COMPANY MEETING

New Zealand Times, Volume L, Issue 11435, 3 February 1923, Page 11

COMPANY MEETING

TRUST. LOAN - AND INVESTMENT A GOOD YEAR EXPERIENCED. DIVIDEND OF 6* PER CENT. Tho fiftieth annual general meeting of shareholders of th© Wellington Trust. Loan and Investment Co., Ltd., was held at the Chamber of Commerce yesterday, Mr J. A. Plimmer. chairman -of directors, presiding over a fair attendance. The annual report stated that the sum of the credit of profit and loss on the year’s working (after allowing for the sum of £IOO, written off for depreciation on the company’s business premises), together - with, the amount of £4,383 Is 9d; ‘ brought forward from the previous year, amounted to £12,413 17s lOd. from which £3,750 has been paid .as an interim dividend at the rate of 3 per cent, for the half-year ended June 30th, 1922. The directors recommended tfiat a further dividend of £4375 he declared on the paid-up capital at the rate of--3J per cent, for the half-year ended December 31st, 1922 (making 6f per cant, for the year), leaving the sum of £4288 17s lOd to be carried forward. During the year, owing to failing health, Mr James Lockie tendered his resignation as a director, which was accepted with great regret. The members of the board desired to acknowledge their high appreciation of Mr Lockie's valuable services during a period of 43 years. They also deplored the news of the death of the late Air Edward Pearce, who in past years was connected with the company both as director and chairman. SATISFACTORY POSITION. The chairman moved the adoption of the report and balance-sheet and expressed pleasure that the directors were able to recommend the same dividend as for the previous year. Tho figures reflected in degree the period "of general deflation obtaining during tho year, showing a reduction in the deposits of £42,894, and in the mortgages, £45,623. Although this had tended to reduce tthe profits somewhat, the position remained a strong one, seeing that the revenue alone from interest of £537,000 worth of assets -was available from the company’s own resources for any special unforeseen requirements. All deposits had been met at due date, and the company was receiving deposits clear of the provisions of the Mortgages and Deposits Extension Act. Tlie directors have- appreciated the co-operation of depositors, and others concerned in maintaining the welfare of the company. ” The' amount shown against freehold property, acquired by foreclosure, was covered by a good, margin, and on the terms of sale offered, should not remain long on the company’s books. War stock wa3 taken at the same value as last yea:, but were higher at - to-day’s market price. With regard - to investors’ shares, it was felt that these found considerable favour amongst thrifty people, and to meet this demand a new table of investors’ shares extending over a period of seven years and two months had been made available, commencing at a monthly payment of 10s per month to accumulate a sum Of £SO, payable at the ond of the period. MORATORIUM GOING. Dr. A. K. Newman seconded the propositi, adding that the outlook for the coming year was more promising. The Moratorium Act, passed for local bodies as well as such companies as theirs, would be out of their way in a few months’ time, and they would then be on tho same footing as before . The motion was adopted, and the retiring directors, Mr J. A. Plimmer and Dr C. P. Knight, anil the auditors, Messrs C. P. Powles and E. W. Hunt, were re-elected. Votes of thanks to the chairman and directors closed the meeting.