LOAN AND MERCANTILE

Hawera Star, Volume XLVII, 14 January 1928, Page 6

LOAN AND MERCANTILE

YEAII’S TRADING REVIEWED. THIRTY-THIRD REPORT.

The thirty-third annual report of the New Zealand Loan and Mercantile Agency Company, Ltd., which, covering the year ended June 30, 1927, was presented at the general meeting held in London on December 8, stated that after paying interest on the first and second mortgage debenture stocks, making provision for had and doubtful debts and other contingencies and writing £IO,OOO oil' premises, there remained a balance of £148,991 19s 9d. The directors had appropriated to the staff benevolent fund £IO,OOO, and the interim dividends of 2} per cent on the 5 per cent preference stock and 3 per cent on the ordinary stock paid in June last absorljed £55.000. leaving a balance of £83.991 19s 9d. To this had fo be added the amount brought forward from last year. viz.. £45,286 6s 3d. making a total of £129.278 6s.

The dividend paid on July 1 on the 61- per cent cumulative' second preference. stock amounted to £11,680 16s 3d. and the directors recommended a final dividend of 21 per cent on the 5 per cent cumulative preference stock (payable less income tax at 2s in the £). which would, absorb £25,000, and a final dividend of 4-1 per cent (payable less iii'ome tax at 2s in the £) on the ordinary stock, making 71 per cent for the year .amounting to £45,000. This loft £47,597 9s 9d to be carried forward.

The issue of £500,000 6J per cent cumulative second preference stock made in December, 1926, was fully subscribed, and tile, expenses of the issue—£22,s4o 7s 4d—had been written of!' out of contingent reserves.