OCTAGON THEATRE

Otago Daily Times, Issue 17936, 15 May 1920, Page 5

OCTAGON THEATRE

Ono of Robert Chambers's popular stories I forms the feature of the new programme presented yesterday a* the Octagon Theatre, ■piis is " Tho Dark Star," a thrilling novel in which the interest is sustained from the first page to tho last. Marion Davies has been entrusted with the principal role, and her work is thoroughly! satisfying. Hie ■film version is long, comprising in all some seven reels; it has l»cn produced throughout with a View to the artistic, and in this a high standard has been reached, causing most favourable comment on the part of the large number of patrons who saw it yesterday. Tho story takes its name from the circumstance of tho two persons chiefly concerned being bom under "the dark star," leading to much strife and a series of situations fid] of adventure. Tho whole movement is fast, keeping the spectator in a condition of unrelaxed attention, relieved by the romance running throughout tho whole of tho action. There .ire several arood supports, including a comodv. " The f>t;ir Boarder." topical pictures, rtr. As usual the music is of a very high ortlerj completing an entertainment thai leaves j^^^deswed.

TRUSTEES. EXECUTORS, AND AGENCY COMPANY ANNUAL MEETING. Tho annual meeting of shareholders of tho Trustees, Executors, anil Agency Company of New Zealand (Ltd.) was held yesterday, Mr Alexander Bathgate presiding. In moving tho adoption of tho report, already published, the chairman said: It any of you havo compared this year's baianco sheet with that of last year, you will have observed that this year shows an increased profit of £169 13s lid, which is a satisfactory rosult, but the increase is really greater. In the past tho profits shown wore subject to the deduction of a commission on tho net profits payablo to tho manager, which last year amounted to £216 18s. This deduction is not now made, Besides this, beforo arriving at tho profit for tho year, the company has paid tho lato manager's retiring allowance for a period of 15 months, and also a bonus to the staff. You have an excellent staff., and from the acting manager downwards the members are loyal and efficient, and I am sure that in these days of a sovereign's lessened value you will heartily approvo of the action of the board in granting every member of tho staff a bonus of 10 per cent. To return to tho figures, I may point out that tho progress of the company is further evidenced by the baianco to be carried forward if tho recommendations in tho report are adopted. You will see that the balance brought forward from last year is £5659 18s 3d, and tlwt after paying tho usual dividend and bonus the balanoe to be carried forward to next year will amount to £6368 12s, which is an increase of £003 12s 9d, so that, notwithstanding increased expenses, the position of the company is being steadily strengthened. The confidence of the public in the company ig shown by the fact that it has been called upon to act during the year as trustee in several substantial estates. Tho advantages which the company offers are being moro fully realised than was tho case in 1881, when it was established. You will notice that the total assets in the oare of the uompany havo increased from £2,500,758 9s 4d to £2,654,502-lis sd, being an increase of £153.744 4s Id. This gives a very ™ood idea of tho volume oi ■the company's business, for although, as I havo stated, new estates have been brought under the company's care, others have been wound up and distributed. As you are aware, unless spccial. provision is made in the will or trust deed, trust investments are practically confined to mortgages of freeholds and first-class debentures, so that, as a rule, shares in companies must bo realised, and it interet you to know that during tho past year we have realised shares to the value of £110,276 at satisfactory prices. It is remarkable how readily shares in good commercial 'concerns have boon absorbed, which shows that there is plenty of money available for investments of this nature, and I have little, doubt fliat shares in good commercial concerns will continue to attract buyers. The ruling mortgage rate, wliich early in the year was 5£ per cent., has gradualy hardened to per cent., but tho recent increase in the - bank rate in Great Britain will probably load to a tightening of the money market, though it may be some considerable time before the effects are felt here. Tho feeling that there are to be no more Government loans free of income tax, and that there is to be no reduction of that tax has combined to make Government war loan debentures more sought after lately; and the • market price has hardened in tho last few weeks. Mortgage investments are tho subject of very careful consideration by your board of directors. Valuations are mado in all coses by roliable and experienced valuators, who aro specially instructed not to be misled by the high values at which land is changing hands. Although high prices are evident in Otago, Southland, and Canterbury, they are not to bo compared with those in the North Island. Indeed, some of the prices reported from there are so extravagant as to suggest that serious troublo may arise if a fall in the price of produce eventuates. There are already signs that we havo reachcd tho crest of the wave, and though prices may continue good for a time, those m charge of a company such as ours must always keep an eye on the future possibilities. To return to the balance sheet, I may point out that the item under the heading directors' and auditors' fees, rent, expenses, and salaries shows an increase of £684 10s 7d, which is accounted for by the payment of 15 months' retifing allowance to the late manager and tho bonus bo the staff. The agency commissions show a satisfactory increase of £921 8s lid, and the interest and discounts one of £20 Os j 4d. Mr Geo. Ritchie seconded the motion. It; was satisfactory, he said, to see that notwithstanding increased expenses the funds of the company had improved £800 during the past year. Tho particulars of the trusts quoted by the chairman wore interesting, and he was glad to see that there had been a satisfactory increase. Ten years ago tho total trusts administered by the company amounted to £1,400,000 odd, but now they had increased to £2,650,000. Tho net profits were then a shade more than to-day: £2400 as compared with £2300. Ho thought shareholders should be satisfied with a reasonable dividend. Tho only thing it coidd point to was that expenses hsd increased considerably. It was satisfactory to feel that tho staff was being treated in a reasonable manner by tho bo;:rd, jn view of the increase in the cost of living. Unfortunately a company "such ns that could not pass on increased expenditure to the public, which was tho only alternative to greatly increased business. Ho hoped tho business of tho company would continue to increase in the fin mo way during tho next 10 years, when its jubilee would bo drawing near. He was sure shareholders and directors wore pleased to see Mr Simpson present. It was not likely that his services would bo forgotten by them. The motion was carried without further discussion. The retiring directors, Sir John Sinclair and Mr P. C. Noill, we.ro re-electcd, and Mossrs G. L. Dciiniston and W. 80-own and Co. were re-appointed auditors. Sir John Sinclair returned thanks 'on behalf of himself and Mr Neill. Mr L. D. Ritchie moved a vote of thanks to the directors, manager, and staff for the I careful and diligent way jn which they had attended' to their duties during tho past 10 months, remarking that ho did so in no mere spirit of formality. Though | the profits had not increased in proportion j to the volume of business done,, shareholders recognised that tho staff, not to speaik of I the directors, should be adequately reI numerated, and were entitled to the bonus in view of tho high cost of living. Tho acting manager (Mr E. E. Clowes) returned thanks on behalf of tho staff. Mr W. L. Simpson, lato manager of tho company, paid it was the first opportunity' ho had had of thanking them for accepting his resignation and making what he thought was a vory liberal allowance. He felt it was in the intiwsts of tho company to resign. Ho had had oharge of its affairs for a long period, oloao on 37 years, and had devoted his whole time to its objects. He could not help mentioning the fact that he had sacrificed pecuniary advantages in tho early days to enable it to make rapid progress, ho looked upon the allowance partly in tho light of recompense for what he had lost.