THE PERPETUAL, TRUSTEES, ESTATE, AND AGENCY COMPANY.

Otago Witness, Issue 3249, 21 June 1916, Page 46

THE PERPETUAL, TRUSTEES, ESTATE, AND AGENCY COMPANY.

| The thirty-second annual meeting of the Perpetual irustees Estate and Agency Company of New Zealand was held at the comj yuny s office on the 9th inst. Mr G. Feu wick (chairman of directors) | presided over a large attendance. i i.lie Chairman, before moving the adopj tion of the annual report and balance sheet, j apologised for the absence of Air R. Glenj dining, one of the directors, through illness. Mr Glendining had given valuable help as a director in the affairs of the company, and his colleagues regretted that he was unable to be present. In moving the adoption of the report and balance sheet, Mr iTenwick made feclhur reference to the death of lus predecessor in the chair (Mr T. W. Kempthorne), and then | proceeded to piace before shareholders in an interesting manner a history of the 32 years of the company's existence, showing I tiir steady progress it had made in everv direction. There had also been a steady building up of the reserve fund until it iuul reached the splendid total of £12,000. ! It was only right that he should say that the support and confidence of the coni- ; n.unity had not been secured without a | great cieal of thought and hard work on the part of directors, managers, and staff. Ho paid a tribute to the work of the first manager, the late Mr Walter Hislop, and, alter referring to changes and promotions amongst the staff, he went on to draw atin the balance sheet. He said it was satisfactory to note that the commissions earned showed a total of £4843 Is 3d, as compared with £3352 5s lid for 1915. This substantial increase of nearly £IOOO in the earnings of the company was a particularly gratifying feature of the balance sheet, and was evidence of considerable progress in the business. —(Applause.) It would bo noticed from the directors' report that the staff bonus figures to appear in next year's balance sheet would show an increase to £323 6s. This was the outcome, to a small extent, of the addition to the staff, rendered necessary by the company's steadily increasing business, but mainly because of the wish of the directors specially to recognise the able work of their manager and his ceaseless watchfulness over the affairs of the company. —(Applause.) They desired also cordially to recognise the loyalty and good work of the whole of the other members of the staff. The directors recommended that a further addition of £SOO be made to the reserve fund, which would then stand at £12,500, and that the balance, £4764 14s lid (subject to payment of income tax for the year just ended), be carried forward. The new business for the year just closed was phenomenally large, and was expressed in the following striking figures—executorships and trusteeships £262,572 18s 4d, new investments on mortgage £19,332, new agencies £39.045 ;—total new business for the year £320,950 5s 6d. These were very striking figures indeed, and while it was* true that they represented a volume of new business which had not hitherto been approached in any one- year since the registration of the company, it was also the case that the total value of the business placed in the company's hands during the past five years was represented by no less a sum than one million pounds, or an average of £200.000 per annum for that period.—(Applause.) Mr R. Gilkison. who seconded the motion, said they were all indebted to the chairman for the most interesting resume he had given them of the history of the company from its inception. They had seen its early struggles and ups and downs, and how it had triumphed over all these, acquired the confidence of the public, and built up a very large and satisfactory trust business. Two striking facts emerged—that, although the capital was twice written down, yet the company was able to pay a good 5 per cent, on its original capital; and that a reserve fund had' been built up which was now larger than the total -present paid-up capital. He thought the whole success of the company depended on the local board of management, and, in order to make a branch successful in another centre, it would bo necessary to have a local board, subject, of course, to the central board in Dunedin. The motion was adopted. The retiring- directors (Messrs John Mill and 15. C Hnzlett) were unanimously reelected, and Messrs Wm. Brown and Co. and George Blyth were re-appointed as auditors at the same remuneration as previously. Mr John Mill said he was sure it was the desire of everyone to place on record their appreciation of the great services rendered by their late chairman (Mr T. W. Kempthorne). lie therefore moved—" That this meeting of shareholders deeply regrets the death "of the late Air Kempthorne. and wishes to record its sincere appreciation of his valuable services in the past in the interests of the company, more particularly as chairman of directors'."—The motion was carried by members standing.

On the motion of Mr W. B. Morgan, a very hearty vote of thanks was aonorded to the directors, and also to the manager (Mr J. A. Park) and staff. The shareholders, he said, were to be congratulated on tho efficiency of these men, as the balance sheet showed.

Mr C. J. Payne moved the following motion: —"That the directors be authorised to donate the sum of £25 to the Otago Daily Times North Sea Fleet Sailors' Dependents' Fund; and. further, it be a recommendation to the directors to donate suitable sums during the year when, in their opinion, it is nocess-arv for patriotic and relief purposes." The perpetual Trustees was one of the companies, he said, that had been prosperous. and at times like this they should think of others who were not so prosperous. The motion was unanimously adopted.