PEKPETUAL TRUSTEES, ESTATE, AND AGENCY COMPANY.

Otago Daily Times, Issue 9138, 10 June 1891, Page 3

PEKPETUAL TRUSTEES, ESTATE, AND AGENCY COMPANY.

Tho seventh annual general meeting of tho shareholders of the Perpetual Trustees, Estate, and Agency Company of New Zealand (Limited) was held ak the registered office of the company yesterday afternoon. Mr Walter Hislop waa in the chair, and a considerable number of shareholders were present and represented. In speaking to the motion for the adoption of the report (already published), the CuAinMAN said: In moving the adoption of tho report, I think I have reason to congratulate the shareholders on the result of the company's operations for tho year. Notwithstanding continued Inactivity in the land market, and the fact that little is doing in lending on mortgage securities, a net profit of £1857 Us 4d for tho year is shown, being an increase of nearly £600 on that of the previous year, and enabling the directors to propose a dividend of 8 per cent, on the paidup capital of the company. Ido not think it necessary to go through the several items of the accounts, but for the information of shareholders I may state that the company has at tho present time 200 clients, the value of whose property administered by it amounts to £550,000, yielding a return in rents and interest of £35,000 per annum. This amouut I hope to see greatly increase when the public begin to realise the advantages to be gained by tho employment of such companies as ours to act as trustees and executor?. These advantages are being realised now, as wo have many inquiries for information regarding charges, &c, and I havo reason to believe the company is already named executor in a number of wills. I have much pleasure in moving the adoption of the report. The motion was seconded by Mr John Mitchell, and carried. The retiring.directors, the Hon. W. H. Reynolds, M.L.C., and Mr Walter Hislop. were reelected, and Messrs W. Brown and E. Smith were re-elected auditors.