TRUSTEES, EXECUTORS, AND AGENCY COMPANY.

Otago Witness, Issue 3348, 15 May 1918, Page 37

TRUSTEES, EXECUTORS, AND AGENCY COMPANY.

The thirty-seventh, annual meeting of the Trustees, Executors, and Agency Company was held on Monday afternoon. Mr A. Bathgate (chairman of directors) presided. Mr Bathgate, in moving the adoption of the report, "said that the balance sheet for the year showed an improvement on that of the previous year, the income being better by £505 13s 6d, but the expenses, in particular the salaries, showed an increase somewhat reducing that improvement. The increase in salaries had mainly been caused through the company having so many of its stan called to the colours, necessitating arrangements to teach others to fill the places of those called up, and causing for a time a sort of double-banking of the staff in some cases. He mentioned the serious loss tho company would sustain in July in losing the services of Mr Thomas Irvine, the assistant accountant and chief bookkeeper, who was to join the reinforcements. Mr Irvine had been in the company's service for over 18 years, and had served it faithfully and -with ability. He had a knowledge of the business which only a long service could give—namely, the history and peculiarities of the different trusts in the company's charge, an invaluable knowledge for the proper conduct of the work of the company. The work of the company was steadily'increasing, as was manifested when they turned to the statement of the trust, executor, and agency business set forth in the balance sheet, which showed that the value of the property, investments, and money at the credit of estates in the company's charge gave an increase of £83,825 7s 7d over that of last yer, wahich produced an increase over the* previous year of £148,454. During tho past year there had been a rise in the rates of interest for loans on mortgages, which now stood at 53 to 6 per cent., but it was surprising that the increase had not been greater in view of the large amount of money absorbed by the Government war loans, and it might be looked on as evidence of the wealth and prosperity of the dominion, although there could be little doubt that it was in some measure due to a lessened demand for loans, owing to a curtailment of enterprise occasioned by war-conditions. As further large Government loans would be necessary, it was manifest that the upward tendency of the rate of interest would continue, and it was probable that after the war; when the demand for money for the development of our resources would be groater, higher rates would be maintained for some years. During the past year the company had invested for constituents in Government war bonds the sum of £49,353. Many mortgagors, whose loans fell due during the year, had taken advantage of the provisions of the Mortgage Extension Act, which prevented payment of the principal sum being insisted on, but in nearly every instance the mortgagors had agreed to pay the higher market rate of interest rather than have the rate to be paid fixed by the court. Mr G. R. Ritchie seconded the motion, and said it was very satisfactory to see that the company had maintained its profits. During the last 10 or 15 years competition had increased, and other companies had come into existence. Notwithstanding tho increase of charges tho company was a few hundred pounds better off for the year. The motion was adopted. Mr John Mill moved the re-election of Sir James Mills and Mr Robert Hay as directors, and the motion, on being seconded by Mr D. Crawford, was carried. Messrs W. Brown and Co. and G. L. Denniston were appointed auditors.' Mr R. Hav briefly returned thanks for himself and Sir James Mills. The manager (Mr W. L. Simpson), in acknowledging a vote of thanks to himself and the staff, proposed by Mr H. S. Fen wick, stated that 36 years a?o he had been called upon similarly. Tliis year the staff was much more worthy of tho vote owing to the pressure of work placed upon it. The staff had done excellently, though it had been difficult to keep ahead of the work. The directors were included in the vote of thanks, the compliment being acknowledged in a few words by Mr Bathgate.