TRUST, LOAN, AND INVESTMENT COMPANY.

New Zealand Mail, Issue 936, 7 February 1890, Page 14

TRUST, LOAN, AND INVESTMENT COMPANY.

The annual meeting of the shareholders of the Wellington Trust, Loan, and Investment Company was held at the Chamber of Commerce on Monday night. There was a good attendance, and Mr E. Pearce (Chairman of Directors), presided. The report and balance-sheet (already published) were taken as read. The Chairman, in moving the adoption of the report and balance sheet, stated that it had been his duty in addressing a meeting of shareholders of another company during the morning to refer to vacant seats on the Board of Directors—seats which had been made vacant by death. They in common with that company had to deplore the loss of a useful and valued life. He referred to the late Mr J. R, George, whose lamented death was referred to in the report. Since that report was issued Mr Thomas Kebbell, one of their oldest and most valued Directors, had been taken from them, and they could not but deplore their loss. Turning to the figures before them, they would find that, from a business point of view, the Company had had another prosperous year j and they had added another LIOOO to the reserve fund, and tho Directors were able to recommend the payment of a' dividend of 9 per esnt., and this, lie considered, was not a bad record to submit to them. In monetary business the tendency at the present time was to lessen the rate of interest between borrowers and lenders. Had that been the only tendency, they would not have been able to do as well as they had done, but, fortunately for them, there had been a substantial expansion in their business. The volume of their business had enlarged very much, and they hacl thus, by larger deposits and largt r investments, been able to meet tho falling off in the margin of the borrowing and lending rate. He had some comparative figures, which were both interesting and remarkable, showing the gradual but steady and substantial increase in all their figures. In 1885 their deposits amounted to L 120,000, and they now stood at LIBO.OOO. In 1886 the deposits amounted to L 136.003 ; 1887, L 141,596; and 1888, L 157.225. Their jo vestments had increased in the same ratio. In 1885 thev amounted to L 223,157 ; in 1886. to L 237,001 ; 1887, L 245,216 ; 1888, L 263,914 ; and 1889, L 289,309 He thought these figures wore very gratifying, as showing the increase in their business, and they would almost seem to indicate an increase in the health of the city, because, as a matter of fact, the whole of their deposits came from people in the oity, speaking generally. With these figures they had also been able to increase their reserve fund. In the years under review they had gradually increased the fund from L3OOO to L6OOO. The Directors felt that the Company's mortgages were well covered by securities. (Applause.) In speaking of this large increase of business he thought it only right to state that it had been accomplished without any material increase in the expense of management, which remained about the same as it was five years ago, except with regard to taxation, which was a matter over which they had no control. Before concluding he wished to point out that the shareholders were very much indebted to Mr George Allen for undertaking the duties of Managing Director after the lamented death of Mr George. As the report told them, they had secured the services of Mr C. T. Richardson. With regard to the vacancy that had occurred, a resolution would be proposed to reduce the number of directors to eight. The Directors felt that nine was an unnecessarily large number for a company of that kind, and they thought thatseven wouldbesufficient. They however only proposed to ask them to reduce the number to eight. It happened to be a most convenient time to make the reduction, as there was no candidate for the vacancy. If th© meeting approved of this, they would probably reduce the number to 3ev ill when another vacancy occurred. He then moved the adoption of ihe report, and also that the dividend mentioned therein be paid next day. Mr G. Allen seconded the motion, briefly referring to the success of the Company. The Chairman said there was one matter he had omitted to mention—-

there were no arrears of interest whatever. There was a mere trifling amount under LSO mentioned in the report, and tins amount, the Secretary had informed him, had since been covered. (Hear, hear.) The motion for the adoption of the report was then carried without discussion. .On the motion of Mr G, M. Kebbell, seconded bv Mr H. Hume, tho retiring Directors (Messrs E. Pearce, C. Tringham, and G. Allen) were re-elected. Messrs C. P. Powles and D. T. Stuart were re-elected auditors, on the motion of Mr J. E. Smith, seconded by Mr H. Willcox, at a remuneration of 50 guineas. The Chairman, in moving that the number of Directors be reduced to eight, stated that the Directors were unanimously of opinion that it would be unwise to pass the motion. Mr C. T. Richardson seconded tho motion. Mr C. B. Izard asked if the Chairman could give any reason why the Directors asked for the reduction. Thu Chairman replied that this was a question which was really a matter of opinion. Some companies, of course, required more Directors than others, but he thought that seven would be sufficient for this Company. He pointed out that if the motion was not carried it would bs the duty of the Directors to fill up the vacancy as they thought best. Mr Wheeler said it was the feeling of a number of shareholders that the number of Directors should be reduced to seven, and he asked if the motion could not be altered to that effect. The Chairman replied that that could not be done without notice. The motion was then put and carried. Votes of thanks having been awarded to the Directors, the Secretary (Mr W. Boyd) and officers of the Company and the Chairman, the meeting terminated.