NEW ZEALAND TRUST AND LOAN COMPANY.

New Zealand Herald, Volume XXXVIII, Issue 11712, 23 July 1901, Page 6

NEW ZEALAND TRUST AND LOAN COMPANY.

ANNUAL MEETING. [from our own. correspondent.] London, June 14. On Tuesday afternoon, at 9, King Williamstreet, E.G., the annual general meeting of shareholders in the New Zealand Trust and Loan Company was held, Mr. J. W. Fletcher presiding. In moving the adoption of the report and balance-sheet, the Chairman said that taking the revenue account, the expenses in London were practically the same; there was a very small reduction, due really to legal charges being shown separately.: New Zealand expenses were tending on the right side, .and .were: now:on a ,very low level. Turning to the : other side of the balancesheet, the' Chairman remarked that he need hardly detain " the ' meeting t with observations,- with the exception that since the last annual meeting they had paid off the whole of their preference share capital, and therefore they no longer:had the advantage of its earning-capacity—he said • this , particularly with regard to the item, " interest and other receipts in New, Zealand." He (the Chairman) thought they might congratulate themI selves on having parted from their late partners, iasv he would call them—-in fact, both sides could congratulate themselves—on terms mutually satisfactory. The loans on debentures which at the last meeting stood at £120,000, now stood at £33,500. :; The debenture interest, of -„ course, was less on account of, the great reduction in that. "With regard i to the contingency account, the Chairman said it had been his habit to tell the shareholders how .thoroughly .: satisfied the Board were; the amounts standing there satisfied the object for which they were provided. He would give his personal "assurance that the amount stated (£90,625) amply, met. the - circumstances of ; the case. While it was not worth while to make an absolute transfer from that account at present,': it would make \no difference: to the shareholders whether it was found there or under another head. It was not only sufficient, ; but; amply sufficient. The list of mortgages and properties held in New Zealand were, of • course, very largely reduced. The Chairman next went on to state that . the company had been in existence since 1862, and had paid dividends to the ordinary shareholders jto- close upon £600,000, an average of,:over 11 per cent. Singularly few bad debts had been made, and they might therefore congratulate themselves on the history of the company. In conclusion, he said, though he did not want to pledge himself, he had very little doubt that not less than half the capital of the company would be returned this year. He then moved the ] ; adoption <of the . report and accounts and the motion was seconded by Mr. James Campbell. In reply to Mr. Duncan, the Chairman said the mortgages got in were not the pick, but those that had matured. As the others matured he thought all practically would be paid off. , The motion having been agreed to, a dividend of 2s 6d per share, free of income-tax, was . declared, payable in X London on : the 15th inst., ; and in New Zealand as soon as could be fixed by the agent there. Mr. W. T. Gilchrist, the retiring director, and the auditors, having been re-elected, a vote of thanks to the chairman, the Board and staff, both in London and the colonies, was passed. - •