WELLINGTON T. & A. C.

New Zealand Times, Volume XLVII, Issue 10966, 30 July 1921, Page 4

WELLINGTON T. &A. C.

33 '( A NUAI M.ETI. 8 difficulties un d-kr which companies ea-boije. HOPES FOR THE FUTURE.

The thirty-fifth annual proneral meet* in«r of the Wellington Investment Trustee and Agency Company, Ltd., was beM at the company's offices yesterday. In moving the adoption of the report n.<i balance-sheet, Air Herbert G. Smith., th.e acting-chairman of directors, * rem.irked that the balance-sheet showed no important changes excotffi in the reduction of the total debentures, etc., held, arid a corresponding increase in the amount of umr’gagcs anu money on do* posit. . During the year under review *om© ,£-10.000 of Government loans had fallen due. and the money' had been reinvested on first-class security at satisfactory rates of interest. He hoped and believed the difficulties under which all companies dealing in finance had laboured during recent years—difficulties which were intensified by the present financial elross — would only prove temporary. •! he«e conditions had not been conducive to nnv expansion of the company's business. ancl had rendered the utmost care necessary. A considerable part of khe pajiy's resources were invested in securities bearing- a low rate of interest, but at a time like the present it was more than ever necessary to aim first of all at safety. In these circumstances the directors congratulated themselves on being able to propose a dividend equal to that of last year, and at the same time to further write down their holdings of debentures, to add ,-£SOO to reserves, and ‘o increase their ''carry forward" .£360. "1 regret that I cannot hold oilt 'hopes of any early increase in our earnings," ho proceeded; "the margin of profit is small, and the operating of the Mortgages Extension /Vet prevents us taking advantage of the opportunity now offering- of obtaining more profitable rate®. We can on’y .hope that future legislation may Mlord some relief, and in the meantime E am sure the policy to which 1 have

[ ; He went on to refer to the effect of [the new legislation in regard to the | moratorium over His remarks i<n this subject are published under anoiher heading on page 7. money QUITE SAFE. The managing director assured depositor® of the absolute 6afety of their money. The company's depositors were practically its only creditors. The bal-ance-sheet showed that for every £1 the company owed it had ,£1 10s 6d, represented by cash at bankers and on dej posit. good first mortgages, and Gov--1 eminent and local bodies'debentures; in. other words, before the depositors couldl lose a penny, the company should hftv© to lose its pa id-up capital of £62,000. its uncalled capital of the same amount, and i - - reserves of £2O,7<K», He was sure, therefore, that the course the directors had had to adopt would not be regarded ew a reflection upon the company's credit. ETe trusted the amending, legislation it was understood would be intioduced next would enable them ,in a .short time to resume normal business. "New deposits made since March 21st las&, he added were not affected by the Act, and wore payable at the end of the period for which they were lodged.

DIVIDEND OF 6 PER CEfNT. The report and balance-sheet, which v ere thereupon adopted, recorded the deaths during the year of Mr R. M. Simpson, one of the founders of the company, and until last year a member of the board of directors, and Mr A. ijL Pearce, a valued member of the board since 1915. After placing a sum ,£394 3d to reserve, and making , further provision for the writing down of the v'alue of the company's holding of debentures and inscribed shook, there wae a profit of ,£5331 14s Id. An interim dividend of 3 per cent, had been declared and paid in January, and it wae now rruunmernded to pay a further dividend o f 3 per cent, (making a dividend of 6 uer cent, for the year) and a bonus of 1 per cent. This would absorb £4340. The board recommended ♦'hat, of the balance of £991 14a Id. £lO5 19s tOd he placed to reserve, making the balance of that account £20,700, and that £BBS 14s 3d be carried forward. In accordance with the directors' recommendation, it -was resolved that a dividend at the rate of <5 per eeni. for the rear and a bonus of 1 per cent, should, be declared. The uortion of the dividend unpaid since Januarr will therefor© be now paid, and dividend waa?rante are to be posted, to members. Resolutions were also passed confirming the other recommendation© put forward by the directors. * ELECTION" OF OFFICERS. The election of officers for the ensuing v*>ar resulted as follows:—Directors, Messrs George Shirtcliffe (chairman), L. O H. Tripp, J. Hector McKay, Paul Coffey. -R. A. Holmes, and H. G. Smith ;(managing director); secretary Mr M. C. W. Mason; auditors, Messrs E. Buoholz and J. XL- Ch Rowley.