THE GUARDIAN TRUST

New Zealand Herald, Volume LXIX, Issue 21325, 28 October 1932, Page 7

THE GUARDIAN TRUST

FURTHER PROGRESS MADE THE REVISION OF WILLS Progress made by thtf Guardian Trust and Executors Company was outlined by Mr. W. P. Wilson, in his address to shareholders of the South British Insurance Company, Limited, yesterday. Mr. Wilson said that assets now under administration and control had reached £10,432,887. new business for the year being £868,292, .excluding debenture trusts. Realisations amounted to £553,347, leaving net increase of £314,945. It was in times like the present that the benefits of corporate trusteeship became emphasised. Supervision of properties, prompt attention to rent and interest collections, close investment of funds and regular accounts and remittances to clients could be given only by an organisation specialising in such work. The financial resources of the company had repeatedly been made available to clients in the direction of advances for death duties and other liabilities, and as a result it had been possible to conserve the, assets of estates where a forced realisation would have been disastrous. A special feature had been made of the importance to-day of clients revising their wills, in view of falling values of securities and investments. Cases were continually arising where, through lack of foresight and failure to review the provisions of wills made a few years ago, testators had inflicted serious hardship on their families. BUILDING SOCIETY NORTHERN CO-OPERATIVE ANNUAL MEETING HELD The ninth annual meeting of the Northern Co-operative Terminating Building Society was held' last evening, the chairman of directors, Mr. J. A. Warnock,' presiding. The report and balance-sheet, a summary of which was published in the Herald on October 13, were adopted, and appreciative reference was made regarding the strong financial position of the society. Net profits earned during the year were £14,101, compared with £15,673 in the previous year, and the total profits to August 31 last amounted to £135,808. The retiring directors, Messrs. C. 11. Furness and A. G. Lunn, were re-elected unopposed. As a mark of respect to the memory of a 'former director, the late Mr. P. H. P. Cockroft. all present stood in silence. At. the conclusion of the meeting 23 appropriations, totalling £18,400, were disposed of by ballot and tender.

BUSINESS HANDICAPPED GOVERNMENT INTERFERENCE " UNNECESSARY REGULATIONS " Cby telegraph—own correspondent] DUNEDIN, Thursday Included in the chairman's address at the annual meeting of the Drapery and General Importing Company, this afternoon, was criticism of what was termed "continuous interference" in business by the Government. In the absence of Mr. E. I. Halsted, owing to illness, Mr. W. Fels' presided. Speaking of trading conditions during the past year the chairman said: — "Economies have been achieved by the incessant, care and attention the directors and managers have devoted to the conduct of the business under most trying 'trade conditions. Wo not only had to contend with the uncertainty of a high rate 011 London, and the difficulty of providing funds in London for our purchases, hut with continuous interference in business by tho Government, no doubt with the intent of assisting private enterprise in all directions. "But in the facia of tho benevolent- intentions of the Government tho reports of the National Expenditure Commission divulge how successive Governments for iho last twenty years or more have set a glaring example of disregard of cconofriic principles in the administration of our country. Tho Associated Chambers of Commerce have taken up these matters vigorously and I " think I express your feelings in wishing them every success in their endeavour to curb the Government's expenditure and its present probably wellmeant attitude of helping trade with unnecessary and harmful regulations."