COMPANY REPORTS

Otago Daily Times, Issue 21621, 16 April 1932, Page 15

COMPANY REPORTS

NATIONAL MORTGAGE AND AGENCY CO. ANNUAL REPORT. (From Our Owk Correspondent.) LONDON, March 1. The annual report of the National Mortgage and Agency Company states that after paying all expenses in London and New Zealand, interest on debentures, providing for depreciation on premises, plant and furniture, contributing £4037 to _the • Staff Superannuation and Provident Fund, and having considered it advisable to transfer £75,000 from the_ Reserve' Fund as an additional provision for doubtful debts, the balance at credit of the profit and loss account, including £13,813 brought forward from last year, is £32,114. From this amount an interim dividend at the rate of 5 per cent., per annum lias already been paid, and it is proposed now to pay a further dividend at the same rate, free of income tax, and to carry forward £15,035 to next account. , , , . , .The directors mention that the period covered by the accounts has ngain been one of difficulty and uncertainty, and low prices for the products of New Zealand have prevailed. It is satisfactory that, under these adverse conditions, the gross profit has been maintained. A note added to the balance sheet says that no provision has been made for depreciation in the currency values of the net assets in New Zealand subject to exchange depreciation. The depreciation at September 30, 1931, was approximately £IOO,OOO. This depreciation is amly covered by the Reserve Fund. The reserve .for exchange which existed last year has been utilised in reduction of the additional amount required to be charged in the profit and loss account as provision iop doubtful debts.