TRUST, LOAW AND INVESTMENT COMPANY.

Evening Post, Volume LXXV, Issue 29, 4 February 1908, Page 3

TRUST, LOAW AND INVESTMENT COMPANY.

ANNUAL MEETING. The thirty-iifth annual general meet' ing of the bhareholders of the Wellington Tru&t, Loan, and Investment Company was held last night at the Chamber of Commerce. Mr. J. I. Maxwell, chairman of directors, presiding. Tho following report was submitted: •--The net pronts for tho year were £12.813 Ss lid, which,, added to £2120 14s 3d brought forward from the previous year, amount to £14,934 0s 2d, from which £4060 has already been taken and paid as an interim dividend. The sum of £1500, taken from tho profits, has been added to the reserve fund, and is a\ailablo for replacing the company's offices, which were burned in October, ,1906 Tho directors recommend a further' dividend of 4 per cent., which will absorb_ £4050, making together 8 per cent, for the year — and that 'the balance, £2334 0s 2d, bo carried forward. A contract for rebuilding the company's offices was let by "public tender in June, last to Messrs. Jas. Trevor and Sons. Limited. Tho work, is now approaching completion 1 . The larger portion of. this building will- bo -available for leasing as offices, and the money spent on their replacement may be xegarded as a sound investment. The following directors, viz., tho Son. Sir James Prcnderga&t, XV, and Mi\ Chas. Tringham, retire this year in rotation from tho board, and, being eligible, offer themselves for re-election. The auditors, Messrs. D. T. Stuart and C. P. Powles, offer themselves for tionThe profit, and loss account showed : —To interest, £11,512 6s; investors, £60 12s 4d ; directors, £262 10s ; auditors, £73 10s ; reserve fund, £4500. Charges : Salaries, £1142 ; Hcenße, £100; printing, advertising, etc., £203 17s Qd ; law charges, £1U 10s ; office expenses, £35 9s ; latos, £63 Or. lOd ; land and income tax, £615 0s lid ; interim dividend, £4050 ; balance, £6384 0s 2d ; total, £29,017 17s. By balance, £6170 14s 3d; less dividend to 31st December, 1906, £4050— £2120 14s 3d; "interest, rents, fees. etc.. £26,897 2s 9il ; total, £29,017 17?. In moving the adoption of the report, the chairman said that they had a very successful year, and they had during the year taken over the securities! of the Colonists' Land and Loan Corporalion, which was retiring from business in New Zealand. The 'business was of a very satisfactory character, and they wers able to make financial arrangements accordingly. The taking over of this business had somewhat swelled their balance-sheet above normal. Regarding the new building, they had hoped to have been in it by this time, but negotiations abuut light and air with their neighbours had been a little more protracted than they had expected, but the matter was now satisfactorily sot'tlcd. They expected the building to cost something approaching £6000, and they had every reason to consider that it would form a very substantial investment. They had already let a part of the new premises. The 1 financial troubles in other parts of the world they could hardly say had materially affected the company. They had found it necessary to raise the deposit rate to 4£ per cent., as they did in the early part of 1904, and also in 1905, to meet tho conditions which somewhat prevailed at this period of tho year. The leporc and balance-sheet were adopted. On tho motion of Mr. G. M. Kebbell, seconded by Captain Johnson, the retiring directors were re-elected. The auditors were, also re-appointed. On the motion of Mr. W. W. Knowles a vote of thanks was passed to the chairman, the directors, and the staff.