PERPETUAL TRUSTEES AND EXECUTORS COMPANY.

Evening Star, Issue 10340, 14 June 1897, Page 2

PERPETUAL TRUSTEES AND EXECUTORS COMPANY.

——l I » The thirteenth annual meeting of the Perpetual Trustees, Estate, and Agenoy Company, Limited, was hold in the company's office this afternoon. The ohair was ocoupied by Mr Walter Hislop (chairman of directors), and thare were twenty.six share, holders represented. The report and balance'sheet, which have been published, were taken m read, In moving the adoption of the report and balance-sheet the Chairman laid t I think the shareholders have reason to be satisfied with the result of the year's operations. Although the net profits are not quite equal to those of the preceding year, still they are such as quite justify your directors in proposing that the usual dividend of 12$ per cent, oe paid. - After paying such a dividend, and making a provision of £2OO for doubtful debts, there is still a balance of £460 2s 6d, and this your directors propose should be added to profit and lobs account, which will then show a credit carried forward to next year of £2.978 14s 53. The amount set aside as a provision for doubtful debts has not been actually used for that purpose, but stands to credit of a contingent account, against which any amounts that may ultimately prove bad can be charged. The falling-off in the revenue is not so much the resu't of less business being done, but is due more to the fact that the earning power of the company has and is being afftcted by the reduction in the rates of interest and of rents that has lately taken place. This on investments for client? amounting to nearly £280,000 and on the rente of properties we control means a considerable reduction in our commissions, la the statement of liabilities and assets there is nothing that calls for special attention. Amounts due to clients are considerably less than they were at the end of the previous year, and are amply covered by cash in bank and loans at call to other clients. Amounts due by clients show an increase, but this is the result of advances made on account of mortgages in course of completion and loans taken up for clients in anticipation of moneys coming in.. These amounts are all amply secured. I do not think it is necessary to go fully into the details of investments made for clients or of the particulars of rents and interests collected. This I did fully last year, and can only repeat that there has been no falling off in the volume of the company's business. It is being fully maintained, new business more than making up for any lost by the closing and winding up of estates. Several estates have come into our hands during the year by the death of parties who had appointed the company their executors, and we still continue to have inquiries from ..persons having in view the making of their wills. Ido not know that there is anything else to which I need refer, but if there is any point on which any shareholders would like information I shall be pleased to give it. Mr Colin Allan seconded the motion for the adoption of the report, which was unanimously agreed to. • ELECTION OF DIRECTORS. On the motion of Mr Thomas Callenper, seconded by Mr Alexander Bathgate, the retiring directors (the Hon. W. H. Reynolds and Mr Walter Hislop) werfrfe-electeiL. '.■■ ~ AUDITORS. Messrs William Brown and Co. and Mr Thomas Callender were eleoted auditors. COMPLIMENTARY. On the motion of Mr W. Fels, seconded by Mr T. H. LtrsK, a vote of thanks was aocorded to the directors.