THE PERPETUAL TRUSTEES, ESTATE, AND AGENCY COMPANY.

Otago Witness, Issue 3145, 24 June 1914, Page 5

THE PERPETUAL TRUSTEES, ESTATE, AND AGENCY COMPANY.

The thirtieth annual report of the Per-

petual Trustees, Estate, and Agency Company was held on the 2nd, when the directors submitted -the annual report and balance sheet for the past year. Mr T. W. Kctnpthorne, chairman of directors, occupied the chair, and there was a good attendance of shareholders. * In moving the adoption of the report the Chairman said: “The report and balance sheet having been in your hands some 12 days, will doubtless be taken as read. Before proceeding with the business of the meeting I have to express on behalf of the board, with deep regret, that s nee our last annual meeting we have lost through death our esteemed comrade and co-director, Mr James Hazlett, who had been associated with the company for 10 years. I have pleasure in moving the adoption of the report and balance sheet as presented for the period ended April 30, 1914. I'hc net profit for the year amounts to £2520 10s 9d, to which , must be added the amount we brought forward from last year, £2BBO 6s 3d, giving an available balance of £5406 17s. Out of this an interim dividend of 12£ per cent., per annum was paid, equalling £585 18s 9d. and we now recommend for the remaining six months a dividend at the same rate, with a bonus of 2i- per cent., making 15 per cent, for the year on the paid up capital of the company. The figures in the balance slie:t will, I th uk, be clear to shareholders, and only require brief explanation. The capital is. as last year, £8375 paid up, the uncalled £96,875 being 25,000 shares of £3 17s 6d per share. The reserve fund, £ll,OOO l Wo ask your permission to add £SOO, making reserve £11,509. The board regards the building up of this reserve as of the first impoitance to the company, as it gives confidence to clients who favour us with the conduct of their business, and at the same time raises the value of -shareholders’ hold.ngs. Although the company has been proaricrous for many yeaft, and shareholders have received good dividends on the paid-up capital, poor, lean years are posstole, which careful and competent directors will ever keep view by providing during favourable years to strengthen the reserve to cover such, a contingency, and so avoid the necessity of calling on your shareholders for monetary help. The balances due by the company amount to £14,045 7s 4d. which last year amounted to £31,905 4s 7d, showing a decrease ot £17,859 17s 3d. This is explained by the ' fact that an estate was in process of realisation at the end of 1913, which during the present financial period was distributed to beneficiaries under the will, and which beneficiaries have again separately placed their affairs in the hands of the company for management. As to the assets: ‘ Office furniture ” shows a trifling increase £ll2 16s 2d; in 1913. £93 6s 2d Cash in hank and on deposit is £3796 16s 9d, which last year was £3533 12s lid a small divergence of £265 3s lOd. “Debentures m 1913 amounted to £10,500, which by shareholders’ resolution at last annual meeting was increaaad to £11,009. now recommend another addition of £SOO, making the total £11,500. ‘ Mortgages, accrued interest, leasehold, and buddmga, £11,780 6s 6d, in 1913 amounted to £l2,£-2 17s 9s—a decrease of £442 Hs 3d. For shareholders’ information and confidence 1 am nleased to say that all our advances are amply covered by undoubted securities “Balances due to the company, 6s 2d, against £29.804 13s 3d, I > e previously explained. “ Profit and loss account’’ total £3523 8s in 191 |M > against £7793 19s 6d for 19] - 2 -] 9 t a - The increase of £734 8s 6d is accounted for by the larger amount earned -forward for 1914 by £426 5s 6d; extra profit this year in commissions. £SOB 10s 6d ; extra profit in transfer fees, 12s 6d Total, £735 fe 6d, less decrease" in interest earned £l, leaves £734 8s 6d; On behalf of tho board I have again to thank your able manager {Mr Park) and the staff for the good work done and for the continuous care and close application to the company s interests which ia ever manifest. I have also to tnank shareholders for tho keen interest they have taken in the company s progress and for their assistance in bringing new business To our Invercarfjill agents .(Messrs Rout and Stewart) we desire to convey our appreciation of their progressive work. At the annual meeting of such a company as this I think the time is appropriate to refer to the making of last wills and testaments. Now, to men and women who ma.ee wills, * it will doubtless occur to most of you that it is much better and safer for testators to make this company trustee to carry- out their commands under their wil.-s than it; is to make personal friends or their own children their trustees, for they often get tired of their responsibilities and sometimes quarrel. I go* further by saying that they have not the experience, the capaonity, nor the opportunity of managing things to produce the best results as a competent board of directors have with an efficient manager and staff. Beyond this, life is transient; private trustees must die, and often do before their work is accomplished. A perpetual trustee company well managed, never dies. A director falls out fit the ranks; another promptly fills the gap. There is no end, because it is perpetual lite. Any further information wanted I shall be pleased to supply. I now formally move the adoption of the rejiort and balance Sh Mr J. B. Callan, sen., seconded the motion. Ho said he wished to endorse too chairman’s expression of sympathy regarding the loss sustained by the death of tho late Mr James Hazlett. Having known that gentleman for about 40 years, he could say he was one of the best types of thenhardy and self-reliant pioneers. In his earlier years he had been selected by the authorities to assist in exploring what was then unknown territory in Gippsland. and had subsequently lived in Dunedin formally years, his life being a worthy example for the younger generation to follow, and his death a distinct loss to the community. Referring to the reserve fund, Mr Callan said he noticed that it had reached the substantial sum of £II,OOO, and he had seriously considered whether the proposed increase of £SOO should go to swell that amount or bo divided amongst the shareholders. After hearing the chairman’s remarks on that point however, he was quite satisfied with the proposal, as- the public was without doubt largelv influenced by the fact that such institutions had a substantial security as a guarantee for their clients. He congratulated the directors for presenting such a satisfactory balance sheet, and trusted that the company would continue to prosper in the future as it had done in the past.

The report and balance sheet were unanimously adopted. „ ,j The retiring directors (Messrs Dona.a Reid, sen., and R. Glendmin.g) were reelected, and the retiring auditors (Messrs William Brown and Co. and G. Bl.ytn) were also re-clectod.

On the motion of Mr E. Hazlett, a very cordial vote of thanks was accorded the manager and staff for the very able manner in which they had carried out their duties during the year. In acknowledging the compliment paid to his staff, Mr J. A. Park said it was very gratifying to know that the staff was now in a position to deal with a much greater volume of business than heretofore, and _ it was his pleasing duty to record a largo increase in entirely new business during the past year. This last statement was received with expressions of approval from the shareholders present.