GUARDIAN TRUST

Hawke's Bay Tribune, Volume XXII, Issue 269, 28 October 1932, Page 3

GUARDIAN TRUST

ANNUAL MEETING. CHAIRMAN’S REMARKS. At the annual meeting held at Auckland yesterday, Mr W. R. Wilson, acting chairman of directors of the Soutn British Insurance Company, had the following comments to make regarding the progress of the Guardian Trust and Executors Company:— , “No doubt you will a.so have read the report and statement of assets under the administration of the Guard ian Trust Company, showing continued progress by that company. Assets now under administration and control have reached the figure of £10,432,887, new business for the year being £868,292, excluding debenture trusts. Realisations amounted to £553,347 leaving a net increase of £314,945, 1 ' Reference . was made list year to legislation which in our opinion is illadvised and the harmful results of which have been demonstrated. That an adjustment between mortgagors and mortgagees, and between landlords and tenants, was in many cases called for. is not to be denied; but it was, and would have continued to be the exception for advantage to be taken of the difficulties arising out of the adverse conditions at present ruling. The spirit of mutual regard for the other’s interests aroused in a time of general stress led to concessions being made according to the circumstances of each case and amounting in some instances to more than the reduction fixed by Statute. Legislation not merely stifled this spirit, but has led to a demoralising disrespect for a contractual obligation. “It was scarcely an exaggeration when a leading legal authority recently stated that a generation is growing up which understands a mortgage to be a document signed by a mortgagor containing an implied covenant by the mortgagee agreeing to a moratorium. It is in times like these that the benefits of corporate trusteeship become emphasised. Supervision of properties, prompt attention to rent and interest collections, close investment of funds, and regular accounts and remittances to clients, can only be given by an organisation specialising in such work. “The financial resources of the Company have repeatedly been made available to clients in the direction of advances for death duties and other liabilities, and as a result it has been possible to conserve the assets of estates where a forced realisatiol would have been disastrous. “A special feature has been made in our advertising of the importance today of clients revising their wills in view of falling values of securities an.l investments. Cases are continually arising where, through lack of foresight and failure to review the provisions of wills made a few years ago, testators have inflicted serious-hand-ship on their families. It cannot be too strongly urged on every thinking person that there is a definite obligation to-day to consult his solicitor and review the provisions of his will to ensure that his dependents will actually receive the benefits to which they are entitled and which the testator would desire them to have.”