LATE COMMERCIAL.

Sun (Christchurch), Volume VII, Issue 2126, 7 December 1920, Page 8

LATE COMMERCIAL.

MORTGAGE SECURITY CO., LTD. An Improvement in business has resulted j during operations lor the 12 months ended September hist of the New Zeuland Mortgage Security and Trusteo Co., Ltd. In the report and balance-sheet, to be presented j at the annual general meeting on December I 17, it Is stated that, during the period j covered by the accounts, business has been I

largely confined to the investment of capital, mortgages representing £22,043, as against £20,037 at the end of the last ilnanciul year. The whole of the capital of. the company has been employed continuously throughout the year, and benetlt has been obtained from the deposits lodged with the company at call and on fixed terms, which at the close of the financial >car amount to £2051. Throughout the year considerable deposits have been handled with advantage to the company, on which a liberal rate of interest has been paid. The sum of £485 8/11 was brought forward from the previous year, and the profit for the year lies been £B2O 3/9. It is proposed to transfer £75 as a reserve for ineoni* tax, to expend I £771 13/3 in payment of a dividend of 6 per ceut., and to carry forward £404 19/5. The directors have decided to make a call of £1 per share, payable in four equal instalments of 5/- each, at intervals of three months, during the forthcoming year. It is considered that, with the additional capital furnished, the same rate of gross earnings, will be maintained on the new capital, with practically little or no additional expenditure, and this must necessarily result in tho possibility of increased profits and dividends. The paid-up capital is £12,801, the premium reserve £4581 18/2, amount on fixed deposit and at call £2078 4/9. sundry creditors £3O 5/-, in Bank of New Zealand £2040 12/0. and on profit and loss account £l3ll 12/8. Mortgages on realty, with Interest accrued, total £22,985 8/11. The total assets are set down at £23,505 0/7.