GUARDIAN TRUST

Poverty Bay Herald, Volume LV, Issue 17606, 23 October 1931, Page 9

GUARDIAN TRUST

EXPANSION OF BUSINESS At the annual meeting of the South British Insurance Co., held in Auckland yesterday, Mr. E. It. N. Russell, chairman of directors, in drawing attention to the remarkable progress and expansion of business of the Guardian Trust and Executors Co., made the following remarks : , /The business of the''Guardian Trust Co. is still showing a gratifying increase. From estates of the value of -£15,000 in i£)ls it has now under its control assets and trusts to the value of Tho success of the company in tho past lias been due to a great extent to the loyal support it has received from shareholders and the legal profession. It is pleasing to record that this support is still being received, and during tho year striking evidence lias been afforded that its services are being sought more and more by the general public. “The prudent policy that lias been followed by the directors in the past as regards mortgage investments is bearing fruit, and it is satisfactory to note -that notwithstanding the Serious fall in values the investments by the company on behalf of clients are in a very satisfactory position. In some cases of investments of estates handed to us for administration difficulties ai'o being diet, but we are pleased to report that in almost every case we have been able to make arrangements whereby the mortgagors have reasonable prospects of being able to carry on satisfactorily. Oflr success in this connection is a strong testimony in favor of such adjustments being made by arrangement between the parties concerned and not by legislative interference. “Enactments such as the Mortgagors' Relief Act arid the proposed amendment; to it are, in our opinion, most ill-advised, and at times such as this every encouragement should lie given to the free investment of funds, particularly in rural mortgages, instead of creating a feeling of uneasiness in the minds of investors

“Death duties to-day play a large pari, in (lie administration of estates. It will l)o apparent that in tho case of many estates if these funds had to be found by the forced realisation of assets it would result in considerable loss, and possibly insolvency. The Guardian Trust with its resources has in many cases advanced the funds necessary foi the payment- of duties, thus conserving the estate assets to the advantage of the beneficiaries Such facilities, .combined with the co-operation and advice of tho testator’s own solicitor, ensure the most satisfactory form of estate administration.”