THE EQUITABLE BUILDING AND INVESTMENT CO.

Evening Post, Volume LVII, Issue 28, 3 February 1899, Page 2

THE EQUITABLE BUILDING AND INVESTMENT CO.

A quarter of an hour sufficed to dispose of the business at the annual meeting of the Wellington Equitable Building and Investment Company held in the Chamber of Commerce kafc night. Mr. G. M. Kebbell, Chairman of Directors, presided. In moving the adoption of the report and balance-sheet, as published, the Chair^ man said the directors had hoped that they would have been able to show a reserve fund equal to 50 per cent, of the society's capital at this, its 21st meeting, but, as they all knew, the large reduction In the rate of interest had affected this item. But if they allowed for the increased value of their office premises, and what (heir College-street estate was worth above what it stood at in the books, they were somewhat near the amount required. As to deposits, at their last meeting he had indicated that the company had arrived at its maximum amount for the present. This had been verified, for at the beginning of the year they fell off some £20,000, but recovered again to the extent of £10,000, so that they now stood at some £10,000 less than .last year. This, of course*, affected the lending power of the company during the early part of the year. He- was glad to say that the company was able to stand the strain on its finances, but of cour.se its profits were affected a little. The only item in the balance-sheet that called for any special remark was the item of £106 ' Written .off mortgages. , A property fell into their handsy and the directors carried out their usual policy of making the first loss rather than having any property on the books. As to the future of the company, he believed that it would, with the assistance of their reserve fund, be able to pay a steady dividend besides adding year by year a littla to that fund. Their shares were quoted in the market at about what they actually represented in the company's funds, with nothing for the goodwill. Shareholders should bear this in mind when they wanted to sell. The motion was seconded by Mr. H. Beauchamp and carried without discussion. The Chairman intimated that the dividend warrants (5 per cent., making 9 per cent, for the year) would be posted that night. Messrs. D*. Ah'ders'oTj and R. Miller were re-elected upon the *Board of Directors, and Messrs. D. T. Stuart and S. Carroll were reappointed auditors of the company, at the same remuneration as last year. Mr. Beauchamp proposed a vote of thanks to the society's indefatigable and able Secretary," Mr. J. H- O. Schwartz, who, he said, had been identified with the company since its institution, and to whose zeal and energy the results attained had been largely due. Mr. E. B. Brown seconded the motion, and expressed the hope that the directors would see their way to increasing the remuneration of that responsible and efficient officer. Mr. Beauchamp replied that the suggestion would receive consideration by the directors. The motion was carried, and Mr. Schwartz, in reply, said he would continue to do his best) for the society, whose thanks were also due to his assistant, Mr. Liddle. A vote of thanks to the Chairman concluded the business,