MUTUAL AGENCY COMPANY.

Evening Star, Issue 8529, 30 May 1891, Page 2

MUTUAL AGENCY COMPANY.

the sixth annual meeting of the Mutual Agency Company of New Zealand, Limited, was held to-day In the Chamber of Com riieree Biiildiog. Mr &. WilSon, ehttitaon of directors, presided, and among those present were Messrs W. Snow, H. Clark, R. Charters, H. Rose, J. A. Anderson, P. Grant, George Todd, Jacob Shearing, W. Cawley, C. Samson, John Muir, John Benton, W. Samson, George Worsdell, Wra, Irvine, Joseph Smith, jun., Robert Dalziel, John Kerr, and Robert Hunter. The following telegram was read by the chairman i Falmerston, May SO. Very much regret my inability to be present at meeting of Mutual shareholders to-day. Kindly apologise f.r my ab-enoe. Hope shareholders will be satisfied with splendid result of ye»r. Yourself and other directors have my hearty congratulations on our success. JOHN ftl'KENtflE, chairman's bemabks. The Chairman said: I have much pleasure in meeting you on this occasion, and if you refer to my remarks at our annual meeting a year ago you will find that all my expectations have been realised. The turn-over has j increased by L 34.476, the commission earned has increased by L 829, while working expenses are only L 242 more than the previous year. The net profit for the year, after allowing for bad and doubtful debts, is equal to 16 per cent, on the paid-up capital. The deposits amount to over L 12,000, being L 2.000 more than 1 anticipated ; and I hope to see the total reach L.16,000 during the current year. This will enable the company to carry on its business without calling up more capital} and leave a fair prttfit to cWer risk on advances. I have been thinking of asking shareholders and customers to take up more shares, but looking at the way the business is extending, we should get a premium or issue new snares only to present shareholders. You will be glad to hear our business is steadily increasing without our putting on great pressure, and, if I am not mistaken, our shares will be at a good premium before we meet again next year. I need not tell you that I am proud of the success of this company, as you all know we had a hard fight for a few years; but we have succeeded in gaining the confidence of the shareholders, and the officials have worked well to make the business a paying one. During the present year we will require to make arrangements about larger premises, our present lease having only eighteen months to run. While in Christohurch a month ago I called on the manager of the Co-operative Company there, and I find they pay ? per cent, on their shares, and give & bonus to the shareholders wHo do business with the company. We have adooted the same principle, and your directors now propose to pay the maximum dividend of 8 per cent, on the shares, and divide a sum equal to 5 per cent, more amongst the shareholders doing business with us. I feel sure this bonus will meet with your approval, and that it will cause many of the shareholders to consider the advantages of co-operation in a way they never did before. I can now only repeat what I said last year —that if the shareholders of this company are true to their own interests there oan be no doubt of its success. As long as I am connected with the company I will endeavor to keep working expenses within bounds, as I find most of our local companies suffer by not giving due attention to this matter. I now beg to move the adoption of the report and balance-sheet. If any gentleman wishes to ask questions I shall be happy to answer. No response was made, one shareholder remarking " We are all satisfied." Mr Snow, rising to second the motion, said that no one was better pleased with the success of the company than he was, for the simple reason that he had induced a number of Taieri farmers to take shares. During the first yeara of the company's existence it was, in his opinion, badly managed. The country yokels, as they were called, elected a number of town experts to manage the business. Several of these experts had now been got rid of, and it appeared that the country yokels were able to carry the company through and make a success of it so far. But he would warn the shareholders that there were breakers ahead, The company was not yet out of the bush, and required to be carefully handled. It was all very well to look at the balance-sheet, and note with satisfaction the profits made ; but the profits of a balance-sbeet did not always turn out in pounds, shillings, and pence. However, with Mr Todd at the head, and with careful management, he (Mr Snow) believed the company would be a success. It only wanted the shareholders to patronise it, and success would be assured. Some whose patronage might have been looked for had not given the company a shilling's worth of custom. If all would combine to push it ahead, the company would, he had not the slightest doubt, come to be one of the largest in New Zealand.— (Hear, hear.) The motion was then put and carried unanimously. ELECTIONS. Mr R. Dalziel proposed, and Mr J. Kerb seconded, the re-election of Messrs J, A. Anderson and P. Grant as directors, and the motion was carried without opposition, The Chairman said that there was a third vacancy, but it was not absolutely necessary to fill it at the present meetiog. Perhaps it would be as well to appoint someone living further away than the Taieri, and if the meeting were so disposed the matter could be left in the hands of the directors to fill the vacancy whenever a useful man could be got. Mr Samson proposed that the chairman's suggestion be adopted. Mr Snow moved the appointment of Mr Charters, who would be an acquisition to the Board. The Chairman said he had discovered that the appointment could not be made till next meeting, but it would be as well to take the feeling of those present. Mr Charters said that he must decline the honor. He had plenty of business to occupy his time, and, as the chairman had said, it would be just as well to have a man appointed who did not oome from the Taieri. And while on his feet he might Bay that he was one who put through a large number of stock at the yards, and intended to continne his practice of giving this company part of his business; but a man oould not always deal with one auctioneer or one company—he must look to " the sugar " in these hard times, —(Laughter.) The appointment of a third direotor was not proceeded with, On the motion of Mr Samson, Mr Leary was re-elected auditor. THE COMPANY'S PKO&PEOTS.

The Chairman said that that ooncluded the formal business. He hoped that when they met next year there would be even a better balance-sheet to show. It all remained with the shareholders. If they gave their business to the oompany it must prove a success. He had mentioned last year that if any of the farmers had money to invest, the oompany were prepared to give better interest for it than waß to be got at the banks, and he would again remark now that by placing their money with the oompany they would be doing good service to themselves and to the oompany too. He hoped to see the deposits up to L 15,000 next year. Since the balanoe-sheet was made out they had gone up nearly L 2.000, and he would not be surprised if before the year was out the company had to refuse money. At any rate, they would have enough not to have to disaount heavy bills. Mr Chabtebs said that in the past the oompany had been very badly managed, as they all knew. He was fully of opinion that when Mr Wilson undertook the task he was the man to pull it through. Mr Wilson had done so, and he (Mr Charters) honed that that gentleman would long be spared to oarry out his work.—(Hear, hear.) The Chaibman returned thanks, and said that by going on as they were going quietly, he had no doubt the oompany would be a Buocess. COMPLIMBNTABT. Mr Samson moved a vote of thanks to Mr Todd, the managing director, who deserved great oredit for the assistance he had given to pull the oompany through. If they had hunted the country round they odnjd not have got a better man. The motion waa also meant to include Mr Matheson, the manager. Mr Todd returned thanks. A vote of thanks to the chair terminated the proceeding?.