MUTUAL AGENCY OOMPANY.

Otago Daily Times, Issue 9130, 1 June 1891, Page 3

MUTUAL AGENCY OOMPANY.

Tbo Bixth annual meeting of the Mutua Agonoy Company of New Zealand (Limited^ was held in the Chamber of Commerce room or Saturday, commencing at noon, and was attendee by about 30 shareholder?, amongst whom were Messrs R. Wilson (chairman of directors), W, Snow, H. Clark, R. Charters, H. Rose, J. A. Anderson, P. Grant, George Todd, Jacob Shearing VV. Cawley, C. Samson, Johu Muir, John Renton, W. Sunson, Georgo Worsdoll, William Irvine, Joseph Smith jun., Robert Dalziel,;John Korr, and Robert Hunter. ' Mr R. Wilson (the chairman of directors) preßided, and read the following telegram:— Palmerston, May 30. Very much regret my Inability to be present at meeting of Mutual shareholders to day. Kindly apologise for my absence. Hope Bhareholders will be satisfied with splendid result of year. Yourself and other directors havo my hearty congratulations on our success. John M'Kknzik. ANNUAL REPORT. Thß Chairman, in moving tho adoption of the annual report, said: Gentlemen,—l have much pleasure iv meeting you on this occasion, aud if you refer to my remarks at our annual meeting a year ago you will find that all my expectations have beeu realised. The turn-over has increased by £34,476, tbo commission earned has increased by £829, while the working expenses are only £242 moro than the previous year. I The net profit for tho year, after allowing for bad aud doubtful debts, is I eq-..al to 16 per cent, ou the paid-up capital, j Tho deposits amount to over £12,000, being | £2000 more than I anticipated; and I hope to see the total reach £15,000 during the current year. This will enable the compauy to carry ou its business without calling up mora capital, and leave a fair profit to cover risk on advances. I have been thinking of asking shareholders and customers to take up more Bbares, but looking at the way tho business is extending, we Bhould get a premium or issue uew shares only to prosent shareholders. You will be glad to hear our business is steadily increasing without our putting on great pressure, and, if I am not mistaken, our shares will be at a good premium before we meet again next year. I need not tell yoa that I am proud of the success of this company, as you all know we had a hard fight for n few years; but we have succeeded in gaining the confidence of the shareholders, and the officials have worked well to make the business a paying one. During the present year we will require to make arrangements about larger premises, our present lease having only 18 months to run. While iv Christchurch a month ago I called, on the manager of the Co-operative Company there, and I find they pay 7 per cent, on their shares, and givo a bonus to the shareholders who do business with the company. We have adopted tho same principle, and your directors now propose to pay the maximum dividend of 8 per cent, on the shares, snd divide a sum equal to 5 per cent, more amongßt lhe shareholders doing business with us. I feel sure this bonus will meet with your approval, aud that it will cause many of the shareholders to consider tbe advantages of co-operation in a way they never did before. I can now rnly repeat what I said last year—that if tho shareholders of thia oompany are true to their owu interests there can be no doubt of its success. As long as lam connected with the company I will endeavour to keep working expenses within bounds, as I find most of our local companies Buffer by not giving due attention to .this matter. I now beg to move the adoptionof the report and balance sheet. If any gentleman wißb.es to ask questions I shall be happy to answer. No response was made, one shareholder remarking " We are all satisfied." Mr Snow said that no one waß better pleased with the success of the company than he was, for tbe simple ;reason that he had induced a number of Taieri farmers to take shares. During the first years of the company's existence it was, in his opinion, badly managed. The country yokels, as they were called, elected a number of town experts to manage the business. Several of these experts had now been got rid of, and it appeared that the country yokels were able to carry the company through and make a success of it so far. But he would warn the shareholders that there wero breakers ahead. Tbe company was not yet out of the bush, and required to be carefully handled. It was all very well to look at the balance sheet, aud note with satisfaction the profits made; but the profits of a balance sheet did not always turn out in pounds, sbillings, and pence. However, with Mr Todd at the head, and with careful management, he (Mr Snow) believed that the company would be a success. It only wanted the shareholders to patronise it, and puccess would be assured. Some whoso patronage might have been looked for had not given the company a shilling's worth of custom. If all would combine to push it ahead, the company would, he had not the slightest doubt, come to be one of the largest in New Zealand.—(Hear, hear.) The motion was then put and carried unanimously. ELECTION Ol? OFFICERS. Mr R. Dalziel proposed, aod Mr J. Kerr seconded— " The re-election of Messrs J. A. Anderson and P. Grant as directors," and the motion was carried without opposition. The CnAiEMiN Baid that there was a third vacanoy, but it was not absolutely necessary to fill it at the present meeting. Perhaps it would ba as well to appoint someone living further away than the Taieri, aud if the meeting were so disposed the matter could be left in the hands of the directors to fill the vacancy whenever a useful man could bo got. Mr Samson proposed that the chairman's suggestion be adopted. Mr Snow moved the appointment of Mr Charters, who would be an acquisition to tho board. Tha Chairman said he had discovered that the appointment could not be ma;le till next meeting, but it would be as well to take the feeling of those present, Mr Charters said that he mußt decline the honour. He had plenty of business to occupy his time, and, as the chairman bad said.it would be just as well to have a man appointed who did not come from tha Taieri. And while on hia feet he might say that he was ono who put through a large number of stock at tha yards, and intended to continue his practice of giving this company part of his business; but a man could not always dea! with one auctioneer or one company—he must look to " the sugar " in these bard times.—(Liughter.) The appointment of a third director was not proceeded with. On the motion of Mr Samson, Mr Leary was re-elected auditor. THE COMPANY'S PROSPECTS. The Chairman said tbat that concluded the formal busiuess. He hoped thai when they met next year there would bs even a better balance sheet to show. It all remained with the shareholders. If they gave their business to the company it must prove a success. He had mentioned last year that if any of the farmers had money to invest, the company were prepared to give better interest for it than was to be got at the baubs, and he would ngaio remark now that by placing their money with the company they would be doing good service to themselves and to ths company too. Ho hoped to see the deposits up to £15,000 next year. Since the balance sheet was m»de out they had gone up nearly £2000, aud he would not be surprised if before the.yoar was tffit the company had to refuse money. At any rate, they would have enough not to require to discount long bills, and this would bo a great advantage and a great saving. It was to him a source of great pleasure that they had been able to pull the company through as they hsd done, i'he future of the company, he would repent, lay in the hands of the shareholders; they could make it a great success, and he hoped for a still better balance sheet 12 months hence. Mr Chaiitebs said that in the pad; tbe company had been very badly managed, as they all knew. He was fully of opinion that wheu Mr Wilson undertook the task he was the man to pull it through. Mr Wilson had done so, and he (Mr Charters) hoped that that gentleman would long be spared to carry out his work.—(Hear, hear.) The Chairman returned thanks, and said that by going on quietly, as they were doing, he had no doubt the company wouid be a success. complimentary. Mr Samson movad a vote of thanks to Mr Todd, tbe managing director, who deserved great credit for the assistance he had given to | pull the company through. If tbey had hunted the country round tbey could not have got a better man. The motion waj' also meant to include Mr Matheson (the manager), and the staff. Hr Todd returned thanks. A vote of thanks to the chair closed the proceedings.