THE PERPETUAL TRUSTEES AND AGENCY COMPANY.

Clutha Leader, Volume XX, Issue 1040, 29 June 1894, Page 6

THE PERPETUAL TRUSTEES AND AGENCY COMPANY.

.» . The tenth annual meeting of the Perpetual Trustees. Estate, and Aaency Company of New Zealand (Limited) was held in the ofh'ces of the company, Rat tray street, Dunedin, on the 14th inst. The chairman of directors (Mr W. Hislop) presided, and 18 shareholders, owning 15,817 shares, were represented. ANNUAL REPORT. The Chairman said, in moving the adoption of the report and balanco sheet, I n?ay be allowed to again qongratulate the shareholders on the result of the year's operations. The net profit, for the year is L 1736 7s 2d, which amount added to ' L 864 17s 6d, brought forward from last I year, gave the directors an available balance of L 2601 4s Bd. Carrying out the policy indicated at last general meeting of paying half yearly dividends, the directors declared a dividend at the rats of 12| per cent, per annum for the half year ended October 31 last, and they now recommend a similar dividend for the last half ysar with a bonus of 2£ per cent.

This will equal a dividend of 15 per cent, for the year, and absorb Ll2lß 18s 4d, leaving L 1382 6* 4d to be carried forward to next year. There is little to note in regard to the balance sheet, but I may add that th« amount due by clients has been largely diminished since tho books were closed. I may say also that these amounts are not fixed advances, but temporary loans to clients against rents, interest, and mortgages in course of collection, and, if required, could all be realised at once. The profit and loss account shows that the earnings of tho company are well maintained, and, the business being one thoroughly established, I see no reason why we should fear any falling off in our revenue, or that we shall not continue to receive a fair share of business. During the year several persons have died, leaving the company as their axecutor, and we have reason to know that under several wills made the company is named executor and trustee. We also know that negotiations are pending for the transfer to the company of one or two trusts, the present trustees feeling that the interests of the estates can be better attended to by such a company as ours than by themselves. I may here be allowed to say that there nre many advantages to be gained by appointing the company executor. One is that the business is carried out by, and has the attention of, those whose knowledge of the work is the result of long experience ; and another is that there is no common fund, but each estate gets for itself the full benefit of the ruling rates of interest, the only deduction being our charge for collecting. During the year loans amounting in round numbers to L 17,000 have be«n repaid by 56 mortgagors. Of this amount LIO.OOO remained with us for rainvestment, L 1590 was withdrawn for investment *in some other way, and owing to the death of th« owners and the necessity for winding up their estates L 5500 was remitted Home. W« have invested during the year, on behalf of clients, sums amounting to L 31,500. This was lent to 90 applicants, and L 20,000 of it. represented new money placed in our hands for investment. On the 30th April our books showed that we had 196 cleints, holding amongst them 683 mortgages, securing a total sum of L 286.000 and yielding an income of about L 19,000. In this connection I think it is of some interest, and worth mentioning that of the L 286.000 thus invested L 206.250 belongs to 153 clients, who reside and spend the income in th« Colony. At the same date we had 53 clients for whom we collect, from 194 tenants rents amounting to L 12,500 per annum, and of thin about one-fourth is for local residents and owners. In the sale of property by auction and privately we- sjot a fair shave of the business going, and durins; the year we sold 32 properties, the total purchase money of which amounted to LIB,OOO. 1 do not know that there is anything further I need add ; but if there is any further information any of you would like I shall be pleased to give it. I now move the adoption of the report and balance sheet. Mr Colin Allan seconded the motion, which was carried unanimously. The retiring directors (the Hon. W. Downie Stewart nd Mr Thomas Moodie) wore re-elected as directors on the motion of the Yen. Archdeacon Feiiton, seconded by Mr A. Leea. Mr John Mitchell moved and Mr C. Allan seconded the re-election of the retiring auditors (Messrs Brown and Smith) which was carried.