NEW ZEALAND LAND ASSOCIATION.
The report of the New Zealand Land Association for the year ended March 31, 1908, states that the trading for the year and interest received resulted in a gross profit of £32,990. The management and other charges, including income tax, amount to £2621, and the interest on deben^re stock to £14,267. After deducting these sums there remains a balance of profit for the year of £16,101, which is increased by the amount brought forward to £21,003. The directors recommend that £9798 be applied in payment of a dividend of 5 per cent, per annum, free of inconie tax, and the balance of £11,205 is carried forward. The directors have been able to continue the realisation of some of the properties at figures in advance of the valuation of 1901, with the result that a further surplus has been obtained during the year. Out of that surplus the directors feel that they may safely add £10,000 to the capital reserve account, which now stands at £85,000. i
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Otago Witness, Issue 2861, 13 January 1909, Page 11
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170NEW ZEALAND LAND ASSOCIATION. Otago Witness, Issue 2861, 13 January 1909, Page 11
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