TRUSTEES, EXECUTORS, AND AGENCY COMPANY.

Otago Witness, Issue 3244, 17 May 1916, Page 3

TRUSTEES, EXECUTORS, AND AGENCY COMPANY.

The thirty-fifth annual meeting of the ! Trustees, Executors, and Agency Company , of New Zealand was held on the 12th inst. in the company's office. " Mr A. Bathgate occupied the chair. . ' The Chairman, ill moving the adoption of the report and balance sheet, said that it was a satisfactory statement, bringing out a considerably increased net profit as compared with that of last .year. Last year's net profit was £IBO4 17s Id, while this year the net profit was £2157 3s, an increase of £352 5s lid—making, with the balance brought forward of £3984 9s 9d, a total credit of £6141 12s 9d, from which had to be deducted the interim dividend of 5 per cent, paid for the half-year ended September 30, 1915, leaving £5641 12s 9d, which the directors recommended be dealt with by paying a dividend of 5 per cent., making 10 per cent, for the year, and a bonus of 5 per cent, on the paid-up capital of £IO,OOO, thus maintaining the 15 per cent, which shareholders had been receiving sinco 1905. The statement of the trust and agency business called for few remarks. At March 31 the value of all investments and money at the credit of estates showed only an increase on the year's transactions of £38,924 3s 2d, which'was small compared with the increase which was shown on those of last year of £192,224 16s 2d. This showed the variations which took place in the company's business from trusts coming to an end and the funds being distributed. Of the mortgages in the hands of the company, 31, representing £111,694 15s lOd, fell due during the year, and, after due inquiry and in most cases revaluation, these were renewed for a further term of from three to five years at satisfactory ratea, while £46,350 was placed on fresh securities at current rates. Notwithstanding the disturbing clement of the war durmar the year, the rate of interest had remained wonderfully steady, due in some measure to the cessation of speculative purchases of land. The debenture investments had increased during the year by £55,685, and the rate of interest obtained was 5 per cent. At the present time securities, either on mortgage or debentures, were not too plentiful, no doubt due to the uncertainty as to what effect the outcome of the war would have on finance. Practically all interest up to March 31 was paid, and any small arrears at that date had since been met. No doubt shareholders would have become aware that two of the insurance companies local to the dominion had obtained the consent of their shareholders to take up trust, executory, and agency business. The South British Company, by acquiring the charter of the old Guardian Trustees and Agency Company, whose Act it got amended by Parliament, was in a position to enter the field for business. The other company, the New Zealand Insurance, had petitioned Parliament to grant it an Act or charter. Care would have to be taken, that the company was subjected to all the conditions to which other companies carrying on trust business were subject to. In conclusion, ho hardly needed to remind shareholders that they were greatly indebted to the manager and staff for the assiduous care and attention which they had continued to bestow to the affairs of the company. ; Mr W. Brown seconded the motion. He ! said that the small increase in mortgages was partly due to the wretched Act tho ! Government passed 18 months ago doing away with some of the conditions of mort- j gages. Ho thought the Mortgage Exten- j sion Act a very unnecessary interference on the part of the Government. It was with the idea of protecting tho poor man that ! it was passed; but the poor man was not ! usually to be found as a borrower on mortgage. The company should do everything in its power to have this Act done uwaj with at once. The motion was carried unanimously. The retiring directors (Messrs Alexander Bathgate and John Roberts) were re- j elected A vote of thanks was passed to the directors, management, and etafe