NATIONAL MORTGAGE

Evening Post, Volume CXXIII, Issue 59, 11 March 1937, Page 12

NATIONAL MORTGAGE

DIVIDEND AND BONUS

(From "The Post's" Representative.); LONDON, February 20. The balance-sheet and profit and lbss account of the National Mortgage and Agency Company are made up to September 30 last. ,

After paying all expenses in London and I\ew Zealand, interest on debentures, and a bonus to the staff; making provision for bad and doubtful debts, contingencies, and depreciation on premises, plant, and furniture, and contributing £4554, with a further special contribution of £2500, to the staff superannuation and provident fund, the balance at credit of the profit and loss account, including £15,614 brought forward from last year, is £36,757.

From this amount an interim dividend at the rate of 5 per cent, per annum has already been paid, and it is proposed now to pay a further dividend at the same rate with a bonus of li per cent, actual, both payable in sterling, free of income tax, and to carry forward £ 15,408 to next account

The company's business for the twelve months ended September 30, 1936, has benefited from the increased prices received for New Zealand's primary products. Wool, in particular, has shown a marked improvement, and since the date of the balance-sheet prices ' have still further advanced. The directors have felt justified in declaring a bonus of 1J per ■■■'cent, to the shareholders, and although it is hoped that the present prosperous conditions in New Zealand will continue, they wish it to be clearly understood that it applies to the results of the year under review, and must not be taken as an indication of increased distributions in the future.

The directors who retire by rotation are Lord Glenconner' and Mr. John Macmillan. They offer themselves for re-election.