SATISFACTORY YEAR

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

SATISFACTORY YEAR

WELLINGTON TRUST AND

LOAN COMPANY

The fifty-ninth annual general meeting of shareholders of the Wellington Trust, Loan, and Investment Company, Ltd., was held at noon to-day, Mr. J. A. Plimmer presiding. Twenty-two shareholders attended.

The chairman, in presenting the report and balance-sheet, which have already been published, said: "I think it will be agreed that, under the conditions prevailing during the past year, the figures show a satisfactory result on the year's working. The directors have considered it advisable to write the sum of £2300 off mortgage securities in depreciated are«s, instead of adding to the reserve fund, which still stands at £85,000, the same as last year. The land and income tax charge against the earnings for the ycav under review has been increased by nearly £1000. The decrease in the amount of deposits has been counter-balanced by the repayments of mortgages and by trie company's loans at call. The amount of the company's freehold property (by realisation) has been increased by a cottage properly bought in during the year." The directors recommended that, having paid an interim dividend for the half-year ended 30th June, 3031. at 4 per cent., absorbing the sum of £5000, a further dividend at -1 per cent, absorbing £5000 be paid (making 8 per cent, for the year), and that the balance of £6761 10s 7d, be carried forward. This was approved. The directors retiring by rotation were Jfr. J. A. Plimmer and Dr. C. Prendergast Knight who, being eligible, were re-elected. Messrs. E. W. Hunt and G. F. Judd were re-eltwfwl miriif-.nrs