TRUSTEES, EXECUTORS AND AGENCY CO.

Otago Witness, Issue 3823, 21 June 1927, Page 14

TRUSTEES, EXECUTORS AND AGENCY CO.

PROFITABLE YEAR’S WORK.

The ordinary general meeting of shareholders of the Trustees, Executors, and Agency Company of New Zealand (Ltd.) was held at the office of tho company in Water street on Wednesday mornj'g. Sir John Roberts (chairman of directors) presided, and the following ■directors were also present: Messrs Ahrsander Bathgate, P. C. Neill, G. •?.. Ritchie, and Sir John Sinclair. Tbe two other directors forwarded r.piwwrws for absence —Mr S. C. Sutherland, was out of town, and Mr R. J. Hudwho was indisposed. An apology for absence was also received on behalf of Sir R. A. Anderson, local" advicory director at Invercargill, who is absent from the Dominion. The Chairman said ho would take rhat opportunity of expressing his regret at the death of Mr John Mill, who had been a director of another company in the city. Mr Mill was a man whom all people respected; he was genial in his nature, and they all regretted his passing away. THE CHAIRMAN’S ADDRESS. The Chairman, in the course of bis annual address, dealt at length with many questions. In the course of a feeling reference to the late Mr William Laurence Simpson, who retired at the end .of 1918 from the managership of the company, which position he had occupied from its initiation in 1881, a continuous service of 37 years, Sir John Roberts said: “Mr Simpson for the first few years after his retirement was able to enjoy a well-earned leisure, but during the last two or three years the toll of old age was apparent, and the end was not unexpected. At the annual meeting following his retirement the directors paid tribute to the valuable •service rendered by Mr Simpson, and it is fitting that I should reiterate this tribute now. As I (with Mr P. 0. Neill) am one of the original directors, I can •peak personally of the extraordinary zeal and energy put into the affairs of the jeompany by Mr Simpson. Remember that purs was the first trustee company in No

Zealand, and the second or third in Australia or New Zealand. It was in a way at that time an experiment, but an experiment based on the certain knowledge that the principle underlying _it was sound. It meant, however, working hard for a few years without any hope of a dividend—an uphill game from a management point of view. Some men would have been disheartened, but Mr Simpson possessed courage and fighting powers that enabled him to overcome difficulties. The success of the company during the first years of its existence must always be associated with the name of William Laurence Simpson, and as our company is designed to go on for all time I drop this laurel leaf on his grave, trusting that this memory of the company’s first manager may be one that will last for all time.” After-a reference to the bank rate and trust securities, Sir John said that “ during the last few years we have, as a community, been spending too much because it is really more than we have as a community been earning, and better times will come only when the people as a whole realise that they must work harder and produce more.” The cry against the over-importation of the motor car had been very insistent during tho last year when the community as a whole fully realised the effect of the over-importation The motor .car, as an aid to business, was a very valuable asset, but in many cases it had had a destructive effect on thrift and economy. In regard to rural credits and scientific research, the Chairman said:

“The question of advances under the Rural Advances - Act has been exciting a good deal of .attention lately. From the speeches of Ministers it might be assumed that the scheme would solve the question of more money for farmers, but it is to bo feared that lenders may look for a guarantee of the bonds. We hall probably hoar more of the scheme. “ There has since the war been an increasing tendency to lean on the State to cure all evils—either by increased borrowing through the State Advances to Settlers’ Department or by the Rural .Credit System. It must not bo lost sight of that these schemes will prove successful only if the production from tho land is sufficient, and though the -value of such production depends primarily on prices which are in turn dependent on the markets in London, 'ill a great deal can be done by increased

energy and economy and by improved methods of farming. “ The number of community experiments by farmers in the form of co-operative trading, financing, and market controlling are, no doubt, phases in the struggle to stem the tide brought about by the years of falling prices and rising costs. Whatever the theoretical merits of such schemes may be, it cannot be said that they have succeeded in alleviating the farmers’ position to any great extent. “ I rather look to a more recent development in the form of scientific research into matters affecting production, storage, and transport I think that tho farmer is at last tackling his problems from the right angle when he sets about increasingthe productivity of his land and improving the standard of his products. It must be obvious to all that when prices reach a more or less normal level, if the income is still too low to meet expenditure and reasonable recompense, tho only alternative is increased production. It hab to be remembered that the war cost us £81,538,570, and the effect of this is not likely to pass away for some years. Wo have to some extent been able to provide for the interest by increased prices for produce, but our volume of production is no higher than in 1914. Figures issued by the chairman of the Associated Chambers of Commerce at tho last annual, meeting showed that our produce prices for the December quarter, 1926, were represented by the figure 133. as against the index figure 100 for the 1909-13 pre-war period, whereas labour costs and hardware and merchandise ranged from 160 to 200, as. against the index 100 for the same period. On this analysis tho price of land should be loss than it was in 1913. but this, as everyone knows, is not the case, and a great number of tho farming community is in the position not only of reduced profits, but also of higher capitalisation. Falling pr'ces compel us to face tho fact of tho burden wo have to bear, ns wo have to pay the interosc on all money borrowed whether outa’ds or inside tho Dominion. The land has now to bear increased charges for ela.v=rie power schemes which bec-><ue, with ordinary rates and land tar, where payable, a charge on the ' land in priority to the mortgage.”

Sir John closed his address with a comprehensive review of the company’s activities, and moved the adoption of the balance sheet and annual report*

Mr J. C. Stephens seconded the motion. The motion was carried unanimously. ELECTION OF DIRECTORS. Mr J. G. Patterson moved the re-election of the Hon. Sir John Sinclair and Mr Richard James Hudson as directors of. the company, and Mr L. Deans Ritchie seconded the motion. The motion was carried unanimously. Tho Hon. Sir John Sinclair, on behalf of Mr Hudson and himself, thanked the shareholders for their renewed confidence in them. He had been a member of the board for many years, and, with a knowledge of what was happening in the community, he felt there had never been a time in the history of the company when greater attention was called for in the management and administration of estates. That position, he believed, was realised by every member of the board. —(“Hear, hear.”) ELECTION OF AUDITORS. On the motion of the Chairman, Messrs William Brown and Co., and Messrs Barr, Hercus, and Co., were re-appointed auditors. ADDRESSES BY VISITING AGENTS. Mr H. A. Innes-Jones, the company’s agent in Timaru, and Mr D. V. G. Smith, agent in Oamaru, addressed the meeting, which closed with a vote of thanks to the directors and staff.