THE PERPETUAL TRUSTEES COMPANY, LTD.

Otago Daily Times, Issue 22284, 9 June 1934, Page 5

THE PERPETUAL TRUSTEES COMPANY, LTD.

ANNUAL MEETING-JUBILEE YEAR REPORT

INTERESTING REVIEW OF COMPANY'S PROGRESS

The fiftieth annual meeting of the Perpetual Trustees Estate and Agency Company of New Zealand, Limited, was held in the board "room of the c'ompany yesterday. Mr W. E. Reynolds, chairman: of directors, presided, an( l ne was eupported by the following:—Messrs Edgar. C. Hazlett, James Begg, R. J. Gilmour, E. G. Kerr, C. H. Hewlett, C. Stanley Smith, and R. K. ' Ireland, direCtors.of the company* and the gencralnianager (Mr A. Ibbptson), There wasa large attendance of,shareholders. CHAIRMAN'S ADDRESS The chairman gave the , following address:— .. This.is our jubilee year—the fiftieth year of our existence as a trustee company—and .we should therefore meet with feelings of satisfaction and pleasure. This day should hold something within it of interest, and much that is of importance, to all of us. I have turned back to records of the past and there I find it was in the year 1884 that the. foundations of this compauy were laid by the amalgamation -of two firms then engaged in busniess in this Messrs Gillies, Street and Hislop and Messrs Connell and Moodie. The original directors selected were chiefly principals of these two firms, but were shortly afterwards strengthened by the late Hon. W. H. Reynolds andthe late Hon. W. Downie Stewart joining the board, Walter Hislop retaining the position of managing director. The ■ole survivor to-day is. Thomas Moodie. Who ias reached the ripe age of 93 years rand to whom we offer pur congratulations. Between the inauguration of the company ; and my joining the board in the. year 1599 the records show that the company had met with more than one little difficulty and at one period of its history passed through somewhat of a ■truggle for existence. However, it is not necessary, more than .merely to mention these facts, as they are now all' things of the distant past. It will suffice to say that when I joined the board 15 years after the company was formed—that is, some 35 years ago—the company wasfwell upon "its feet,- the course was ■ct .and So well, set that v?e have nevur since Jiad cause to look back.

give is ever given such requests, irrespective of the trouble or time involved. BIG INCREASE IN BUSINESS. : I wish now briefly to refer to the tremendous increase in the volume of our business which has steadily taken place year by year throughout the many years which have elapsed since the company's inception. Our early operations were confined to Otago, with Dunedin as th> centre of our activities. When the advantages to be gained by the appointment of a trustee company such as ours became more widely known and bettar understood, they were more extensively made use of, and we found it necessary to extend our activities to the neighbouring province of Southland. In due course a branch office was opened in Invcrcargill. Similarly, but at a later period, we extended our business to South Canterbury with a branch office at Timarn. The most recent addition to our branch offices was the extension some seven years ago of our business to North Canterbury with the opening of a branch office in Christchurch. We have secured business premises in Oaniaru where we have had an agency for somo years and hope to open a branch office there in due time. Your Board of Directors are pleased with the progress made in these various districts and are satisfied that all of these extensions of our activities have been amply justified, not alono in the interest of the Company, but also' in the interests and for the benefit of our many clients in these various districts. At its inception and for some years thereafter, our business could be computed in thousands of pounds Avhereas to-day we compute it in millions. In point of fact the value of the business handled by us to-day amounts to six and a-half million pounds. We have been careful to provide at each branch as, it was established a competent and experienced manager and staff, together with Local Directors in the persons of well-known business men. It is interesting to note as-re-gards length of service and the experience gained thereby that the company has amongst its senior staff, officers' who have had lengthy service with it, extending.over periods of 35, 29, 25 and 17 years respectively, whilst many others have had 10 years and upwards. It is not and never has been the practice of the Directors of this Company to inquire into the details of the business of any of the Company's clients. They are concerned with the stability and financial well-being of the company as an organisation and not with the details of the affairs of clients. CHARGES UNCHANGED.

Not.long after this date the late Keith Ramsay c joined the board. He proved to be a tower of strength and, some few fears .after, was instrumental in indueig'the late James Hazlett and the late Robert Glcndiniug to join .us at the table. Mr Ramsay was taken from us in 1906 and it was at this time the late T. W.VKemptiorne and the late John Mill-joined forces with us.. Jn~ 1912 the ilate Sir George Fenwick added his strength to the board, and in the following year the late Donald Reid did likewise,., -.. _ " - ] - . „;- Itjs only fitting upon this importapt.• daydn-'the of the company that, these * names' * should' be mentioned and. their, services' receive due recognition at ; the hands of the shareholders, they, served 10 faithfully and arduously/ all of then! ©fficiatirig as long as health and-strength permitted them to do so. We have much to thank them for, one and all,; •nd I am sure all present rceognise this and join; with' me in paying tribute, to their memory. All were men of energy and scrupulous endeavour, combined with good judgment and high principles. Tt is difficult to say whether most, if not all, the virtues which we, as a company, to-day possess are not attributable to the standard which, these friends of the past built: into our fouiidations. Your present board -members, I am aure, so view'the position and aim to follow in the steps of' their predecessors, making our: company as much a, business "fraternity "'as it is possible to make; it- . . !' ■■<■'■' -THE MANAGERS. . It is necessary before ;passing on to other matters to say a few words with reference to: our managers. The late Walter Hislop held' this position from the inception of the company in 1884, with c*;dit to himself and/ all concerned, until the year after 22 years' aervice, he was forced; to retire through ill-health. The late James A. Park was then appointed and, held the position for 15 years with able"understanding of the needs of the clientele and judicious administration of: the; affairs of the company. He; also'retired on ; account of failing health in ■; the ; year 1924, when our present manager, ■ Alfred /Ibbotson, was appointed,iriVhis stead. Mr Ibbot«on, who has entered upon his thirtysixth year of service with the company, bow occupies; the position of general manager,; ; as to-day we have not only a branch at, Invercargill, biit also one at Timaru and one at Christchurch, as will as active representation at Oamaru. Three managers over the whole period of 50 years—one of whom is still with us in active service—you will, I am sure, acknowledge to be a very satisfactory record. T sometimes wonder"how many of our clients stop to realise how Varied ar-! the many matters the.'company is requested to attend to or adjust for them from time to time and which are in reality beyond the functions of trustees. It is difficult to determine in how far everyone is satisfied, but this I do know that all the care which it is possible to

As I have said on former occasions, our scale of charges remains to-day exactly the 6ame throughout as it stood when readjusted and reduced in the year 1905. It is due not nearly so much to bur scale of. charges as to the ever increasing volume of business done that such -satisfactory results have been shown for the year just ended and for the years prior thereto. No Trustee Company, in either New Zealand or Australia has a scale of charges lower than ours, whilst most of the Australian Companies charge higher rates. , Our Company's services in the capacity of •Executor and Trustee are readily available to all, as are also the benefits and safeguards of our organisation with its 50 years' experience of the work involved in the proper administration of Estates and Trusts. Such work is often very technical and nowadays almost always attended with risks and responsibilities of a more or less serious nature. I should like to record our thanks to our Directors in the several districts I.have just mentioned —viz., Messrs R. J. Gilmour, of Invercargill; E. G. Kerr, of Timaru; C. H. Hewlett and C. J. Ronaldson, of Christchurch; and R. K. Ireland, of ■ Oamaru; and also to Mr George Black,, who resigned from the Board during the year, for their efforts on behalf of our organisation and its clientele.

Turning now. from recollections of the past, which to me are ever very pleasant as well as profitable memories, we come to the consideration of present-day facts. In the first place, it is satisfactory to be able to eay that business generally has improved throughout the Dominion, no doubt accounted for in large measure by the increased prices realised for our wool clip over, the past season. The all-round price realised was a good one; at the same time no ■ one should fail to recognise that the price over the past four years averages little if anything beyond ninepence per lb- Some of our woolgrowcrs are likely to require some time yet before they find themselves on their feet again. While other products have also been realising fair values, it is unfortunate that dairy produce continues to sell at exceptionally low prices as this is so serious a matter to the Dominion as a whole. However, I believe in looking forward hopefully, for my experience has been that the unexpected invariably happens and especially is this the case in connection with markets. Finances within the Dominion are distinctly easier than they were, and I do feel that we all are justified in concluding that at least some of our troubles are now things of the past. LEGISLATION.

During the past year the attention of the Legislature was directed to the amending and consolidating of relief

measures designed to assist Mortgagors and Tenants who were affected by the depression. Time and experience had naturally brought to the surface some defects and anomalies wliich required remedying, and the Mortgagors and Tenants Relief Act, 1933, has to some extent cured these and has brought, the legislation more up to date. The principal features of the view, enactment were the powers given to the Court to bind the holder of a stock security to co-operate in a reasonable maunor j with the mortgagee of the land, and the provision limiting creditors from asserting their rights of issuing executions, distresses or other extreme proceedings against Mortgagors while relief applications were pending or Court orders were in force. A defect that has come to our notice is that there is no provision for serving notices affecting mortgaged properties whose owners are dead, and the ' personal representatives of such deceased proprietors have not applied or have neglected to apply for administration. A useful amendment of the Trustee Act transfers to its proper place from its setting in the Finance Act, 1931, a permanent provision conferring on Trustees authority, subject to the ap-. proval of the Supreme Court, to borrow on the security of the trust property and to apply the moneys so borrowed for the benefit of the person for whose advantage the Trustees could lawfully apply capital moneys of the trust. This amendment also contains provisions onabling a Trustee to consent to a reconstruction of a Company in which an Estate holds shares or to the amalgamation of such Company with another Company. A further provision absolves a Trustee from liability for paying moneys to a person or beneficiary who may happen to be a bankrupt. It may be. remarked in passing that much confusion would be avoided if the practice of amending certain well-known legislation through the medium of r.be Finance Acts was definitely dropped. For instance, it seems illogical that an amendment to Trustee Law or to the Rating Act should appear in a Finance Act.

A,notable achievement was the passing Jof the new Companies Act, 1933, which came into operatiou on 1 last. It was an event of great importance not only to commercial and legal circles but also to the whole community. Various important amendments to 'he old law have been incorporated in this Act. A close study of its provisions indicates that the Act as a whole, is more in conformity with modern business conditions than the previous legislation. — (Applause.) The Chairman then dealt with the. Annual Report and Balance Sheet and moved their adoption. MR JAMES BEGG'S ADDRESS. Mr James Bcgg, secondiug the motion for the adoption of the report and balance sheet for the past year, said: There is little I can add to what Iho chairman has said. The balance shset speaks for itself and shows the present satisfactory position of the company. The position is such that we have felt justified in letting the year pass without adding to the reserves, in. order that both the shareholders and the staff should receive a bonus to mark the completion of the jubilee year of the company. There is no special merit in merely naving lived for 50 years, but in the case of a public company it is a rather notable event. The death rate among companies is excessive and infant mortality is far too high. I suppose we may look on the new Cdmpanies Act as a kind of Plunket effort or. pre-natal clinic designed to try to reduce the death rate among public companies in the early stages.—(Laughter.) What really does matter is how the 50 years have, been spent. Has the company done, good work during its life? Has'it fulfilled the purposes for which it was designed? Has. it enriched the life of the community and given useful service? While no service is ever perfect, I think it is permissible to look back with : some satisfaction on what the company has accomplished during the 50 years of its existence. Its growing responsibilities show that it has acquired and retained the confidence of the people of the three provinces in which it works and its activities have spread far arid wide beyond the boundaries of these provinces. The difficulties that must have been experienced in establishing a company of this kind are fully appreciated by us, because our own work in establishing branches in other cities has shown what a large amount of energy and patience, of time and money, is required before a self-supporting position is attained by them. The company owes a debt of gratitude to the men who guided its destiny in the past. They were far-seeing men, whose work has lived long after them, and what better monument could men wish for?

My own connection with the compaay is comparatively recent, but I had the privilege of sitting with Mr Donald Reid. Mr John Mill and Sir George Fenwick on this board. These men have left their mark on the company—the Perpetual Trustees Company and Sir George Fenwick are always associated in my mind. His unfailing courtesy, his zeal for the welfare of the company and its clients, and his passionate love for this city and for New Zealand were an inspiration to those associated with him. In thinking of the men who in the past have guided the affairs of the company I must mention our present chairman, whose connection with the company goes away back into last century and whose services are deeply appreciated by his colleagues and, I am sure', by the company's shareholders and clients also. May he long continue to sit at the head of the table and to give us the benefit of his ripe experience and wisdom. In the past, men of. integrity and high principles overcame difficulties as they arose and we hope that.those who now and in the future bear the responsibility will be able to emulate their predecessors —for now we face a world of changing conditions, and to these conditions we must adapt ourselves. - Many things that we regarded as : axioms in finance, currency and international monetary relations are_ being challenged, and where we are going is by no means clear at the present time. . CHANGES TAKING PLACE

I suppose nearly everyone here has conservative instincts and regards with

some trepidation , changes that are taking place. Many mistakes will inevitably be made and much time must pass before the stability which we regarded as normal 20 years ago is restored. Few of us are satisfied with the present economic structure or the way it has worked during recent years, and we would welcome changes and improvements which would ensure that every man and woman who fitted themselves for some useful work would not be denied the opportunity of contributing to the national wealth and welfare. No matter what changes come, efficient, experienced and reliable trustees will always be necessary. The time comes when men tire of the burden of business and wish to transfer the care of their affairs to trustworthy hands. The time comes also when wc finally cease from all activity and will wish our dependents to continue to enjoy the fruits of our thrift and foresight administered by experienced and sympathetic trustees. Whatever changes occur, these wants will remain and companies like ours can continue to give this service. Many changes have occurred in the last 50 years, and it seems probable that even more sweeping changes will occur in the next half century. Mr Baldwin recently stated in the House of Commons: "At Home we have passed into an entirely new economic system, the end of which no man can see." Even more recently another Minister said: "We shall have to come frequently to this House, in the months and years immediately in front of us, to ask for sanction for wide and sweeping change's in the economic structure." It is interesting to think that the men who will celebrate the company's centenary are probably in their cradles or wearing school caps, but whoever they may be I feel sure they will recall the names of men that Wc are recalling today, and again express gratitude for the good work they accomplished. We may even hope for some kindly reference to those who are at present carrying on the company's affairs. ' Wc have difficult problems to solve and can only do our best. In doing this- we are assisted by efficient and trustworthy managers and' by a staff that reflects credit on the late general manager, Mr Park, and our present general manager, Mr Ibbotson. You have figures before you showing the, assets of the company. These are the only tangible things we can show you, but they do not convey to you. the real source of the strength of the company—the real assets are intangible—they consist of the spirit instilled into the company by the men whose names are being recalled to-day, of the accumulated experience of 50 years, and of the courtesy, sympathy and helpfulness of a loyal and efficient staff. In these things lie the real strength of the company and with their help we look forward with confidence to prosperity in the years to come— (Applause.)

MR DOWNIE STEWART'S SUPPORT Mr W. Downie Stewart, M.P., said: I am sure I speak for all shareholders present when I say that I have listened with the utmost interest to,the review by the chairman of the past history of the company, and the many prominent citizens who, in the early stages of the company's history, were connected with it, and the gradual and steady expansion of the company's business into other centres. He also reviewed the present position, and some of the difficulties the company is faced withy- I think that his remarks, together with the broad survey given to us by Mr Begg of world conditions and of the general economic structure that we are likely to be faced with, in the, time to come,' have been listened to by shareholders with the utmost interest.- Mr Begg has said that the mere, fact of having been in existence for 50 years is not, in itself, * a matter for record as one of special virtue on the part of an individual or company; but, after all, a jubilee year is. a very happy event, in the history of a company,. It' represents a very long period—a period of more than half the total existence .of the conimuhity, and, having regard to the life and the percentage of casualties among companies, it is gratifying-that this. company has remained and expanded so successfully as it has done. I was wondering as to the difference between : a hiodern jubilee and a jubilee of the. Old Testament. Ours represents the Old Testament's because on such occasions there used to be a redistribution of property. We may regard this bonus dividend as part of the same principle. There was also a general wiping out of debts, but the directors safely feel, probably, that they can leave that to the activities of the mortgagors' relief court. Mr Begg says that the real assets of the company are intangible. If there are any more intangible assets in the shape of bonus dividends, we will be pleased to treat them as intangible, so long as we get them.— (Laughter.) I was interested in what Mr Begg said as to the future possibilities and the great changes going on in the structure of society. It is true that you cannot open any book or paper now without reading of planning—planned production, planned money, and planned distribution. I think this company may at any rate say that this venture, started fifty years ago, stands as a successful venture in planning. In its original planning and in its development the company has been of real service to both testators and beneficiaries and to shareholders and all concerned. Perhaps it has not been quite so fully beneficial to lawyers, who have always been noted throughout history for their public spirit and self-sacrifice —(laughter)—and they may not mind the slight cessation of their work through the activities of the company. Shareholders will entirely approve of the bonus to the staff, and may feel that it would not have been out of place for the directors to have asked for a bonus for themselves. But perhaps they are content to stand in the position of shareholders. The shareholders wish to . congratulates the directors and staff on | the happy event which this year marks, I and to express the hope that the company will still prosper and go forward, and we wish the directors and staff all good fortune. — (Applause.) The motion was carried unanimously. ELECTION OF DIRECTORS Mr Nathaniel Paterson moved the reelection of Messrs W. E. Reynolds, E. G. Kerr, and E. K. Ireland as directors. He said he had received a hint that,

• owing to his long connection with the • history of the company, he would be i permitted shortly to dive into the ; past and say something about it. ' The election of directors naturally : turned one's mind to the original J directors of the company. The two s firms of Gillies Street, and Hislop - and Connell and Moqdie worked on ' very similar lines; each of them had i a good foundation in agency business, ' acting to a large extent for clients in ;' the Old Country, and each of them had 1 'a large business in the way of survey- ■ ing. Mr Connell came to the colony in I the early days. ' He was a University 1 man, and a very keen arithmetician, as 1 his father had been a professor of mathematics in Edinburgh. Mr Connell's ! brother came with him, and together 1 they roughed it in going round sheep '< stations surveying pre-emptive rights, and the records in the Survey Office "bore testimony to the accuracy with which • the work was done, even in those early ' days. Following that work, large survey J' contracts were given by'the Government, ' and in the course of that duty rivers had to be crossed and mountains climbed, ■ while there were not a'few adventures ; with wild pigs. Mr Connell's camp, while on this work, was a model of good management. In some ways.it was unique . as, a surveyor's camp.' Sometimes they were out on : contracts for more than a year, summer and winter. Now and again Mr Connell took his wife and family to a camp, and made them quite comfortable. His men were greatly devoted to him, and some were with him on contracts for year after year. He had some eccentricities; he was a man .who was .deeply respected by all who knew him. His camps were perhaps unique in this respect; he took an interest in his men, and it was usual on Sunday evenings to have a short service in camp, while on one night in the week he would bring down his flute and the men would take part in a concert led by Mr Connell. On one occasion the party stayed at an hotel, where a number of men had been held up by wet weather for a fortnight. During that time the men had been making free with liquor, and Mr Council started a temperance society, the terms of which were that a member would not touch liquor for a year, and after that h 9 had to give six months' notice of his intention to break his pledge.— (Laughter.) , The society was carried on for a good many years, with good results to the men in the camps. Mr Connell was responsible for the idea of starting a trustee company. He; was a man of large vision. Afterwards he went to Auckland to open a business. The project failed, however, because the foundations here were not sufficiently strong to carry it, the idea being to encompass at once the whole of New Zealand. Mr Moodie was the office man, courteous to all, and a keen business man. Mr Paterson added that, as an employee, he had 20 years' service.witli Connell. and Moodie and the Perpetual, Trustees Company, and his memory naturally went back to those days, gome time later Mr Gillies died, and Mr, Connell met Avith a tragic death, i left only Mr Hislop and Mr Moodie. The foundations were then laid of the present company, and those who laid them little thought that in 50 years the directors would be talking in millions instead of the small sums spoken of in those days.— (Applause.) Mr T. Coull seconded the motion, . which was carried unanimously. DIRECTORS RETURN THANKS. In returning thanks for his re-election, the chairman said he had always possessed a heartfelt interest in the company's affairs. In the last year or .two the directors had met some difficulties, but difficulties were only obstacles to be overcome, and in that way they had been tackled, and now they were things pf the past.— (Applause.) Mr E. G. Kerr (South Canterbury) thanked the shareholders for re-electing him as the director for South Canterbury. ... '••■,'" ■■■•' Mr R. K. Ireland, (North Otago) also thanked the meeting for re-electing him to the directorate. Oamaru, he said, •was the smallest district in which the company operated, and the business, he was pleased to fcay, was growing. The' directors had bought an office there, in which the agent conducted the business of the company. He (the speaker) was the latest addition to the directorate. He had been on the board approximately 12 months, and he could, assure shareholders that, all the business was handled in a most efficient manner by the directors. He had had experience of boards of directors of other bodies, and he could therefore make that statpmnt with some knowledge. He would like particularly to draw attention to the work of the chairman, Mr Reynolds, the deputy-chairman, Mr Hazlett, and the Dunedin directors who, being near the head office, had to take perhaps more than their share of the burden of the work. ELECTION OF AUDITORS Mr J. S. Hislop moved, and Mr D. Phillips seconded, the reappointment of the auditors, 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). The motion was carried; Mr J. S. M'lnnes, of Messrs William : Brown and Co., returned thanks for the re-election of the auditors. He spoke of j the efficiency of the staff and of the highly satisfactory state of its work. > VOTES OF THANKS 'Mr George Black proposed a hearty ■ vote of thanks to the directors aud staff, i They had heard from Mr Begg about ; the staff, and every word that gentleman had used he (Mr' Black) heartily en- ' dorsed. As for the directors he could \ say to the shareholders that they were i following in the footsteps of the men ,vho had laid the foundations of a wonderful i company. He could say this with some \ confidence, having been a memb.er of the j board himself until he decided to retire ' owing to circumstances that had mean- , time made it difficult for him to hold the i office. The attention that was given to < the affairs of the company was very ( marked, and shareholders owed a real debt of gratitude to them for their work. Particularly in the last three or four very ' trying years duties had been onerous, ' not only on the part of the directors but of. the staff. The chairman had c

mentioned that the expenses had grown a little. It %vas easy to understand that fact when one saw the very large amount of correspondence, and understood the time and trouble necessary for the consideration of other matters that a few years ago cost practically nothing with what they cost to-day. As for the staff, he had inside knowledge as well as outside knowledge, and he knew they had a splendid set of officers —a staff that any concern in this city or any other would be justly proud of. He was pleased to sec that the board had approved of a bonus to the staff, though hei was still more pleased to see the addition that had been made to the staff benefit fund, which would assist their employees when they had given up troubling with interest matters and mortgagor relief acts. — (Applause.) The vote of thanks was carried by acclamation.

The chairman expressed his appreciation of the vote of thanks, speaking for the other directors as well as for himself. He also referred to the harmonious tone that always existed at directors' meetings, and among the members of the staff, and said that the credit for overcoming many difficulties encountered from time to time belonged perhaps more to the staff than to the directors.

Mr Ibbotson, general manager, said it was with pleasure he rose to thank shareholders for the vote of thanks to tbc staff in recognition of the year's work and its results. The directors had marked the jubilee of the company by voting a special sum to augment the staff benefit fund. This was very gratifying to the staff. It Avas an excellent thing for the employees to know that provision was being made for them against the day that would eventually and inevitably come when they must retire. Employees generally had.been handicapped, of late, especially in the last four years when the opportunity to save had not been as great as formerly and one's savings had been more or less depreciated. Personally he desired to thank the staff for their assistance, and particularly, would he thank the senior officers. He was pleased to see with them that day two old employees- in Mr J. S. Hislop and Mr N. Paterson, both of whom were with the company in its early days. These gentlemen, with Mr Moodie and himself, were the survivors of the staff of the company in its earlier days. It was a staff then of.six or seven, and to-day it was many times that number, while the business had spread out in many directions. Mr Ibbotson also mentioned his predecessors in the management— Mr Walter Hislop and Mr James A. Park —both of whom had served their day and generation well. He counted it a privilege to have been associated with them. In a large business one must delegate important duties to others, and in that respect he desired to say he had around him in Dunedin and in the branches meu of experience and good judgment to whom he could pass on some important duties, leaving them to carry out many details. This left him free to attend to more important matters that came before him as general manager, and it was an arrangement, he was sure, that was appreciated by clients as it enabled the office to give quick dispatch to business. The day was past when everything should be left to one man. Mr Ibbotson continued: "Regarding my own service, extending over 35 years, I have had a great opportunity of learning a good deal of trustee work, and a great deal more about human nature and its various moods. I want to close by expressing thanks to the chairman and the members of the board. Our relations have been very happy in the past year and former years, and that is a very important concomitant for the welfare of the company and its clients. It has been of even more importance in the last four years when he had been concerned over many important and intricate .matters.—(Applause.) A vote of thanks to the chair concluded, the meeting.