EQUITABLE BUILDING COMPANY

Evening Post, Volume CXIII, Issue 26, 1 February 1932, Page 9

EQUITABLE BUILDING COMPANY

ANNUAL MEETING

"REASON FOR CONGRATU-

LATION'

The fifty-fourth annual general meeting of the Equitable Building and Investment Company of Wellington was held in the Harcourt Chambers to-day. The chairman, and managing director (Sir Harold Beauchamp), in moving the adoption of the report and balancesheet, said: —

The report and balance-sheet having been duly circulated you will, no doubt, as customary, take them as read.

Before touching on general conditions relating to finance and trade (Sir Harold's remarks on these topics aro reported iv another column), I will refer, briefly, to tho principal items in the balance-sheet.

On the debit side of the balance-sheet the capital, £.60,000, remains the same. This year £1000 has again been carried to the Eescrvo Fund, which has been depleted by the transfer of £7300 to Securities Depreciation Account, leaving £70,000 to credit, or £10,000 more than the paid-up capital. That was done after consultation between the directors and auditors of tho company, with the object of making further provision for losses on advances made to farmers. Deposits and interest are rather less compared with last year. On tho credit side mortgages and interest, less £12,300 hold in Securities Depreciation Account, are also somewhat less than 2ast year. The item "Government Inscribed Stock, £24,863" is unchanged. Profit and Loss Account: On the debit side shows this year that £6514 ISs Sd had to be provided for aseerl.uinod losses on mortgage securities. On the credit side, to meet such losses, £3000 has been taken from the Securities Depreciation Account; tho rest has been provided out of profits. The gross profit for the year is slightly less than the previous year, the reason being that certain arrears of interest, in the meantime, have been suspended. In that connection, I may mention that any interest due, but not paid, has not been taken to credit. After allowing for the interim dividend paid in July last, and after making other provisions, there remains—with the amount brought forward—a balance of £7031 5s Gd, which your Board recommends should be appropriated as follows:— £ s. d. To payment of a further dividend of 5s per share, malting 10s per share for the year 3000 0 0 To transfer to Keservo Fund 1000 0 0 And to carry forward 3031 5 G Having regard to the adverse conditions with which we have had to contend during the wholo of 1931, I think it is a matter for congratulation that we are able to recommend a final dividend of 5s per share, which, if approved, will give'a return of 10s per share for the past financial year. Mr. W. Ferguson, in seconding the motion, said he thought shareholders had reason to congratulate themselves on the fact that the company had come through so well what had been a most anxious and worrying year. Tho report and balance-sheet were adopted.

The retiring directors, Messrs. D.W. Anderson, "VV. Ferguson, and Sir Harold Beauchamp, were re-elected.

Messrs. E. Bucholz and W. S. Wheeler were re-appoiuted auditors.

The chairman welcomed Colonel J. J. Esson, who had been appointed director in place of the late Mr. Donald McLean,