TRUST, LOAN AND INVESTMENT COMPANY.

New Zealand Mail, Issue 1249, 6 February 1896, Page 33

TRUST, LOAN AND INVESTMENT COMPANY.

-fr ANNUAL MEETING. The twenty-third annual general meeting of shareholders of the Wellington Trust, Loan and Investment Company was held at Chamber of Commerce last Monday. Mr E. Pearce (chairman of directors) presided. There were about 30 shareholders present. The Chairman, in moving tho adoption of the report and balance-sheet, which have already been published, said he thought lie? might fairly ask shareholders to look with satisfaction on the result of the year's operations, and on the position of tho Company as disclosed by the statement of accounts. The charges in the balance-sheet, as compared with last year, were in some sense unimportant, bu: such changes as there were, were in the direction of progress. Eor iustr-nce, tho deposits had increased by about =£3ooo, while the amount invested in mortgages had increased by something like £ iOOO. They had been able to add .£SOO to their reserve, which now stood at the respectable sum of .£3OOO, and! the specLsl reserve amounted to .£2OOO, a sum amply sufficient for the purpose foe which the fund was created. They were able to carry forward, after paying the usual dividend, about <£2oo moro than last year. In short, he thought the record was a good one, and evidenced" careful management. At a time when money was abundant, and even at times lying idle, there was always sometemptation to lend on insufficient security, but the board had endeavoured, and he thought successfully, to set its face aga-insi-that daneer. Money, as they all knew-, continued to be plentiful and cheap, but so long as the margin between the borrowing and the lending rate was sufficiently large their proiits were not materially affected by the fall in money except to the extent of tho earnings on their paid-up capital. Their freehold properties remained very much aslast year, and ho was glad to be able to say that the net earnings, after providing for ah-, outgoings in connection with them, had resillied iu interest at the rate of G percent, being gamed on them. He thought that result must bo looked upon as very satisfactory. (Hear, hear.) 'lhe outstandinginterest was somewhat less than usual, and the arrears were but few in number. Before*-" concluding he wished to say one or two words of a personal nature. 110 thought lb due to the meeting, as he held the important position of chairman of the Company, to mention that within the next two mouths he. p/nposed to leave for the Old Country, and as he expected to be absent for more than it, year he suggested to his colleagues that lies should send m his resignation of his seat on. the board. They were good enough to ask him not to do so. and while he fully appreciated the compliment they had tints paid him, ho must give very careful consideration to the matter before coming definitely to a. conclusion. He had the very fullest confidence iu his colleagues, and felt assured! that the business of the Company would bo conducted on the same safe lines that it had been hitherto, and when he alluded to hi.--colleagues he wished to include the permanent staff, who had worked exceedingly well, and had the interests of the Company thoroughly at heart. Ho sincerely hoped they liad a prosperous future before them, arid he knew of no reason why the prosperity which had existed since the formation of tho Company should not continue. (Applause.) Mr C. T. UichardHon seconded the motion, which was carried unanimously. On the morion of Mr G. M. Kebbell, seconded by Mr C. A. Knapp, the retiring directors, Messrs Ceo. Allen and Chas. Tringham, were unanimously re-elected. Both those gentlemen returned thanks for their re-election. Messrs C. P. Bowles and D. T. Stuart, were re-elected auditors at a remuneration of 50 guineas. Mr C. Tringham proposed a vote of thanks to the chairman, which, together with a similar compliment to the directors and staff, proposed by Mr J. E. Smith, was carried unanimously, and the meeting terminated.