FINANCIAL MEETING

Evening Post, Volume CIV, Issue 25, 29 July 1922, Page 11

FINANCIAL MEETING

I^fVjESTMENT ) TRUST, AND , ; ;'■ '.'■ ■„ ■'■■ ■; AGENCY.;;■••,••■. /''■' r: :<:\: /,The 'annual meeting of the Wellington Trust t. and Agency Company wasi 'held, yesterday. Mr. '„' G;;;Shirt-■■■. clifie, who;presided, ■ in ;moving ' the adoption' of the '■ report? -and balancesheet; "■.■ regretted .: the :;,death' %olr^'Mr> ,%Paul Goffey;1""one of the origiijal shareholders of. the companyj and a director for the past; thirty -one years; also the retirement of Mr-. N. A.» Holmes, jan.rothier, director, o^ing to p'rbs^uie^pf pt'her important work.; Tile vacancies had not been filled, as it ■hadjbeen, felt by. the' directors that, during1 the present quiet times, shareholders may consider a board of five.1 members sufficient.,: : ' ;':: ■• .;.',

Mr. Shirtcliffe reviewed the' • financial year, and tuniing: to the balance-sheet he noted that the company's liabilities to depositors stood at £140j436,"; being a decrease, of about £16,000 as compared with last' year.. This ■l'eduction ;Vas to be expected. It was. counterbalanced hy:a reduction in mortgages to the 'company of about £10,000 and iin its deposits at call of £5200,' Against this liability of £140,436 to depositors, |it was wbrthy'^if' special remark that '£44,122—equal to over 31 per cent., of . f the liability— ; was held available in assets that could be realised, promptly in,case of need. The1 retention by the board of such a substantial portion of; the company's funds in; liquid form would,, he felt sure, receive the hearty approval of shareholders and depositors alike: The board had made; provision for income tax to an estimated, amount of £800. .'The book -value of.the' debentures and inscribed i stock was at an iaverage of fully. 3 per cent, below present market valu^. The i board'was of opinion that a further improvement iii tne value of these investments was not improbable, The -Trust Account liability of ,£494 14s 9d, with the corresponding asset, represented funds held by the company on account of deceased estates/ for which it is acting as executor. He suggested to shareholders the advisability' of their making-fuller use of the service*, of the company in this capacity. :■■<'■■•.'. "On1 the assets side of the balance^ sheet, mortgages to the company now j stand at £178,070," said Mr. Shirtcliffe. ." As practically all these investments are secured by first mortgages,. based upon the usual conservative valuations at the time the loans were made, the directors have'no reason to anticipate any serious lossesih connecticin with them. Of the interest due at the balance date, £1714, the major portion has since been paid." The Profit and Loss Account showed interest paid on deposits increased by £240" on < list year, , consequent upon higher rates imposed on j the company under the moratorium. Interest received i decreased £457, as 'compared^ with: last year, : owing.: in part to higher., rates | now being received not being effective during the whole period, and', in part to the necessity of; keeping1 in hand during the period larger cash balances than usual.- v .■.■■■•■•■

Mr. Shirtcliffe remarked: "The board is losing the services as Secretary of Mr. M. G. W. Mason, who has occupied the position for the past eight years, and he carries with him the good wishes of the directors for his future success.. The vacancy has 'been filled by the appointment of iMr. C. W. Holt, late of the Metropolitan Bnilding and Investment' Society.";' „ '''-.■ . . ■.■•'•"" The board, in January last, reluctantly decided not to declare' the customary, interim dividend, but, in view Of the general improvement that has since taken place, they are pleased now to be .able to recommend, the payment of: a dividend of 6 per cent, for the year. ,■■.•■'■■.,-. Mr. Shirtcliffe added:, "/While it is impossible at this stage for .the directors to say whether during the' current year an interim dividend will, be declared, shareholders can rest assured that every effort will be made to maintain the present rate of annual dividend. The company is in a strong position to meet even, •an abnormal caE upon its resources, and should therefore command the full confidence of depositors, while,'though its earning power has been' temporarily somewhat curtailed by the,application of the moratorium to its affairs, there seems with the present indications of renewed prosperity for tho country no reason.to doubt that its future prospects are. quite as good as at any time during the thirty T six years of Hs existence." •■'■-.. Messrs. L. 0., H. Tripp and H. G. Smith, retiring directors, were re-elected, and Messrs. Bncholz and, Howley, auditors, were re-elected. A vote of thanks wm pawed to the ch»irm*B, ' ■/.■■', • \ : ■ !■■.■..■'■■..■ • ■•• .7 - . .■ i