"GRATIFYING"

Evening Post, Volume CXI, Issue 105, 4 May 1926, Page 9

"GRATIFYING"

PAST YEAR'S WORKING

WELLINGTON MORTGAGE AND BUILDING ASSOCIATION.

The annual meeting of (shareholders of the Wellington Mortgage and Building Association, Ltd., was held to-day. Mr. W. H. P. Barber, chairman of directors, presided. In moving the adoption of the report and balance-sheet, which have already been printed, the chairman said that on account of the decease of several large shareholders, who were also amongst the largest depositors, and whose estates were administered by the Public Trustee, the money was withdrawn as the deposits became due, so that the business of the association suffered to some extent. Then it was found necessary to carry out some repairs to the Panama Chambers building at a cost of nearly £300. These repairs were contemplated, and all charged to profit and loss. Had it not been for these circumstances, the profit would have exceeded that of the previous year. The balance-sheet figures showed reductions in deposits of £2443, and mortgages of £6499, but the special deposit was greater by £2000, and there was £1227 credit ,at the bank. The last year's balance-sheet showed a liability item of £1250 on Panama Chambers. During the year.-thy was paid off, thus leaving the propert'r free from any debt. The profit and loss account showed a not profit of £2073 19s Bd, or £195 12s Id less than last year, but it had to be remembered that a sum of £288 for repairs was charged against rents receivable, so that without that extraordinary expenditure, the year's profit would have been better than that of the preceding year by £92 7s lid. "However," said the chairman, "it is gratifying that the result of the year's working will allow the payment of a dividend of 7 per cent, for the year, of which 3 per cent, was paid on Ist November last, the transfer of £400 to the reserve account, which will then stand at £4550, and the carrying forward to the current year's acount a balance of £SOS 0s Cd. Our total reserves, after the payment of the 4 per cent dividend, will stand at £5505—equal to 22 per cent, of the paid-up capital of the association. It is the policy of your directors to build up the reserve account, thus helping to strengthen the company, and increase its earning power. CAUTION SHOULD BE EXERCISED. "In view of the large faling-pff in the value of our exports, and. tho continued increase in tho amount of' our imports, it is problematical if present values will be maintained. It is, therefore, necessary that caution should be exercised in making advances. I am pleased to state that :all our securities are of a high character, and cause the directors no anxiety whatever. Interest and other payments continue to bo well met." The directors' thanked those shareholders who had consistently helped the association- as depositors. Ho moved the adoption of the annual report and balance-sheet, which carries with it tho payment of 4 per cent., making 7 per cent, for tho year. Mr. W. Watson seconded tho motion, which was agreed to. Messrs. F. J. Evans and C. Smith, retiring directors, were re-eloetod. Messrs. J. H. Gr. Rowley and Hobbs were appointed auditors.