ANNUAL MEETING

New Zealand Mail, Issue 1511, 14 February 1901, Page 62

ANNUAL MEETING

EQUITABLE BUILDING AND INVESTMENT COMPANY. LIMITED.

The twenty-third annual general meeting of the Equitable BuiklirT ancl Investment Company of Wellington, Limited, was held on rue 4th. Mr G. M. Kebbell occupied the chair. The Chairman, before moving the adoption of the report, referred with feeling to the deaths of Messrs J. E. Smith and .John O’Meara. He then proceeded to congratulate the members present on the success of the past year. The Equitable had shared in the wave of prosperity passing over the country. He referred to the directors’ recommendation of a further dividend of vx ' shillings per share. The reserve fund now stood, at 56 per cent, of the capital, and the directors considered it was unnecessary tOj, add so largely to it. In making the dividend equal to 10s per share, he drew their attention to the fact that in the last issue of shares the shareholders paid in a considerable sum as premiums, the interest on which would be sufficient to pay nearly a ten shillings dividend, .so that the actual earning power of the capital was only equal to nine shillings per share. He also explained the sale of property for £755. which had been carried to reserve. The deposits had increased by £15,000, and the mortgages by the same amount. This satisfactory result showed the company had an increasing outlet for its money. Mr Kebbell then read the report, which showed that after carrying £1725 to the reserve fund, the profit and loss account showed a. credit balance of £5031 19s : an interim dividend of four shillings per share had been paid, and that the directors had recommended a further dividend of six shillings per -share ; that it was with regret that the directors had to record the death of two of the- oldest members of the Board —Mr John Elisha. Smith and Mr John O'M earn, Mr Smith having been one of the founders cf the comnany, and also of irs predecessor, the Permanent Equitable Building and Investment Society and a, director of both institutions from their inception. Mr O’Meara having been a member of the board since 1880 s ■ Both gentlemen had always had the best interests of the company at heart and the directors desired to express their sincere appreciation of the services rendered by them to the company. ' The- report and balance-sheet were adopted. Messrs Beauchamp, Brown and Kebbeli the retiring directors, were re-elect-ed. Messrs D. T. Stuart and S. Carroll, the retiring auditors, were also re-elect-ed. It was resolved that the articles of association should be altered as follows: “That in clause 54 the sum of £l5O be altered to £2oo.’'’ By this the remuneration of the directors will be increased by the sum of £SO. This motion would, it was stated, require confirmation at a subsequent . meeting. The number of directors was also reduced to six, in accordance with clause 63 of the articles of association.