WELLINGTON BUILDING AND INVESTMENT COMPANY.

New Zealand Mail, Issue 1169, 27 July 1894, Page 35

WELLINGTON BUILDING AND INVESTMENT COMPANY.

The report of the directors of the Wellington Building and Investment Company, to bo submitted at the annual meeting of shareholders on Friday next, to be held in the Chamber of Commerce, is as follows : The directors have pleasure in submitting to shareholders their eighth annual report and balance-sheet, for the financial year ended 30th June, 1894, from which it will be seen that the net profit on the year’s business, including <£2l9 11s lid brought forward from last yea* - , amounts to <£2661 13s 4d. An interim dividend of 4 per cent, was declared and paid in January, and it is now proposed to pay a further dividend of 5 per cent, (making 9 per cent, for the year); this will absorb <£1732 10s, leaving a balance of <£929 3s 4d. Of this amount, <£929 3s 4d, it is recommended that .£750 be carried to reserve fund (which will then stand at <£4500) ; and that the balance, <£l79 3s 4d, be carried forward to the ensuing year’s profit and loss account. When we take into account the financial state of the times and the occurrences of the year, we may be allowed to claim that the results as shown in the balance-sheet are satisfactory. The present position of the Company has been attained without the least effort at exaggeration in any direction ; the securities held by the Company have been carefully scrutinised by the Board and are considered undoubtedly safe. Financial uncertainty and a tendency in values to fall, render the greatest caution necessary in the conduct of the business operations of the Company. Your directors are fully alive to the position, and are prepared to give to the affairs of the Company the care and attention in the future which in the past lias placed the Company in the sound and satisfaetoi’y position which it now occupies. Messrs J. McKerrow and J. Curnin are the directors who retire from the Board, in accordance with the articles of association, and, being eligible, offer themselves for re-election. The auditors, Messrs D. T. Stuart and John Scott, offer themselves for re-election.