TRUST AND LOAN COMPANY.

Otago Witness, Issue 3804, 8 February 1927, Page 69

TRUST AND LOAN COMPANY.

SUCCESSFUL WELLINGTON CONCERN. WELLINGTON, February 1. A satisfactory year’s operations were revealed at the annual meeting of shareholders of the Wellington Trust Loan and Investment Company (Ltd.) to-day. The Chairman said the figures in the balance sheet showed an expansion of over £BOOO, and deposits and advances showed to considerable extent a corresponding increase. During the year there had been a good turnover by way of maturities and table payments, and reinvestments in sound securities on satisfactory terms. The directors had recommended an addition of £2OOO to the reserve fund, which would increase it to £77,000. In addition to the amount put to the reserve fund, they had placed a further £2500 to a special reserve account to meet possible depreciation on certain securities. After thus adding to the strength of the company’s position by substantial increases in reserves, the payment of a dividend at the rate of 41 per cont. for the half-year ended December 31, 1926, was now recommended, and that the balance of £4186 7s 2d be carried forward to next year. The retiring directors, Messrs R. W. Gibbs and W. 11. Millward, were reelected, and Messrs E. W. Hunt and G. F. Judd were reappointed auditors.