PERPETUAL TRUSTEES, ESTATE AND AGENCY COMPANY.

Otago Witness, Issue 2779, 19 June 1907, Page 41

PERPETUAL TRUSTEES, ESTATE AND AGENCY COMPANY.

The annual general meetinjr of shareholders in the Perpetual Trustees, Estate, and Agency Company was held at the office ot the company on the 4th mst. Mr Walter Hislop (chairman of directors) presided, and 26 shareholders were present or represented. The Cha-uman, in moring the adoption of the report (already published) and balance sheet, said the directors had pleasure in meeting shareholders and laying before them the results of the company's operations for another year The balance sheet set out clearly the position of the company, and it was not necessary for him to take up their time by going into the details of the figures therein disclosed. Ihe profit and loss account showed that the business of the company was being well maintained, and that the profits for the year amounted to £1817 0s lid. In November last the usual interim dividend of 12£ per cent, per annum for the halfyear ended 31st October wae paid, and the directors now recommended the payment of a similar dividend for the half-year ended 30ch April. This left £6*5 3a 5d of the year's profits to be dealt with, and the directors further recommended the placing of £500 out of that sum to the credit of the Reserve Fund, which would then rtand at £7500, and that the balance (£145 3s sd) be added to the balance brought forward from laet year (£1272 4s 2d), and the result (£1417 7s 7d) carried forward to next year. The directors were strongly of the opinion that the Reserve Fund should be added to whenever the profits admitted of so doing, and he felt sure shareholders would support them in this. The directors, being of opinion that it would be wise to increase their number to the maximum allowed by the articles of association, asked Mr T W Kempthorne, who held the necessary qualification, to accept a seat on the board. This Mr Kempthorne consented to do, and he (the speaker) had no doubt the directors' action in thi6 matter would meet with the approval of shareholders. That tl.e business of the company was being more than maintained, be would point out that in 1901 the oompany held as executor, trustee, attorney, or agent for investment on mortgage and debenture securities £262,105, and controlled property the land tax value of which was £269,703. To-day the respective amounts were £311,457 and £462,522 — an aggregate increase for the six years of £244,171. During these years, however, a good many truste had been closed, and notwithstanding this, the fact that the company was still able to show an increase in its business confirmed what he had said on previous occasions — that the value of such a company as theirs was being more and more recognised and taken advantage of. He might also state that, in addition to mortgage and debenture securities and land, the company ateo controlled for trusts and private clients shares the present value of which was £53,888 17s 6d. He begged to move the adoption of the report and balance sheet.

The motion for the adoption of tho report was seconded by Mr J. H Walker and carried unanimously.

Messrs Mill and Kompthornp (the retiring directors^ were re-elected. Messrs Wm. Brown and Co. and Mr George Blyth were re-appointed auditors.

Mr Kempthorne. in re+urninjr thanks for re-election, said that during the rime he had been on the board he had had an opportunity of ascertaining how the business of the nompanv was conducted, and he could say that if it was ac well conducted as it was now the company would sr* 1 on increasing, and shareholders would receive steady a.nd permanent dividends in the future.

A vote of thanks wax unanimously accorded the directors and the staff of the company as a whole.