PERPETUAL TRUSTEES, ESTATE. AND AGENCY CO.

Otago Daily Times, Issue 16405, 9 June 1915, Page 9

PERPETUAL TRUSTEES, ESTATE. AND AGENCY CO.

ANNUAL MEETING. The thirty-first annual general meeting of shareholders in the Perpetual Trustees, JiiState, and Agency Company of New Zcar was held at the office of the company, Rattray street, yesterday morning. Mr T. . • Kemptharne (chairman of directors) presided, and there were 24 other shareholders present.

chairman's address. The Chairmaji, in moving the adoption of the report and balance sheet, said that the net profit for the year, as stated in the report, amounted to £2550 7s 9d, to which was addod the balance, £3204 3s 3d, making £5754 116 for distribution, less the interim dividend paid, £585 18s 9d. He trusted the board's recommendation in respect thereto would meet -with approval— namely, to pay for tho last six months of the year an amount equal to the interim dividend, equalling 12j per cent, with a bonus of 2j per cent., making 15 per cent, for the year, and to carry forward £3657 Bs, being £353 4s 9d more than for the last annual period. Respecting the figures in the balance sheet, he thought they were set out with sufficient clearness to enable all shareholders to understand them. _ Ho would, however, briefly explain the divergencies between the two years, 1914 and 1915. As to liabilities, the capital was 25,003 shares at £4 ss, £106,250; less •uncalled on 25,000 shares at £3 17s 6d, £96,875; showing thft paid-up shares, cfce., unchanged, £9375. Tho Reserve Fund, in terms of last year's resolution, was increased -by £500, making it £11,500. It was now reoommended to add another £500, making it £12,000. As ho pointed out last year, it was of the utmost importance, whenever they were able, to build up the Reserve Fund and to keep tho paid-up capital down to the lowest point for business effective necessities, so as to give confidence both to shareholders and to all others who placed their business in the company's hands for management or trusteeship. Balances due by the company, £30,664 13s 9d, showed an increase of £16,619 6s 5d over the amount of the year 1914, which stood at £14,045 7s 4d. This addition was accounted for by a large sum coming into the company's hands at the end of the last month of the financial period, but during the following month it would -be invested, as there was a steady demand for money at per cent, on first-class securities. The profit and loss balance in 1914 was £4820 18s 3d, and m the present balance sheet £5168 12s 3d, an increase of £347 14s. Coming to the assets, office furniture showed a small increase of £8 6s lOd, the total being £121 3s. Cash in bank and on deposit, £16,846 12s 4d, showed an increase ot £13,049 15s 7d over 1914, which was explained in his reference to t.h l balances due by the company on the liabilities sidfi, money coming in too late for investment in the month of April, the balancing period. Debentures had increased from £11,000 in 1914 to £11,600 in 1915. Mortgages and accrued interest, and leasehold and buildings, which last year stood at £11,780 6s 6d,\ now stood at £10,851 10s 4d, a decrease of £928 16s 2d. Balances due-to the company, £17,289 0s 4d, wnich in the previous year's balance was £12,551 6s 2d, showed an increase of £4737 14s 2d. The total figures in the working of the profit and loss account represented a small increase of £223 lis 5d in 1915 over 1914, the figures being £8751 19s 5d and £8528 8s respectively. The directors heartily thanked their very able manager, Mr Park, and the efficient staff under his guidance for the highly satisfactory _ work and close attention continuously given to the company's business. He took the opportunity also to convey tho board's thanks to the shareholders who had aided the directors in promoting the company s welfare by inducing their friends when making their wills to nominate the company as their trustees, and also following the same course in respect to their individual wills. It was noticeable that there wae an increased tendency during the past year in the direction of private trustees resigning their trusts in favour of the oompany, and that some of these trusts were of considerable value. Beyond this, it was satisfactory to state that the gross amount of new business that actually came into the company's hands for administration during the year amounted to £164,304. To Otago patriotic funds the directors had given £100, which the board felt shareholders 'would unanimously approve. He did not know whether they would like to give the directors discretionary power to give anything more. If 60, perhaps thev would tell them.

Mr E. C. Hazlett seconded the motion. Shareholders had reason 'to feel well satisfied with the position of the company. Thoy received a dividend of 12J, per cent., in addition to a bonus. The chairman made reference to the reserve fond, and said it gave confidence to the shareholders. In his (Mr Hazlett's) opinion the confidence of tho shareholders was beyond doubt, a 6 a result of the good dividends paid in the last few years. It was wise to build up the reserve 'fund. Such a step gave confidence to the company's clients, who, in his opinion, ■were the people to be considered.—(Applause.) The company had a good reputation, and any addition to the reserve fund would further improve its high standing. The bonus to the 6taff was also commendable, and the directors were to be congratulated on suggesting it. It -was right, too, that the bonus snould apply to all the members of the staff. It was the staff that carried on the business, and it was evident they had done well, as was proved by the satisfactory position of the company to-day. He considered the directors were quite justified in voting £100 to the Patriotic Fund, and personally he would like