TRUSTEES, EXECUTORS, AND AGENCY COMPANY.

Otago Daily Times, Issue 10359, 14 May 1895, Page 7

TRUSTEES, EXECUTORS, AND AGENCY COMPANY.

|.. The ordinary general meeting of shareholders ia the .Trustees, Executors, and Agency Company of New Zealand (Limited) was held in th-rcompany's office, Exchange Buildings, on i hriday, and attended by Messrs J.M.Ritchie | (chairman), J. R. Sinclair, James Allen, ; William Brown, Robert Hay, E. B. Careill. i James-Mills. W. L. Simpson,. A. G. Fenwick [.and Alexander Bathgate. -~,, i ...Notice calling the meeting having been read by .the manager,. . ... j,7r The-CpAiRMAN said* In moving the adoption ;or tne report and balance sheet, I have but few remarks to make, as the year's operations have peen on. almost: the same lines as those t,ot,the_ previous year. The ,-amount | earned is , almost exactly the .'■ sam'fe, and |ho.. board think it wise to adhere fco tihe same dividend. Seven per cent, on the t shares of_a company like oars,, which strictly . a,r, B.-> Ins f??hi all speculative investments, is a' '"ocArt-* * ry-"a?«dend,..'and we*propose to carry ,-tbOO.piit:pf .th.c balance of the profit to opr which .will .then 'stand at -.1500. -Although,our progress.lb slow,;,yefc during the ■P? 3!* -'J&* *T"e ihaye got. nine.. new.;t«usts or j agencies,, representing, a considerable sum of money, and we now have the care of something - , like a quarter of a million of funds or property. The tendency is, however, as youare "all gware, to .considerable reduction in rents and interests, which tells*against both our clients and ourselves, and there is also greafc difficulty m making investments. During the year the company .was confirmed by the Appeal Court in the appointment of receiver of the Oamara .Harbour Board, and continues to act as such. .r.t.l•.. may also_mention that'- we:'have! jjean found; to ~ offer; conveniences: to .several; icompanies ,*by acting ,as' trustees- forldebeh-! fcure-holders, the permanence ah'd continuity' .of .the being of;! greafc advan-; ;tage and economy in such cases. Recently the. New Zealand Refrigerating Company ap- ■ pointed the company its trustee for debenfcure■holders.. We have also been asked, owing to the unfortunate illness of Mr R. H. Leary •(from which J hope he may have recovered ere fchis), ; to assist in tjie conversion operations of the city of Dunedin, debt, and I have no doubt ■■that our agent in London. (Mr H. J!. Gibbs) will, be able*to do good service to the corporation in this important matter. We have found -Mr; Gibba to be of considerable use to the company already in introducing business. With these remarks I beg to move the adoption of ' the report and balance sheet, and that the dividend be paid on the- _7fch inst. ■--. Mr -'Alexander Bathgate seconded the resolution, which was carried unanimously. j ■* Mr K. Hat remarked thafc as the reserve) fund was not; specially invested ifc could hardly j be calledareserve. . . !

The Chaieman replied that this might fairly ba said provided the company were a trading or in any-way a speculative concern; but as the rules which govern the investment; of trust fands were almost always followed in the company's operations generally and in" the investment of their own funds, there would be no in keeping tbe investment of the reserve fund separate. At present the capital and reserve were invested as follows -—On mortgages, £5995; land, £2441 5s Bd;"bank fixed deposits, £880. 5s 4d; debentures in various companies, -£2202. 3s: 3d ;* in .bank on open account * and -advanced to*.constituents; £868; other assets, £259 33 8d ;—total-capital; renerve, and balance afc profit and loss, £12 645 17s lid. ..-.. '. ...

** Proposed by ■ Mr-James *Alles, seconded by Mr William Brown, and carried—" That the retiring directors, Messrs John Roberts and J. M. Ritchie, be re-elected."

lb was moved by Mr James Mills, seconded by Mr Robert Hay, and carried—" That Messrs A. Bartleman and W. Brown and Co being the only applicants for the office of auditors, be appointed."