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The Perpetual Trustees Company

Forty-seventh Annual Meeting

THE CHAIRMAN’S ADDRESS.

The forty-seventh annual meeting of the Perpetual Trustees and Agency Com Cof New Zealand was held in the room of the company yesterday, : morning. The chairman of directors (Mr W. E. Reynolds) presided. The chairman said he had received apologies 'for absence from Messrs Nathaniel Paterson (one of the oldest members of the company) and D. E. Theomin. He said it gave him great pleasure' to . see all their directors present, from all their centres. He was sure they would join with him in giving a'welcome to Mr C.<H. Hewlett (Christchurch), E. J. Kerr (South Canter- - bury),. R. K. Ireland (North Otago), 'arid R. J. Gilmour (Southland)(Applause.) The chairman, said he presumed they would take the annual report and balance sheet as read, and this > • course was agreed .-to. Continuing, Mr Reynolds said: In meeting /you to-day It is my privilege to present the forty-seventh annual report and balance sheet of the company, in which is set out the re- ' sultT of the past, year’s operations. In doing so it seems to me hardly necessary , to enlarge” .(ipon the difficulties which , have faced the. company during this periqd, largely owing to the exceptionally low prices the' products of the Dominion have been realising. You will not, I feel sure, expect me to forecast what the future may hold for us/in .this connection;’ In so far as'our company'is concerned I am not in any why pessimisticYou . are doubtless aware that th e depression .the Dominion is experiencing to-day'is not merely a local one, or for that matter, a national one, but one world wide. I cannot therefore g 6 further than assure you, that yoiir directors, the management, and the staa, both individually and collectively, are f fully alive to the needs of the hour and ’J are constantly , giving the business of ' the company their best attention. ;; QUESTION OF . ECONOMICS '. •-.- I ’ .do, however, desire to take this opportunity of saying a few words to j you upon the great subject of economics. In dping so I would ask you to remember . " that we have many shareholders; who are not present, as well as a very large clientele, many of whom must, T think, feelrindre or less in a maze at the present , time. -, Thisjis hardly to be wondered at, considering the numerous articles and letters appearing in print from time to time, so many of which only tend to confuse the issue and place the position quite beyond the grasp, of the every-day y lay mind. *' Let me say then that I, personally, do I not find the cause, of our trouble hard to locate, but this must not be taken to mean that the difficulties which I have referred to /are readily, or easily adjusted. Nevertheless, lam satisfied nothing can be of greater assistance to us, individually and than an understanding-of the. principal- cause of' the’present difficulties, and, in my desire to be fullv understood, I will make my remarkß a<» simple as possible. HISTORY ' REPEATS ITSELF " ! Rot the sake of bringing my views Into bold relief I must go , back to thp Franco-frussian war, which ended in 1871. Germany demanded and was paid an indemnity in gold by France, and, realising the prosperity which Britain had enjoyed under the gold standard, Germany there and then closed her mints to the coinage of silver. France, fearing thei result, immediately did likewise, and, in consequence of this, the values of all commodities fell copsiderably. Naturally the full effect was not felt all at once, , but. sortie 10 years later—about 1880— the'effect wks definitely felt everywhere, -while by the year 1885 it was drastic — due to the simple cause, viz.: the worldwide shortage of money arising from the . stoppage of the coinage of silver. Raw products suffered I ,first, but this was soon ■\ followed by a drop in the value of all other felasses of goods. On looking back, one can! see that the position would soon A have adjusted itself —for though one got • ri less- for what one sold, yet. one paid less for what one / bought—had it ’riot; been for the many financial contracts - .existing—that is, contracts which had f previously been entered into, both private and national. For instance, New Zea land had borrowed, prior to this, considerable suras of money at high interest rates, legitimately calculating upon .a bale of wqol paying interest on, may we say, £3OO. By the time 1885 was with' us, a bale of wool on realisation l in London was meeting the interest due ou only half this sum. In other words, the interest bn our national debt was costing ° ns in wool .double the quantity we had anticipated we would l>e required to send in payment of our interest indebtedness;, and this, be it noted, was due to causes quite beyond and outside oqr control. ’ As T c ee it, the position before us in the Dominion to-day is almost exactly parallel with what I have just described, and is whatT have.feared for some time paa£ would befall us, owing to sive . borrowing 'outside the Dominion during a period - r inflated prices brought ;• about by the Great War. VIEWS {EXPRESSED SEVEN YEARS AGO . 'f In my address as acting-chairman . delivered in June, 1924, when dealing with' the late Mr Massey’s statement made at our Winter Show'to the effect that “ Last year was a record year, and exports amounted to £51,563,000 and imports to £44,401,000, showing a very satisfactory margin between the two,” I stressed; the point whether this would “ make, for increased prosperity'or greater . looseness in expenditure,, and I went on to, say: “Taking an overhead'glance ■ back upon our track during the past 30. years, one must acknowledge that we —as a country —have been rich!.' favoured. I have already shown how our exports have increased, how excessiv; they were during war years owing to war prices, and how excessive—if I may use the term—they,; were 'for the past year owing to the exceptional price ol wool, and yet is the Dominion as a whole •onnder financially as a result? Each • one in the community should ask himseli this--, question. For my part, I must ; candidly admit I do not think , so. I recognise there is a happy mean in all ’ '-.things, but in New Zealand the way, in reality, has been made so easy for us all over so long a period, that we are apt to become too optimistic as individuals, as a community and as a country. Would you ask me to suggest a remedy ?, I am of opinion that more borrowing should be done locally. The day has come when we should aim to be more and more a, self-supporting country. I recognise that greater local borrowing would tend to tie up much of the surplus wool money now floating in oUr midst, but the true wealth of any country must lie—as- with any company—in its reserve funds. Our wealth would be prodigious were all, our interest, public and private, paid locally, and tiffs is the only safe reserve fund we can accumulate as a nation. t This, I know, cannot be for many years* to come,

BUSINESS CONTROLLED EXCEEDS 6J MILLION POUNDS.

but we should encourage it in every way possible from this day forth, yearly standing, more and more upon our own feet. .In other words, we should from time , to time aim to gather into sound investments more of the surplus money available, with the hope of preventing undue speculations,- unnecessary increase in land values, and, worst of all, heedless expenditure, both in the interests of the individual concerned and, in the interests of. the community as a whole.” > P may say,, gentlemen, in making those remarks in 1924 I had in mind the .position as I knevj. it in 188,5, and I 'realised that following upon inflation of our currency due to the war, deflation must come, and that with its coming prices must fall. Further, that raw products would be the first affected, followed later by a decline in the value of all commodities. The difficulty lies, as I hpjtc I have made clear, in existing financial contracts, .both public and private.; *. , ' ' - ■ j Since/ 1924 arid /for some years ‘previously—but not including the war years—-New Zealand has been borrowing excessively at interest rates consistent with inflated ; currency, and now being called' upon to meet these interest payments under a deflated currency, we must suffer accordingly, sending forward—may we say—double the quantity of produce we reckoned upon sending, when we borrowed the money. We can only come into our own again when importations come down to values more in keeping with those .our products are now realising, and this will take some time. Oneim- , portant inference very clearly emphasised from the position made manifest in 1885, and> again to-day, is that paper -money can never legitimately be resorted'to as a remedy, excepting iri so far as it is supported by gold—for the simple reason that it contravenes economic law. Gold costs.in labour and out-goings about four pounds per ounce to win and is for convenience standardised at this price, whereas paper money costs practically nothing. • ; ACCUMULATIONS OF GOLD , Another iinportant phase of the same law is. to be seen in operation in America at present as the result of Her demanding repayment of all her debts in gold. Mr Paul M. Warburg, chairman of the Manhattan Company of New York, is recently reported as having said: “When we insisted on the payment of our war debts in-full (in gold) and also increased oqr tariff, is it any wonder that the purchasing power of Europe broke down.” Similarly, Mr Albert Wiggin, chairman of the Chase National Bank, said:, “I am firmly 1 convinced also that it would be good business for our Government to‘initiate a reduction in our war drihts at this time.” It is quite clear that America is surfeited with gold, and France is nearly as bad.’ The latest returns I have seen give the holding in America at £969,000,000, and France at £447,000,000,* while Britain, Germany, and Italy hold only £318,000,000 amongst them, I an at a loss to understand clearly why the holding of gold in France is as great as it is, but in the case of America it is self-evident that she demanded her “pound of flesh," and now that she. has it, this law declares she shall not live on it at the cost of the rest of the world. , Again, we may observe this law in action as affecting pur exchanges. At present a producer hands his bank a draft for £IDO against produce he has shipped to London and the bank gives him £llO for it —less usual interest—whereas the importer haying £IOO worth of goods shipped to Him from London has to provide his banker with £llO. Nothing can more quickly aid us in bringing ; about the result desired, as this position tends'to encourage exporting arid discourage importing. Herein lies one of the many reasons why further outside borrowing should be avoided. Any further borrowing of money in London will tend to abolish this. favourable rate of exchange which at present is so much in favour of the producer. Ip 1885 this law could be seen in action; and in a very important manner too. In almost if-not in all countries, that which, was produced was of such small value measured in gold that attention t everywhere quickly became directed upon winning gold, with the result'that the world production of gold soon increased, and from that time on a substantial yearly increase of gold was won every year up to the beginning,:of the Great War. This accounts for the steadily ’ increasing prosperity—comsistent with the gold won—noticeable during this period, and. is in striking contrast to the depression experienced during the previous years due to tliri shortness of money on account of the demonetisation of silver at a standard ratio to gold. Further, we may notice that during the war, and thereafter, the production of gold declined, priricipally because of the inflated cost both of labour and material required in connection with winning it, which decline is, I think; much to be deplored. We should always remember that gold is the only one product in the world upon which a definite price is fixed. Therefore as its standard value never alters, products, on -the average, move up and down in accordance with the quantity of gold available, and when prices of products arel.high, the winning. of gold is not always profitable, and, because'.the reverse applies, already we see signs of a revival of gold mining in the Dominion. Personally I -would like to see the Government doing much more than has yet been done iri this direction. > 1 PROFIT BY EXPERIENCE Beyond advocating this and also a cessation of -further borrowing from sources outside the Dominion, I have no further suggestion .to make. We all realise what a wonderful country New ' Zealand is, and each one’s endeavour should be to profit by the experience gained and the lessons learned in facing the present difficult conditions, and to remember that trade depression does not last for, ever any more than does a period of prosperity. Depression of mind caused by depression of trade has a snowball effect and still further depresses trade and retards the return of confidence. It is for us, by expressions of hope and confidence, to contribute our Share to the feeling of security, a feeling which will hasten the awaited improvement in trade. .With this thought before us, we should move into the future full of hope and endeavour. s I come now to- matters which more directly concern our company. VOLUME OF BUSINESS, The volume of the company’s business has been well maintained throughout the past year. New estates, trusts, and agencies handled outnumber those secured in any previous year. Naturally the' market value of trust assets has been adversely affected by the prevailing depressed conditions, and realisations have been made more difficult than at ordinary times. Prices of city properties have declined, although not to the same extent as farm properties. This, of course, is just a natural reflex of the

unsettled conditions prevalent throughout New Zealand to-day. Our company is, as you are well aware, a trustee company, and in acting as executor and trustee under wills and settlements it is our duty at all times to conform strictly to the rules of trustee law, and especially is this the case when investing trust funds. This course has been strictly adhered to throughout the 47 years our company has . been in existence, and, as a matter of, actual practice, a policy even more conservative than that laid down by the Trustee Act has, in the case of the investment of trust moneys in mortgage securities, been pursued by your board and management. Our clients’ interests have at all times the wholehearted and close attention of our management and staff, and this fact is, we find, appreciated by our clientele. The personal touch is a vital element in a business such as ours, and we endeavour to give it constant expression in all our dealings. Times such as we have been passing through 'bring forcibly before us the necessity for the appointment of a permanent trustee, equipped with the experience gained by the handling of almost every class of asset, in order that the interests of estates and clients may be as fully and efficiently safeguarded as is humanly possible. • The Perpetual Trustees Company jwas established and is in business to-day for that purpose. LEGISLATION. Owing to the adverse circumstances in, which the Dominion has found itself, it was not to>be expected that any constructive legislation on administration, tVustee, or property law would be considered by Parliament during its recent special session. Relief measures naturally 'commanded considerable attention, amongst these being “The Mortgagors Relief Act, 1931,” the provisions of which are now fairly generally known. The principal object of this Act is to confer jurisdiction to ''postpone the exercise of powers of sale by mortgagees and vendors; under existing mortgages and agreements for sale of land, chattels, etc. The Act does not protect mortgages and agreements entered into since March 18, 1931. V A mortgagee or vendor is not entitled to exercise the powers of sale or re-entry contained in his security or to issue execution' against the mortgagor or purchaser until-he shall have first given notice in writing to the mortgagor or purchaser of . his intention to exercise such powers. The mortgagor or purchaser has 'one calendar month in which to apply to the Supreme Court (or to a magistrate, where the principal moneys do not exceed £2000) for relief. The Act applies to all f classes of property, and is not confined exclusively to .farm holdings. / f . The present Act is to remain in forc6 until December 31, 1932, unless its operation is earlier extinguished by proclamation. It is to be hoped that an early return to more prosperous economic conditions will cause this restrictive legislation to have a limited existence.

“The Finance Act (No. 2), 1931,” contains a short provision designed, no doubt, to meet the exigencies of the times, exonerating a trustee from liability. for breach of trust by reason only of his continuing to hold an investment which, after the same has become vested in him, has ceased to be an investment authorised by the trust instrument or by the general law. A further provision, to remain in force for' two years, enables trustees in certain cases, where insufficient is available fpr the purpose, with the consent .of the court,, to borrow moneys on the security of the trust assets for the advancement, benefit, or maintenance of any person who may in the future become entitled to the 'capital of such trust moneys. BRANCHES. I am pleased to be able to say that further satisfactory progress has been made during the year at our branch offices, and from time, to time appreciation of the services rendered by our branch managers and members of branch staffs to our clients and to others doing business with our company has been expressed. In this connection I desire to express our thanks to our branch directors, Messrs C. H. Hewlett and C. J. Ronaldsoh, pf Christchurch, Mr E. G. Kerr, of Timaru, Messrs R, K, Ireland and Joseph Preston, of Oaraaru, and Mr R. J, Gilmour, of Invercargill. BUSINESS CONTROLLED. The Perpetual Company now has under its control and management estate, trusts, and agency business amounting to, over six and one-quarter million pounds, which amount would, have been considerably larger but for the recent all-round decrease in the market values of almost all kinds, of assets. I am sure you will agree with me when I say that public confidence in an institution such as ours is measured very largely: indeed by the volume of business entrusted to its .care. This being so, the figures may safely be left to speak for themselves as to the large measure of public support and confidence extended to our company. THE BALANCE SHEET. The report and balance sheet have been in shareholders’ hands for the past ten days or more, and I propose to take them as read. It is hardly necessary for me to itemise the balance sheet, and I think you will agree that the' position is very clearly set forth therein. The paid-up capital is shown at £22,500, and the Reserve Fund at £21,000, and.it is now proposed to add to the latter the sum of £ISOO from the past year’s profit, .thus bringing the Reserve Fund- up to the level of, the paid-up capital. The profit and loss account shows the gross income to be £26,928 4s 6d, and the net profit £7007 11s Id, both of which amounts are less than those for the preceding year. ' Such a result was to be .expected because of the adverse conditions that have affected our business in common with other business concerns throughout the past year. The available balance is £BSBI 6s 9d, which it is proposed to deal with as shown in the directors’ report already referred to. . , I now move the adoption of the report and balance sheet.— (Applause.) ADDRESS BY MR CALLAN Mr J. B. Callan seconded the motion. He said that it seemed obvious the first thing he should do was to express his thanks, and he was sure the thanks of the rest of them, to their chairman for his interesting and careful discussion of the present economic position.— (“Heat, hear.”) Speaking for himself he thought the chairman had done very wisely in putting that. topic in the fore part of his address and going into it at length as he had done. At a time like this it must be of great interest to many people, not only the shareholders of their companies, who were looking for light and guidance on these problems from those who were entitled to give a considered opinion. And their chairman, by virtue of his long experience and knowledge of commercial affairs, and his long association as a director of their company was justly entitled to express views’,which not only the shareholders, but the public generally, would be interested in hearing Persons with the experience of their chairman had not merely the right to give expression to views on problems of today, but they had a duty at the present time to give them some useful opinions on these problems. * He admitted for the past few months he had read most of the matter printed locally in which remedies were suggested for many of then economic problems, but he had to admit that he had been left in that state of maze which the chairman had said resulted from such an ill-assorted form of education. That being so, it had been

with a more confident expectation that he had considered that he would be able to add something to his small store of knowledge from listening to their chairman’s address. Many others would also look to the address with the same expectation, and he was sure they would not be disappointed.— (“ Hear, hear.”) He recognised that the chairman had discussed 5 matters with great simplicity, and it was plain to all of them that he had given careful consideration to the questions discussed before giving them in the form he had.

One part of the address which had made an appeal to him expressed eminent .common sense. The chairman had pointed out that they had got into a period of depression—one of those periods that seemed to alternate with periods of prosperity. He had invited them to look at it in this way, and had reminded them that from previous experience, and until civilised mankind could evolve some method, to obviate depression, it was likely to occur again. In that part of the address where theit chairman had quoted from a previous address, he had pointed out that one of the lessons they 1 should learn was that in times of prosperity they should not be unduly optimistic and also’ not; extravagant in their expenditure. In times of depression like this they owed it to themselves not to add fanciful depression to real depression. If they had lost money and were still losing it, do not let them lose confidence as well, because that was going to lead to the loss of more money. He was extremely glad to hear their chairman say such a useful thing publicly. The chairman, moreover, had chosen a most suitable place to say it—at a gathering of shareholders at which the balance sheet and the chairman both told them that despite the hard times, they were about to receive a dividend from a company which was still in a strong position. It behoved them to face the future with the confidence of people who were in such a happy position. There were members of the community who had not dividends or much else at the present time, and if those who had reserves would use them they would help thepi to move out of their existing position, if not more quickly at least more pleasantly. Their chairman had referred to the personal touch; It was an aspect of the company’s activities to which great attention had been given, said the speaker, who referred in appreciative terms to the staff. He would like to say how well the staff of the company deserved all the praise he had heard'it get, and he spoke of something he knew 'something about. He remembered something of the company in the days when Mr Walter Hislop had been manager, and also in the intervening years. He had had a constant touch with it and in more than one capacity /he had come into contact with the staff—both as a practitioner and also as a client. He had always noticed that the staff had been imbued with the traditions of friendliness, care, prompt businesslike methods and loyalty, to the institution and their clients. It was always g pleasure to meet the staff, in any capacity whatever.— (“Hear, hear!”) He was sure a very large portion of the success which attended the company’s operations was due to the traditions with which the staff had always been imbued, and which had always been loyally adhered to. — (Applause.) ELECTION OF DIRECTORS The chairman said that the retiring directors were himself and Mr E. G. Kerr, of Timaru, and it would also be necessary to confirm the appointments of Messrs R. K. Ireland, of Oamaru, and C. H. Hewlett, of Christchurch, as additional directors, these two directors having been called to the board during the past year. iyir J. Sutherland Ross moved the re-election of the retiring directors and the confirmation of the’additional directors, and, in doing so, said he would like to congratulate the chairman on the full and lucid address he had given that morning. The motion was seconded by Mr C. Russell Smith and carried. The chairman thanked those present very sincerely for his re-election. He had said so much before that he could not add anything to it except -to say that he had always had the interests of the company sincerely at heart; and he could assure , them that that would always be the case. V.; : Mr Kerr also returned thanks for his re-election. He said he would do all he could to forward the interests of the company in South Canterbury. Mr Ireland said he would like to thank them for appointing him to the position of a director. He would do his very best to serve the company, more particularly in North Otago, where they had a good district, and he was satisfied that the company’s work could be extended there. Mr Hewlett expressed thanks for the confirmation of his appointment on the board. A new branch had been established in his district, and it was evidently opportune, for excellent business had been done. There was also a good deal of business in prospect, for seldom a day passed but what one, and sometimes four and five, people called. In Canterbury, like Otago, the business was sound. Many of the old settlers hr their descendants still held the land, and they were in a better position than those who had bought in at higher values. Last week there also appeared a tendency for people who had money to inquire not for Government bonds or City Council debentures, but for farming lands. He thought that was a very good sign, and he looked forward to a very sound and good business being secured in Canterbury. AUDITORS APPOINTED On the motion of Mr J. R. Lemon seconded by Mr J. G. Paterson, the auditors were appointed as follow:—Messrs William Brown and Co., Messrs G. Blyth and Co. (Dunedin), Mr F, A. Webb (Invercargill), Messrs Leggott and Allport (Timaru), and Messrs W. E. Best and Wilkinson (Christchurch). . VOTES OF THANKS Mr C. J. Payne said he had pleasure in. moving a vote of thanks to the directors and staff, and when he said he had pleasure in presenting that motion he meant it, because it was deserved. He thought the shareholders were extremely lucky in having the class of men they had as directors of the company. It was essential in a company like this that the directors should be men in ‘ whom the public had the greatest confidence. They should be well-known men, and he thought it was a big advertisement for such a company that they were successful men. He had no hesitation in saying that the directors had the fullest confidence of the public of Dunedin. Wherever one mentioned the name of the Perpetual Trustees Company the public or person to whom one was speaking would say that the shareholders were very lucky in the men they had appointed to the directorate, and that the directors were sound, competent, and conscientious men He would also like to state that in nominating the men who were to be directors they chose fairly young men, so that they had men who had had groat experience on the one hand and men who were going to gain experience from the experience already gained by the older men on the other. He thought that was a most important matter, that they should have young men coming on. He had the greatest confidence in the directors of the company, and he was pretty hard to satisfy as a rule. He was very pleased that they were not really up-to-date men like Mr Lang, of Australia, who was supposed to be an up-to-date man. If up-to-dateness meant taking risks that lie was taking then he was pleased that their directors were not such men. He would say that he was certain that the share-

holders of the company would be quite pleased to carry,a‘vote of thanks to the directors. With respect to the .staff, he had on other occasions referred- to the competency of the Perpetual Trustees’ staff. He was very pleased to hear Mr Callan make the remarks that he did with respect to the staff.' It was a matter of common knowledge that, solicitors in Dunedin, at any rate, appreciated the competency and courtesy of the staff, and they mentioned particularly the courtesy and personal touch that one received when one had business to do in which the staff was concerned. He had for many years been in close touch with the staff in various ways, and had been required to meet members of the staff, and he could only honestly say that he had never found one incompetent person on the staff.- — (“Elear, hear.”) A greatdeal of credit was due to the person who appointed such a fine, competent staff ,as that of the Perpetual Trustees. —(Applause.) The motion was carried by acclamation." ; ■ . ' • ■

Replying on behalf of the directorate, Mr Reynolds said the directorate had always been a happy one, and the members had always tried to recognise that a trust company required special care. He was sure that everyone on the board ( at the present time would try to do the same thing. Mr*A. Ibbotson, the company’s.general manager, returned thanks on behalf of the staff, stating that the remarks of the various speakers concerning them had impressed him because he knew that they would not have been made" unless they were really meant. Conditions such as were being experienced at present were a test of the capability, efficiency, and energy of the staff. During the year, because of the depression, it was found necessary to call upon them for even greater effort and energy to protect the interests of clients and the company, and the response had been very satisfactory indeed. Everyone was giving of that effort and energy to the best of his or her ability. Their balance sheet did 'not give anything dike the true position a s'* regarded the progress made by the company during the year. So far as new business was concerned the company had had a good year, and he was more than satisfied that it had done a good thing in.jfcopcning at Timaru, Christchurch, and Invercargill, and in appointing competent branch managers. The figures for those places were surprising, and Dunedin would have to look to its laurels. The work of the staff during the year, had not been helped by such temporary legislation as the Moratorium or Relief Act. The moratorium, in his opinion, was no good either to, borrower or, lender, and he did not think‘the Mortgagors’ Relief Apt would get them anywhere. That class of legislation was really ineffective. On Tuesday last there had passed away the company’s oldest client, a gentleman who invariably expressed the highest satisfaction with the staff’s work. He referred to the late Mr David Bacon, who had stepped into the office of the company when it opened 47 years ago, and was a great advocate for people to give their business to the Perpetual Trustees. Ho was a man whom the staff very highly respected. He felt that as Mr Bacon was their oldest client some reference should be made to his death.— (“Hear, hear.”) [Extended report published by arrangement.]

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Bibliographic details

Otago Daily Times, Issue 21360, 13 June 1931, Page 17

Word Count
5,548

The Perpetual Trustees Company Otago Daily Times, Issue 21360, 13 June 1931, Page 17

The Perpetual Trustees Company Otago Daily Times, Issue 21360, 13 June 1931, Page 17