NATIONAL MORTGAGE AND AGENCY COMPANY.

Otago Daily Times, Issue 20701, 26 April 1929, Page 17

NATIONAL MORTGAGE AND AGENCY COMPANY.

ANNUAL REPORT. (From Oub Own Correspondent.) LONDON, March 19. The directors of the National Mortgage and Agency Company report for the year ended September 30 last that after paying all expens-es in London and New 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 £4114 16s 2d to the Staff Superannuation and Provident Fund, the balance at credit of the profit and loss account, including £14,060 14s Od brought forward from lest year, is £56.817 6s. From this amount an interim dividend at the rate of 7J 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 two shillings per share, both free of income tax, to add £IO,OOO to the Res'erve Fund, making it £300,000, and to carry forward £15.567 Gs to next account. During the past year, New Zealand conditions as a whole have been very favourable, and woo), frozen meat, dairy produce,_ and bye-products have realised good prices. Mr Robert Logan has resigned the chairmanship of the coni] any, and the board hav e elected Viscounv- Hampden as his successor. The latter is on his way home from a visit to New Zetland in the interests of the company. Mr Harry Joseph Beswick uni Lord Glenconner have been nominat'd to seats on the board, and their election will have to be confirmed at the general meeting. The directors retiring by rotation are Viscount Hampden and Mr Lauucelot Hugh Smith, who, being eligible, offer themselves for re-election. Th e general meeting of the company is to be held on April 10.