A (1) 7
REPORT ON THE TRADE LOAN ACCOUNT FOR THE YEAR 1929.
During the course of the year, the Sterling Loan was further reduced by £145,000, and on 31st December the liability in London with the Hongkong and Shanghai Banking Corporation stood at £270,000. £1,530,000 of the original loan of £1,800,000 has now been refunded.
Redemptions of mortgages effected during 1929 amounted to $1,356,536.86, as against $2,604,930.00 in 1926; $4,845,879.76 in 1927; and $3,403,560.02 in 1928.
Twenty-nine loans were repaid during the year,
Power of Sale was exercised in one instance. The principal sum was fully recovered, but a small loss was sustained in respect of interest.
It was found necessary in two cases to enter into possession of certain properties. In one instance, it was considered advisable to purchase the equity of redemption from the Official Trustee, the borrower having been adjudicated bankrupt.
The Overdraft at Bank at the close of the year was $2,532,468.64.
The following table shows the financial position of the Loan on 31st December, 1929:
Total of Loans issued from 16th November, 1925, on the security of Mortgages $15,629,818.69 Less redemptions effected during the years: 1926 $2,604,930.00 1927 $4,845,879.76 1928 $3,403,560.02 1929 $1,356,536.86 $12,210,906.64 $3,418,912.05 Less amount written off as irrecoverable $78,889.83 Total of Loans outstanding on 31st Dec., 1929 $3,340,022.22