TRUSTEES, EXECUTORS, ESTATE, AND AGENCY COMPANY.

Otago Daily Times, Issue 11113, 14 May 1898, Page 2

TRUSTEES, EXECUTORS, ESTATE, AND AGENCY COMPANY.

The annual meeting of tho Trustees, Executors, Estate, and Agency Company of New Zealand (Limited) waa held ab the company's offish yesterday aftsmoon. Mv James Mills [ (chairman of the company) presidm', and there wore also present—MefSM A. Bstbgate, J. Blair, W. Laurence Simpson, W. Patrick, J. M. j Ritchie. O. E. Morris, J. E. Sinclair, P. C. Neill, B. B. Cirg.ll, and H. W. Baron. The Chairman, in moviug the adoption of i the reporfi ami balance sheet, Baid: Gnntile-' I met;,—lb affords me grant pleasure to be able to lay before you such a satisfactory balance sheet, as it it indicates that the company continues to make steady progress. at:d that its position is now such that mambsrs may well congratulate themselves upon it. I need hardly say that it is a pleasure to the directors ti; be able to again recommend the satisfactory dividend of 7 per cent, and in addition a bonus of 3 per cent., tbe name as was paid to you larib year. The company is now iv the sixteenth year of ita exigence. It was formed towardn the end of 1881, but practically commenced busineiß in 1882—the first balance (sheet and profits and lac* account laid before tha shareholders being for tha pariod rnding Maroh 31, 1833. During the 15 years which have elapsed since that tims our business has progressed slowly but steadily. I have in my hands a tubla showing the returns of the company for each year, and it will perhaps bo interesting to you if I quoto a few of them. In 1883, for the first year of the company's operations, our revenue from ageuciea and commissions was £393, and from interest £384. In 1885 our revenue had increased to £720 from agencies aud commiseioas and StefiS from interest, while our nafc profit was £301, out of which the mambsrs received their first dividend, of 2£ pot cent. During the following two years we paid 4- per cent., then for one year 5 per cent., and for ttoo jfears at the rate of 6 per cent., until 1891, when we paid 7 par cent., and have continued' to do so ever since. In 1888 third year—our income from agencies and commuiMonf) had increased to £1095, in 1890 to £1589, in 1392 to £1784, in J 1894 to £1909, in 1896 to £2190, and in 1898 to £2938. This indicates a Steady growth ot business, and the directors are confident that the j volume of our business will continue to increase. | It takes many years for a company such as ours 1 to show its best results. Though a large propoi- j tion of our business in ordinary agency work, atill the special object of the ooinpany is to act as trustees and executors, and it takes time to develop this branch. We know of several important estates iv which the company has baen *vpointed trustees and executors, and whioh will in the ordinary course of events ocme into our hands. During the last two years an appreciable addition to out income has been derived from a special business which came our way, and which I need nob name. The revenue from | this source ie, as you will readily understand, a diminishing quantity, but our experience in the past has been that aa one source of revenue has disappeared we hava received compensation from other quarters, and there is no reason to doabfc this will continue to be lbs case. I feel sure membors will approve of our having placed a portion ot our profits to one aide in the shape of reserve fund. The exiist- j ence of this fund adds materially to tha I security which the company offers, and tends to create confidence in the minds of persons who may contemplate placing their business in our hands. It will not be necesuary in future years to add ao liberally to this fuod, bub I vsnturo to express tlas opinion that the company would acb wisely to continue to do so in amounts however small when the state of the revenue warrants it. Now, turning to the balance sheet, you will notice that the company's funds consist of—Paid-up capital, £10,000 ; re/ierve fund, £2500; besides* profits in hand, and that thssa are represented on the other side by depoeits, " mortgagee) debentures,

&3., to the value of £14,150 8s 53. The Bepar»to • items °ara as follow :— Mortgages, £3356 10) 91; debentures, £5254 10s; hank deposits, £5039 7n 8d ;—total, £14,150 8s 5:1; and these securities are all perfectly Bound, ths mortgages baing of recent date and affording a good margin. You will note that " land" is mentioned as au asset. This is, however, not realty the case, as it refers to a small property which we sold and have received part of the purchase money, but which is still in our name until tbe balance of the purchase money is paid, and we vow treat it as a mortgage. I may add, as evideuca of the volume of the company's business, that the aggregate amount ot incomes paid ovar to clients through us daring the year, both as trustees and agents, amounts to somewhere near £40,000. The amount of mortgages, debentures, and bank dsposits Held by the company for clients at the present time is £292,184, being a trifle less than last year. You will readily understand that dealing with such a sum of money, represented as it is by j a vast number of small amoants, ■ en- j tails a considerabls amount of work and I anxiety, as the difficulty of finding suitable j investments is becotaing more and more felt every day. I may say, for the information of our clients, that ix detailed examination or the securities held by' the company for its constituents and ou its own behalf has as in the previous year baen inada by the company's solicitors, anditors, and one of the directors^ and everything was, found to be in order. Gentlemen, I do hot know, that there is anything more to say, as. the accounts are comparatively simple and easily understood. I hope you will kgree with me that ths position of affairs ia satisfactory* and I have only to add that while your directors give close attention to the bu&iness they recognise that we ore indebted to our able and energetic manager, Mr Simpson, for a large share of our material success and of the confidence which we have every reason to believe is reposed ia us by our clients. I have now to propose tUat thi repart be adopted, and that the dividend arid bonus be made payable ori Monday, the 16th mat. Mr Patbick seconded the motion, which was carried. Oil the motion of Me El. B. Pahgill, seconded by Mr W. PAtbice, ■Mesurs ■ John Roberta aud J. M. Bitohie, the retiring directors. Were reelected. The Manager handed in the only application received for the office of auditors—viz , those of Messrs William Brown and Co. and Mr ' Alexander Barfcletaao, tho present auditors, and on the motion of tbfe Chairman, seconded by Mr BIAiS, tha applicants were appointed auditors for the ensuing year. On the motion of 3Jr BtAiß, seconded by Mr Patrick, a vote of thanks was accorded to the directors and officers of the company. - ,