INCREASED BUSINESS

Evening Post, Issue 86, 11 April 1936, Page 16

INCREASED BUSINESS

FINANCE COMPANY'S YEAR

Directors of the New Zealand Investment, Mortgage, and Deposit Company, Ltd., Wellington, report for the year ended March 31, a net profit on the year's business of £2787 18s Gd, to which is added £2250 14s 4d, brought | forward from last year, making a total iof £5033 12s lOd. An interim divi-!dend-at the rate of 2 per cent., amountiing to £710, was''declared and paid 'for the half-year ended September 30, i 1935, leaving £4328 12s lOd to bs dealt ■with The directors-recommend pay- ; ment of a further dividend at the rate Di 3 per cent., making, 5 per cent, for the year ended March 31.. 1936, which i will 'absorb £1065; that £1000 be carI'ried to reserve, which'will'then stand at £14,000. and that-the balance of £2263 12s lOd be carried forward. Mr. Gerald FitzGerald, director, retiring in accordance with the Articles of Association, offers himself for reflection. Messrs. Henry Kember and Son, auditors, also offer themselves in' place of the retiring auditor, Mr. Oscar G. Kember. . ' , , ~. •. . The-' company's ■ balance with . last year's items in parentheses is as follows:—

Liabilities. —Nominal capital, 100.000 shares at£l each, £100,000 (£100,000); subscribed capital. 71.000 shares at £1 each, £71,000 (£71,000); called and paid up, 71,000 shares at 10s. each, £35,500 .(£35.000);- reserve fund, £13,000 (£12,000); deposits ' and accrued interest. £78,336 4s Cd (£75,058); investors, £1205 11s 6d: (£1223); sundry creditors, £35 17s 6d (£28); interest suspense, £157 10s (£157 10s): land and income tax reserve,, £742 5s lid (£602); profit and loss appropriation account. £4328 12s lOd (£4316); total, £133,306 2s 3d (£128,884). Assets.—Mortgages, £126,126 2s 2d (£118.821); interest, etc. (current), £507 10s 7d (£720); freehold property, £3367 (£3445); Bank of New Zealand, £3305 9s 6d (£5898); total, £133,306 2s 3d (£128,884).