Interest on all mortgages have been paid promptly and 
     
     one loan of $2,000.00 has been reduced to $h50.00 and I expect will 
     
     be totally paid very shortly, another mortgage for $1,500.00 has 
     
     been reduced to $1,150.00 
     
    
   
   
    
     The apartments are all rented and at present rates will 
     
     bring us a total of $2,080.00 per year. No rents are overdue, but 
     
     all are paid at the end of the month. in other words, rents are not 
     
     paid in advance. 
     
    
   
   
    
     The houses are insured with Higgs & Co., Ltd., and paid 
     
     in advance on three year plan. 
     
    
   
   
    
     Total Insurance 203 -205 5,500 
     
     207 -209 5,000 $10,500.00 
     
    
   
   
    
     The securities are all in Deposit Box at Royal Bank 
     
     except the Dominion Government Bonds which are held bytzhe Bank 
     
     as collateral. 
     
    
   
   
    
     RECEIPTS §.EXPENDITURES 
     
    
   
   
    
       
     
    
   
   
    
       
     
    
   
   
    
       
     
    
   
   
    
     Receipts: Expenditures: 
     
     Bank Balance, July lst, 1950 1,038.50 Renovations, 10,7h7.61 
     
     Rent 1,227.00 Salaries, Bonus & , 
     
     Int: Mtg. Bonds, Bank Dep.Reclt 1,301.83 Arch. Fees h50.00 . 
     
     Dom. Gov. Bonds used to Additional Loan 3 
     
     purchase properties h,000.00 Periy Rayner 500.00 
     
     P.E.I. FOR de osit Receipt 3,800.11 Paid on a/c Bank Loan 500.00 ; 
     
     Payment on a c Mortage 1,700.00 Payments for 2 properties'~- ’ 
     
     Rebate on Insurance 21.66 Dom. Gob. Bonds u,000.00 ‘ 
     
     Telephones 31.h1 3 
     
     Loan Royal Bank Insurance 155.25 2 
     
     Adjust Dom. Gob.Bonds 2,500.00 Bank Interst on Loans £2.59 4 
     
     Adjust Dom. Gov. Note 1,000.00 Taxes 6.07 1 
     
     Surplus Lumber Sold 29.00 Kindergarten Supplies 21.h5 : 
     
     Advertiuing 28.97 I 
     
     Inc. Stamps, Stamp Pad , 
     
     & Binders 7253 1 
     
     Balance on Hand 37.22 , 
     
     516,618.10. i16,618.10 ! 
     
    
   
   
    
     R. E. MUTCH, 1 
     
    
   
   
    
     Treasurer,