DUNEDIN FINANCE COMPANY

Otago Daily Times, Issue 7721, 16 November 1886, Page 2

DUNEDIN FINANCE COMPANY

The annual general meeting of the Dunedin Finance, Loan, and Agency Company (Limited) was held in the company's ofiice, High street yesterday afternoo*. Mr H.J. Walter in the' chair, and a dozen shareholders were present. annual hepoet. The following report was presented :— The directors beg to submit to the shareholde-s their report and balance sheet for the vearendine 31st August 1880. The profits for the year, including £15217s 6d brought forward from last year, amount to £ 16/ 7 os 6d. 'Ibis sum includes rents, &n„ derived from securities which have fallen into the hands of the c-impany, and which have been carried to I'"Wi 6 account." lhese amount SU^ln? 8 4.£' t0 wl,lch 1S added a further sum of -£[50 ahe directors recommend the payment of a dividend at the rate of 5 per cent., which will absorb £963135, and carry forward £1(10 3s 2d. The sura of £300 preliminary expenses, shown in last vea-'s balance sheet, has b. en written off to reserve fund • and also a sum of £783s off furniture account; and the balance (£lßl 6s 1 ld) transferred to " suspense contingency account," which, with the £550 Bsi -Id already referred- to above, will then stand at £731 lbs 3d as a provision against any deficit in realising securities wliich h»d fallen into the hands ot the company. Shareholders are asked lo confirm this transfer.

The Chairman, in moving the adoption'of the report, said that in tho present depressed state of things the balance sheet would be viewed with satisfaction. All tho investments which had been made would bear the test of analysis, and the company were doing a safe and steady business. The directors were now trying to confine the business of the company to the city and the suburbs, and they intended in the future to be sufficiently conservative to ensure a thoroughly safe bnsi-

ness. Next year they hoped to be able to declare an 8 per cent, dividend. Mr R. Wilson seconded the motion, which was carried unanimously. DIRUCTOIiS. The appointment of Mr B. Hallenstein in place of the late Mr E. C. Strode was confirmed, and Messrs D. Brent and K. AVilson were reelected. AUDITOR. Mr W. Brown wan re-electod auditpr.