TRUSTEES, EXECUTORS, AND AGENCY COMPANY.

Otago Daily Times, Issue 12040, 11 May 1901, Page 2

TRUSTEES, EXECUTORS, AND AGENCY COMPANY.

Tlio annual ordinary gtneral meeting of shareholders in the Trustees, Executors, and Agency Company was held yesterday afternoon at 3 o'clock. Mr ,1. B. Sinclair, in the- unavoidable absence of the chairman of directors (Mr John Roberts), presided, and there were present-Messrs John Mill, A. liathgate, A. (!. Pcnwick, William lirown, II W. Baron, and W. L. Simpson (manager). Iho annual report of directors was as follows:—"Tlio (lir-jvtoM mi limit their nineteenth annual balance sheet, duly audited. The profit mid ta account shows a net prolit lor the year of £1476 14s Bd, to which ha-! to ha added the balance, of £281 h 8d from last year, making a total at credit of £1757 16i 4d. An interim dividend at 8 per cent, per annum for the half-year ended September 30, 1900, was paid, amounting to £400. leaving a balance to he dealt with of £1357 Hμ 4(1. The directors recommend the following appropriation:—To dividend at 4 per cent., making 8 per cent, for the year, £100; bonus, 1 jwr cent, on £10,000, £100;' reserve fund, £500; balance to bo carried forward (lwn manager's conimUsion on not profits), £357 \bs 4d;—total, £1357 163 4(1. In twn? of the act of 1882, the retiring directors are Messrs John Roberts and .1. M. Ritchie, who, being eligible, offer themselves for rc-elcctini." The Chairman, in moving the adoption of this report. said: The chairman 'if directors, Mr John Roberts, '» unavoidably absent_ today owing to his aUendancn lieiuq; required in' Wellington in connection with the Federation Commission. Your directors have pleasure in again laying before you a report of tlio year's work.'which (liny rcgardiis highly satisfactory. Tlio company will in a fow months have been in existence for 20 year.*, mid the lmsinu.-s with which it is entrusted steadily increases. Leaving out tivo large estatrs (for which separate books are kept) and landed property of which it has the management, Iho company has now the care of about half a million of money. It has diirimj ils whole period of existence been' singularly fortunate in its management of trust csiates, and in the investment of clients' moneys, any losses which have been made by it have been of very trifling amount. The company's own assets are well and safoly invested. It would be difficult to find il hiiMiiciw concern whose position is more satisfactory. Tlie whole of tlio paid-up capital and a »iiusl,inlial .reserve are represented by investments which are as -good a< cash. The shareholders have created the Iw-iiipss of the company. They did not acquire the goodwill of any other undertaking. Although Ilin company has been, as I said before, established for 20 years, nothing appears .is representing goodwill, which must now be of very considerable value. A-i you are aware, the directors decided during 'tlie ■ year to pay dividends half-yeirly— .1 ■ practice that wi'll lie continued. Your directors recommend the payment of .1 dividend ill (he rate of 1 per cent, fov the halfyear,'making 8 nor cent, for the year; thel a bonus of 1 per cent, he-given to shareholders, and (list £500 bo added to the reserve, fund, which will thni stand at £4500. As heretofore, tlie directors remsni.-e the vall'ahle service of the n'nnagcr and his staff. They regret thai Hip nmmiij.inl'a health lias not lieen good. Ho Is taking a rest in the country. w-Jiir-li it is hoped irii! set him up. Tim rcliriiiK directors are Mcffro .lolin Roberts and J. M. liitchin, who offer themselves for re-election. 1 bavo mmto prop/no that the ropiirt be adopt™, and that tlie dividend lie payable on the 13th '"'Mr- William Brown seconded the motion for the adoption of the report. In doing to he said fhat he thought every word of the chairman's remarks as to Iho rotiffnctory position of the company was juttiuod.. lie fact thiit the public put a high value cm tin; company was exemplified by the pric« .vliich the shares of tho company bad fetched in tlio open market, and if the time, came that tlm directors or tho shareholders desired to realiso tho Imsincs? there was no doubt bill that it could Im sold for a good round sum. The Chairman, in tin- cnurfo of pome additional remarks, paid that he and hi* civ directors were ennnected with a number of emiipanijs, and he was quite sure of this: that there w.i? no company wlio?c affair? were SO carefully watched as tlii*. They had reason to congratulate thomfclves tn the result of the company's working;. The tollmen sheet prcjCited that day was just porfort. The motion was put to the meeting and carried unanimously. On tho motion ot Mr John "Mill, tho retiring director.-—We-prs Juki Roberts nnd J. M. Ritchie— wero re-elected. On the motion of- Mr Kraivick. the retiring auditor*—Mo'fiW William lirown and Co. and A. Itarlleman— ivere re-docled. On the motion gf Mr Mill, a vote of (hanks to the directors and slalf was carried, and Mr "Siinpron, in replying, stated that the company hud two very large estates under ils care which did not appear on tho balance sheet. Them required reparate books and separate auditing. The company bad not ns yet received very much benefit from them, hut he hoped next year they would have their effect on the balance sheet.—(Applniisc.) ■