

The twenty-third annual . meeting .of the Wellington, Deposit, Mortgage, and Building Association, Limited, was held last evening, when Mr. W. H. I. Barber presided. The directors' report, previously published in- "The Post," showed a. satisfactory year. In moving the- adoption of the report the chairman said :—

"It is once again'my duty, as chairman, to move the adoption of the annual report and balance-sheet, and I think shareholders .may be congratulated on the result of the year's business; "The balance-sheet having been in your hands for some time, you are no doubt .familiar with the figures. The yea1:, for the association, has not been distinguished by any event of outstanding importance. This is the first time the- company lias had a complete twelve months' rental from the office buildings, acquired late in the year 1922. The .return is satisfactory, and shows that the investment is Hound and a good one for the association. Interest on mortgages is well paid up, and there are no arrears if rent." -

_ "Now, dealing' with tho figures more in detail, wa find, on the liabilities sid^, that deposits have increased from £39,925 to £41,016. The mortgage on the Panama street property has been reduced by »10C0, and now stands at £2250. On the assets side, mortgages have remained practically stationary, but although' the figures in respect to. this item are so close to thnse' of the previous balancesheet, quite a number of mortgages were repaid during the year, and the money thus available reinvested in good Eecu>-~-L tles' Tll° Paoama Chambers building has been written down by £198 18s,- representing 2>jr per cent, depreciation. The item 'special deposit" is money at short call. The other items. do not-call for any comment. ' ' '

"Turning.to the profit and loss account, interest paid and received both show increases, the net result" being a slight increase to credit. Land and income tax is considerably reduced, and the total charges- show a reduction of £63 8s 5d below last year's figures. The fif T%&s I he year>s busine S s is a profit of £2130 3s 9d. equal to 8± per cent, on the paid-up capital, which your board considers satisfactory,; and particiilarly gratifying in view of the difficult conditions existing for investment companies ' As we. are able to add £250 to the ireserve, account (the same, as last year) your directors feel justified in recommending ah increased, dividend, and they see no reason why the present rate of dividend'should not be maintained our investments being all clean and good. We consider our surplus funds (amount-S&'-if -,r Paymenfc of dividend, to ±.4t>ol) should make our shares worth, well over par. shareholders who, in the past, have consistently supported the company as depositors. The association's business could oe profitably extended were more deposit moneys available, and it is the earnest desire of your directors that those members who have not already clone .so should consider their own and the association's interests by becoming depositors assisting to.build up tliebusil "rofits"" ? 6 meanS of incre.asinff the ; The chairman then moved the adoption ol the annual report and balance-sheet SvfrL^fl™^ H the Payment of -1 dividend at therate of 7 per cent. ' ■the report was adopted '.without discussion. . .

_The retiring 'directors (Messrs.' F. J. and J.. J., Williamson) wero'reelected Th^meeting closed with vote* of thanks to the directors and staff. . ■