EQUITABLE INVESTMENT COMPANY

Evening Post, Volume LXXXVII, Issue 29, 4 February 1914, Page 4

EQUITABLE INVESTMENT COMPANY

♦ — „ ANNUAL MEETING. The thirty-sixth annual general meet- ' ing of the Equitable Building and Investment Co., Ltd., was held at the Chamber of Commerce last evening. Mr. E. Balcombe Brown (chairman) presided. In moving the adoption of the report and balance-sheet, which have already been published, the chairman said that the shareholders would see that the affairs of the company were on a very sound 1 basis. The amount of deposits remained 1 just about the same. It was very re1 markable how, year in and year out, things averaged themselves. Although ' it had been a very stringent financial year, there was only some £4000 difference between the amount of deposit now 1 and last year. The directors had pursued their usual cautious policy. They had been very Careful in choosing their investments, and they had tried to keep those who owed money up to the mark. 1 There was nothing really to draw at1 tention to in the balance-sheet, except, perhaps, one small item of £350, which ■ they had put dside in case of depreciation of securities, and they hoped later 'on to carry it to reserve. They had followed their policy of trying to build ■up the reserve. They had also increased ' their deposit with the National Bank. i It was sometimes necessary to be in good favour with the bank, so that one could haVe a substantial sum to call i upon if required. Mr. H. Beauchanip, in seconding the i motion, said he could endorse what had been said by the chairman with regard to the conservative policy pursued by the company. It was most gratifying that the reserve fund amounted to £66,500, which, afc 5 per cent., brought in £3320 a year towards the payment of a dividend on their capital, which amounted to £60,000. Their reserve fund was now in excess of their capital by the sum of £6500. " That showed , great financial strength. With regard to the setting aside of the small sum of £350, he did not think that was necessary, but, as the chairman had pointed out, it was merely an act of prudence. The outlook was of a very bright character. lhe report and balance-sheet were adopted. Messrs. D. Anderson and D. M'Lean were re-elected directors, and Messrs. Bucholz and Watkins were reappointed auditors. The chairman paid a tribute of praise to the secretary, Mr. E. A. Liddle, and to _Mr. Wettenhall, for the manner in which they had carried out their duties.