TRUSTEES, EXECUTORS, AND AGENCY COMPANY.

Otago Witness, Issue 956, 16 May 1889, Page 10

TRUSTEES, EXECUTORS, AND AGENCY COMPANY.

The ordinary general meeting of shar of the above company was held at the co npany's office yesterday, and attended by Mr P. G. Neill (chairman), 'j!ir , John Roberts (of Murray, Roberts, and Co.), Mr E. P. Kenyon (solicitor), Mr James Alien, M.H.R., Mr J. Mills, M.H.R. (Union Steam Ship Company) Mr A. W ; . Morris (of the Ofcago and. Southland Investment Company), Mr J. R. Sinclair (solicitor), Mr A. Q. Fenwick (sharebroker), Dr H. W. Maunfcell, and Mr W. L. Simpson (manager). ' - Following is the directors' report : — , The directors ' submit their seventh annual report and balance abeet. The profit and loss account for the year shows a net profit of i£Bs4 4a, and from this the directors recommend the payment of a dividend of 6 per cent. ; that the sum of £101' 6b lOd, standing as preliminary expenses, be wiped out ; and the balance,,£ls2 17s 2d, carried forward to next year's account. ' The retiring directors (Messrs John Roberta and P. O. Neill; are eligible for re-election. ; < The Cpaibwan said : The balance she^t shows a marked improvement on that of last! year in all the items on the credit; side, amounting to' some £300. The expenses are much aooajb the same, with the exception of the first item, which shows an increase, of about £100, caused by.some ! increase, in salaries and a more frequent) attend*-, j ance of directors,. The directors, under these circumstances, think they are justified in recommending a dividend of 8 per, cent., after! writing' off the balance of preliminary expenses, and carrying forward, a snbaijantial balance. The company's business .continues to increase in volume. The trusts, powers of attorney, and agencies reach now the considerable number of 67, involving the care and custody of funds and property to, the extent of nearly half a million sterling — the actual amount being £442,000— the collection of interest on 185 mortgages, and of rents, on some 68 properties. Besides these the company have some very remunerative business. Thß manager, who .is one of the executors, takes an active part in, the management of a large and going business. < . He is also attorney for the conduct of the business here of a large firm at Home. .There , is also a r very considerable sum,deriyed from the business conducted at .the land office, and alsospme, business ag trust^ for deb^ntur^. holders, a' kind pf, buiineßß/which,the compiiny; is particularly we}l adapted for. ; We mu§|» remember thafi this company wap, formed more onphgiuthropjo grounds thj& as a^vi^ajpij^^concern, fa jupjty a want felt by many who experienced * dimcjoltgrc in »ppointiDg private executors an 4 trustees or 1

persons'^ look after affairs. I thin) may congratulate th'e 1 shareholders on the a and steady progress the company has made di ,ing the period ifrhas/been ii ,existoice, and t Success that has attended its' dpnations dot! these years of depression and constantly re« -.ing values of securities./. ,'OuS'pgtiook fort future is now very goo^ indeedj ,and I feel cq fident, as the public come to the gu advantages to be derived' from making ate duch >a company as ;thiß>-where..)tb.e 'texecQj never dies, and the business, entrusted to its y is conducted ia an able and painstaking mt^ - wfttched .over by careful bußirji|6S men, its g vicira^ill bfe'mble ahd-mdre* availed 1 of. % these'few remarks; I beg to move the adopft of 'the report and balance'shefit." A. W. Mobbis seconded theMoiion, k said /that it was ' satisfactory td { to find that the company was making such p.

({IOBO. " ....... . The motion having been adopted, ' • It was' resolved on the motion of Mt J.Koii seconded by Mr J.^Allbn, thatthti^ re&i directors be re-elected. ."< ,i. . t "

Mr W. Brown and Mr A. Bartleman wj, appointedauditora of the company for" the eon ing year. >'■> \ > ■.