TRUSTEES EXECUTORS REPORT RECORD NEW BUSINESS

Evening Star, Issue 26136, 25 June 1947, Page 3

TRUSTEES EXECUTORS REPORT RECORD NEW BUSINESS

The sixty-fifth annual meeting of shareholders of the Trustees Executors and Agency Company of New Zealand Ltd. was held yesterday morning; at the offices of the company at 24 Water street, Dunedin. Mr CL It. Ritchie was in th<f chair, and the meeting was well attended. Apologies were received from Messrs Richard Hudson and Norman Orbell. The chairman submitted the report and balance sheet for the year ended March 31 last. YEAR’S ACCOUNTS REVIEWED. “ The profit for the year ended March 31 last, after providing for taxes on the previous year’s profit and £413 4s 9d for depreciation on our buildings here and at Invercargill, and on office furniture and equipment is £2,495 15s fid, which is some £SOO greater than last year,” Mr Ritchie said. “ The gross income was actually £3,700 higher tin. +he previous year, but the greater pan, . f this was absorbed in increased expenses, mainly under the. heading of salaries and taxes. An interim half-yearly dividend of 3 per cent, was paid in November last, amounting to £9OO, and your directors now recommend a final dividend of 4 per cent., which requires £1,200, thus making a total distribution for the year of £2,100 being at the rate of 7 per cent, p.a., the same as last year. “ The balance sheet figures are practically unchanged from last year, with the exception of the items 1 balances due to and by the company,| which are at a higher level, reflecting the greater volume of business. NEW BUSINESS.

“ Shareholders will be interested to know,” the Chairman said, ‘‘ that the figures for new business for the year were a record, not only in respect of estates and new trusts coming under control of the company, but also in respect of new wills reported to the company. A significant feature of the new business was the number of existing trusts under wills and settlements taken over from personal trustees, who wished to be relieved of their trusteeship and also trusteeships being transferred from England to New Zealand. ADVANTAGES OF THE COMPANY. “ The service provided by the Trustees Executors is being more appreciated and sought after as time goes on. To-day the intricacies of trustee law, the maze of taxation, the restrictions on property, the difficulty of finding trustee investments all make the burden of trusteeship too great to impose on a friend, or reirtive. A company such as oufs, with its wide experience in these matters, its trained officers, its permanence and stability, offers the ideal alternative. The company, moreover, makes its charges on a fixed and moderate scale, which can be ascertained beforehand.

“ I make no apology for introducing these remarks, as I can speak from first-hand knowledge of the splendid service which the officers of the company render to our clients. Many of you, no doubt, are perplexed by the hurdens of taxations, by the problem of providing for death duties, or by considerations of how best to frame trusts for your dependents. We have on our staff an officer in Mr Philip Nevill. who has made a special study of these matters, and he will be pleased to discuss your problems and advise you as to the best method- of disposing of them. RESTRICTIVE LEGISLATION. “The laws relating to property and property rights are in-a constant state of change, and each year sees new laws or regulations placing further restrictions on the owners of property. Unfortunately, not sufficient thought is given to the effect of many of these laws and they end up by creating more abuses than they set out to cure. The Land Sales Act, which is described in its preamble as ‘ an Act to provide for the acquisition of land for the settlement of discharged servicemen,’ is in many cases defeating its own purpose by keeping off the market farms and houses which would otherwise be freely offered for sale, because vendors are not prepared to accept the low valuation imposed by the Act. No one would wish to see uncontrolled inflation in these markets, but legislation that is unjust to the vendor is bound to reduce sales to the absolute minimum

“ Everyone is familiar with the restraint on an owner’s right to possession pf his own house, and there is undoubtedly justification for this in the present stgte of shortage. Similar regulations were, however, recently applied to shops, offices, etc., and the owner of such premises to-day can neither increase the rent without official approval nor regain possession of his premises except under certain stringent conditions. This was no doubt intended to protect tenants, but in many cases tenants are exploiting the position by asking and getting exorbitant goodwills for transfers of leases. This is a result that probably never entered the mind of the Civil servant • who framed the regulation. Most of these controls set out to cure evils brought about by the unbalanced relationshin of money and goods—in a word, the evil of inflation about which I had something to say to you a year ago. “ The imposition of one control after another is not the solution—the only real cure is work and production. ECONOMIC TRENDS. “The settlement of world problems seems no nearer than a year ago/ To those who remember the aftermath of the 1914-18 war the trend of events from an economic point of view follows very much the pattern of 25 years ago. The buying momentum created by huge war expenditure has carried prices to a very high level, and the slower recovery in production has accentuated this. If we are to learn from past experience it would seem that a recession in price levels can be expected as occurred in 1921. “ The handling of wool has, however, been wiser on this occasion, and it should be within the scope of the Joint Organisation to take care of the expected drop in the world price for the coarser grades.. There is a world shortage of finer wbols. and prices of these types are likely to be maintained. We must never lose sight of 'Britain as our only market for our foodstuffs. To-day she is faced with the problem of producing and exporting sufficient to pay for her foodstuffs and raw materials, and if she says that she cannot, pay more for our meat, butter, and cheese, or asks for a reduction in our prices, we must acquiesce. Our prosperity is inevitably hound up with- hers. Knowing what she achieved to win the war. we are confident of her ability to win the peace STAFF AND BRANCHES. “ At this stage,” said Mr 'Ritchie, “ 1 want to make some reference to our staff. In the first place, Mr Thomas Irvine, who has read the minutes for the past 25 years, and whose face is familiar'to all of you, is here

to-day for the last time. He retires on November 4 next after 49 years of meritorious and conscientious service, having started as an office boy in the year 1898, and 6pent the whole of his working life with the Trustees Executors. This is a record that any man might well be proud of, and 1 know that you would wish me, on your behalf, to take this opportunity of wishing him and Mrs Irvine many years of happiness and health after his retirement. The directors and staff will have an opportunity later of marking the occasion in fitting manner, and I have no doubt many of our old clients would also be pleased to participate. “ During the year, our Invercargill manager, Mr W. A. Race, who, 18 months prior, had joined us from the Public Trust Office, left us to take a position with another trustee institution, and the vacancy was filled by the appointment of Mr B. R. Rogers. Mr Rogers has settled in very well to the new position, and our Invercargill Board is well pleased with the appointment. The Invercargill branch, 1 may say, made a valuable contribution to the record figures of which 1 spoike earlier. The Timaru branch, under Mr Simons, and our board of directors there is making good progress. lam sorry that our old friend, Mr Norman Orbell, is not with us today, but he asked to bo excused, as travelling from Timaru and back is not too pleasant at this time of the year.

“In conclusion,” the Chairman said. “I express the thanks of the board and also, I hope, of shareholders, to our capable general manager and his staff at head office, also at the Timaru and Invercargill branches, for the good work they have all done during the past year. I now formally move the adoption of the report and balance sheet, which carries with it the declaration of the final dividend of 4 per cent., warrants for which will be posted to-day.” Mr J. S. Skinner seconded the adoption of the report. Mr R. M. Strang, of the Invercargill Board, gave an interesting and encouraging report on the development of the Southland branch DIRECTORS RE-ELECTED. The retiring directors, Messrs G. R. Ritchie and S. C. Sutherland, were reelected on the motion of Mr A. McMillan. seconded by Mr A. Sinclair. The auditors, Messrs Barr. Burgess, and Stewart, and Messrs .T. S. Mclnnes and Sons, were re-appointed. Mr H. Mandeno moved a vote of thanks to the board and staff, to which Air Ritchie. Air Smellie, and Air Irvine replied. (Extended Report by Arrangement.)