STEADY PROGRESS

Evening Post, Volume CXXIII, Issue 103, 3 May 1937, Page 11

STEADY PROGRESS

N.Z. INVESTMENT CO.

ANNUAL MEETING

The ■ thirty-arst ordinary general meeting of the New Zealand Investment, Mortgage, and Deposit Co., Ltd, was held today at the company's office in Hunter Street. Mr. Gerald. FitzGerald, chairman of directors, pre-' sided. . : ', "'■.'.,■ .j In moving the adoption of the annual' report and balance-sheet, which have been printed in the "Evening Post," the chairman said:— ■ "I wish briefly to refer to some of the principal items which, will be of interest to shareholders. Our lending fund, consists of capital moneys which at £35,500 are unchanged. Deposits, £87,445, show an increase of over £9000. The remaining capital items, interest, suspense, taxation, rer serve, and profit and loss appropriation, show little variation. On the assets side our total mortgage invest-; ments, after deducting £500 provision for adjustment, are some £12,673 hijher,than last year. The increase has been mainly, of course, due to the enhanced deposits total, together with a reduced bank credit of some £1800 and the annual addition of £1000 to I

our reserves.

"The soundness of the policy of your board in maintaining steady increases in reserve has been amply proven over the past few years, in that it has ensured the unfailing payment of a reasonable dividend: to shareholders,. at the same time- affording-. an assurance to depositors, who provide the-bulk'sof our investable funds, that the stability of the company has ever been the chief consideration in every department: of the company's activities. .'

' "As in the past, all advances are most carefully scrutinised and some measure of the care that has been exercised will be obvious when it is realised that never in the history of the company has it been necessary to write off any part of its investment in any security. The position created by the mortgage legislation of last year must, of course, be met, and the company is obliged to abide by its regulations and to meet a situation over which it has no influence or control. Accordingly, the provision from revenue of £500 in the balance-sheet is an amount which your directors anticipate will be sufficient to meet the expected adjustment. "In the profit and loss account interest paid .to depositors is much the same as last year, while charges generally are somewhat increased, and a new' item of £500 for mortgage adjustment,' to which I have referred, now appears. "On'the income side interest, rents, fees, etc., are £543 higher. The increased earnings have been > absorbed by the'adjustment provision and higher charges and the net result of our year i? a profit °* £2692, against £2787 last year. The company's freeholds are being well maintained and with the annual depreciation represent a sound and appreciating asset." '

Mr. W.H. Denton seconded the motion for the adoption of the report and balance-sheet, and it was carried.

Mr.. Denton, the retiring director, was re-elected.

• 'Messrs. Henry Kember'and Son were; reappoirited auditors. ~ .: , ■ Votes of thanks were passed to, the directors- 'and the staff,: and were acknowledged by the chairman and by, the secretary (Mr.C. S., B. Lambert).