TRUST, LOAN AND INVESTMENT COMPANY.

New Zealand Mail, Issue 1510, 7 February 1901, Page 49

TRUST, LOAN AND INVESTMENT COMPANY.

The twenty-eighth annual meeting of the Wellington Trust, Loan, and Investment Company, Limited, was held on the Ist at the Chamber of Commerce.

The chairman (Mr J. P. Maxwell) moved, “That the report and balancesheet as printed be adopted, and that the dividend recommended therein (making 8 per cent, for the year) he paid on and after the 4th inst.” He said he thought his task this year was a fairly agreeable one, as he believed the board could give the shareholders a fairly good account of its proceedings. An examination of the balance-sheet, he thought, would show them that his statement; was oorrect. The business of the company during the year 1900 was attended with a certain amount of anxiety, because, as shareholders—knew, they had been working under conditions in the money market which from various causes had led to a falling rate of interest. But, notwithstanding that, the company had 'been able to increase its business and to do fairly well. Looking at the bal-ance-sheet, it would be observed that deposits had increased by £6413, and next that they had been able to increase their reserve fund from £12,000 to £15,500. That had been done by adding two sums —first by carrying £ISOO from the profit and loss account to the reserve,' and, secondly, by putting into the main reserve, the special reserve fund of ; £2OOO which had been on their bal-ance-sheets for several years, and which they were now able to transfer, because they were, happily, free from the liability which it was intended to cover. That should, he thought, be a source of very great congratulation to the company. On the other side of the balance-sheet, mortgages and other securities stood at £289,025, Which was an increase of £15,000. The only other item to which he had to call special attention was freehold property. lie knew that many shareholders thought that a company of this kind should not hold too much freehold property. It depended, of course, on whether the property was a really good asset or not. During the year they reduced their freehold property by £5576, and it now stood at £13,921. Their freehold property had turned out fairly satisfactory, as they had made a profit of £671 on that which was sold. Tn regard to that which remained, they had very full value for their money, and they need not be afraid of seeing such an item on their balance-sheet. Mr C. T. Richardson, managing director, in seconding the motion, said he mentioned last year that he thought there was a good year before them, and it had turned out that his prophecy was mere or less correct. Tie thought tney might rely upon having the same good fortune in the current year. In reply to Mr T. Roskruge, the chairmain said that, apart from its own offices. the company’s freehold property consisted of the Exchange Buildings, a property in the Uutt, and a small property at Palmerston North. The motion was agreed to. On the motion of Mr J. Riddick, sec*ended by Mr T. Madeley, the retiring directors, Mv *5, P. Maxwell, Dr A. J&. Newman and Mr James Wallace, were re-elected. On the motion of Mr J. G. Fox, it was agreed that Messrs C. P. Powles and D. T. Stuart be re-elected auditors, end that sixty guineas be paid them for their services. Mr D. T. Stuart returned thanks on behalf of Mr Powles and himself. He fclso said that as a shareholder he had observed with pleasure the forward movement which had taken place in the , company’s affairs during the year. The Chairman returned thanks for his re-election as a director. Dr Newman also returned thanks, and said that next ‘year’s balancle-sheet would probably show no freehold property, except the offices. In acknowledging a . vote of thanks which was accorded to the board. Mr C. T. Richardson made feeling reference to the late Mr John Elisha Smith, who, he thought, had attended: all the meetings of the company for twenty-eight years. "