METROPOLITAN HOUSING.
The directors of the Metropolitan Housing Corporation can be congratulated upon the results disclosed in the second annual report, the profit balance for the year being £64,049 as compared with £56,167 for the previous year. Still pursuing a conservative policy the directors have placed £3,014 to the Mortgage Debenture Reserve Fund and £15,000 to the General Reserve. , The Ordinary dividend is main- tained at 8 per cent. with a balance forward of just over £10,000. During the year the company has issued £1,000,000 of 5} per cent. Debenture stock and £350,000 of 7 per cent. Preference shares, thus consolidating the Mortgage position. These Mortgages now stand at under £36,000 as compared with £373,000 a year ago. In the balance sheet the valuation of the properties carried out for purposes of the Debenture issue has been adopted and the excess shown by such valuation over book value provides a Capital Reserve of £263,000 out of which new issue expenses and discount have been eliminated from the balance sheet, leaving a balance of £48,375 at the credit of Capital Reserve Account. A consolidated statement of assets and liabilities of the company and its subsidiaries is again appended to the accounts, and this shows that the Debentures and Mortgages on all properties other than the charge in respect of the 51 per cent. Debenture stock amounted to only £97,975. The Cash position is also a strong one. * *
Previous page
