"SATISFACTORY"

Evening Post, Volume CXI, Issue 104, 3 May 1926, Page 11

"SATISFACTORY"

PAST YEAR'S RESULTS

N.Z. INVESTMENT, MORTGAGE, AND DEPOSIT CO., LTD.

The twentieth ordinary general meeting of shareholders of the New Zealand Investment, Mortgage, and Deposit Co., Ltd., was held to-day. In the unavoidable absence of the chairman (Mr. G. Foster), Mr. G. FitzGerald presided. In moving the adoption of the report and balance-sheet, which have been printed, Mr. FitzGerald read the following statement, which, he said, the chairman of the company would hare submitted had he been present: — Two years have passed since I had to announce at the annual meeting that Mr. John Kirkcaldie had retired from the service of the board, and it is with exceeding regret that we have now to record his' passing away. He put up a good record in every way, but did not live. long enough to enjoy the ease and quiet he merited so well. Once again your, board meets shareholders, and as oh every previous occasion with a satisfactory report and bal-ance-sheet, which requires from me but slight comment, beyond reference to the profit-earning, figures for, the year. It will be noticed that the capital has been increased by the issue of 801 shares from £62,609 to £63,410, of which latter figures £31,705 (10s per share) is paid up. The reserve. fund, which by last,year's accretion stood at •£4350, will by this year's allocation be increased to #5000. Deposits and accrued interest have been increased-by £5946 6s 6d, mortgages by'£63o3 Is sd, special deposits by £1150. | This year's profits, being in excess of last year, have, enabled the payment.of 7 per cent, dividend as upon.last meet--1 ing shareholders as well as a satisfactory addition to reserve and carried forward accounts. ...''. The business of the year has been good, and the response in the payment of interest, etc., extremely satisfactory. Ko lossea' of any kind have occurred, and none are likely to. In fact, in reference to moneys loaned, the directors are pleased to say that not in any one case is there cause for, anxiety. The increase in working expenses, which amounts to £171 9s 3d, will perhaps seem to shareholders somewhat stiff, and a word of explanation will not be amiss. Of this amount, increased income tax accounts for £76 6s lOd, salaries £30 13s 4d, bonus to directors £50; £157 0s 2d MONEY. In view of the heavy borrowing for Government and other public loans, and their subsequent circulation, money is plentiful and will continue so for some time, but it is not expected to affect interest rates locally as the loan raising in London and other markets has resulted in somewhat tightening up costs. In this connection your board views with some doubt the wisdom of the current enormous borrowing, which certainly tends to maintain high interest rates and which" apparently has, if not caused, at least been followed by excessive expenditure on the part of pretty well all classes of the community. In evidence of this, I. may point out the .vast increase in the ownership of motor-cars, etc; In fact, economy is lost sight of, and extravagance rife. European affairs are still unsettled, and the international outlook is very anxiously regarded, by those navigating the ships of State; therefore it is a time for prudence rather than "valour." During the year the wish expressed by shareholders, at the .last meeting that the company be listed on the Stock Exchange has been given effect to. The motion for the adoption of the report and balance-sheet, which was seconded by Mr. C. R. Stuart, was agreed to. The retiring director, Mr. W. G. Foster, was re-elected. Mr. O. G. Kembcr was reappointed auditor. A vote of thanks was passed to the directors, and, or. the motion of the chairman, a vote of thanks was passed to the secretary, Mr. C. S. B. Lambert, and his assistant for. their efficient services.