THE PERPETUAL TRUSTEES.

Southland Times, Issue 24153, 15 June 1940, Page 3

THE PERPETUAL TRUSTEES.

ANNUAL MEETING OF COMPANY The fifty-sixth annual meeting of The Perpetual Trustees Estate and Agency Company of New Zealand Limited was held in the board roo? 1 of the company on Tuesday last. Mr E C. Hazlett, chairman of directors, presided, and he was supported by the following:-The Hon. W. Dowme Stewart, Messrs James Begg, C. Stanley Smith, R. J. Gilmour (Invercargill), E. G. Kerr (Timaru), R. K. Ireland (Oamaru), A. R. Turnbull (North Canterbury), H. S. Lawrence (Christchurch) and the general manager, Mr A. Ibbotson. The meeting was very well attended.

CHAIRMAN’S ADDRESS Before proceeding with the business of the meeting, I want to refer to. the great loss the company has sustained by the passing of our late chairman, Mr William E. Reynolds. . The success and progress of this company were always Mr Reynolds’s first consideration. He maintained the company was not really a company, but an institution for the purpose of helping the company’s clients. His loss is a very real one to his fellow directors, the staff, and the shareholders. Your directors have done me the honour of appointing me to the position of chairman, a position which I very much appreciate. At a time like this, with a disastrous and cruel war raging, it is difficult to give .one’s mind to business affairs. We hope and trust that the end may be soon, and our own people and the Allies emerge victorious. The war must necessarily bring m its train sadness, worry and work, but we must always remember that no matter what our worries are, they are nothing compared to the hardship, ana danger which *our men are experiencing at the front and on active service.. New regulations affecting social security returns, income tax, and so. on, all add to the work of our efficient staff. Today individuals are finding more than ever the necessity of having trained and skilled experts to look after their financial affairs. I am prepared to say from personal experience as a director of this company for 26 vears, that there is no better staff (now numbering 64 officers) than that ot The Perpetual Trustees Company m New Zealand.

WILLS Our institution was established in the year 1884 and has consequently been in business as a trustee company tor 56 years. It follows that with such a long and varied experience it is much better fitted to act as executor and trustee than friends or relations of a testator could possibbly be. By appointing The Perpetual Trustees Company as your executor and trustee, you are certain of a permanent trustee who does not die or go away and who will carefully handle your assets and faithfully administer your estate according to your own desires and wishes as set down in the terms of your will. REVISION OF WILLS It is necessary again and again to stress the wisdom of testators revising their wills periodically. In these rapidly changing times one can easily overtook the fact that new circumstances and prospects affecting ones life and property have emerged almost imperceptibly. New social conceptions, greatly increased death .duties ana much heavier taxation on income must influence testators in making their testamentary dispositions because provisions that were once deemed adequate may now be found on examination to be totally inadequate. I, therefore, feel it my duty to bring this fact into prominence. LEGISLATION A review of the legislation enacted during the last year in this Dominion shows that several important amendments to certain well-known property laws were passed. The principal Acts affecting our class of business were The Land Transfer Amendment Act and The Property Law Amendment Act. Useful provisions long desired by the law profession and all who deal with real property were the right to extend leases by short memoranda and the power given to bring down mortgages or encumbrances on expiring leases on the registration of new leases. It is now

necessary to give a mortgagor, when it is intended to sell up or, enter into, possession of the mortgaged property, not less than one month’s notice requiring him to remedy the default complained of. The Statutes Amendment Act, 1939, provides that the Family Protection Act can now be invoked in the case of intestate estates, while an executor who holds estate property after he has administered it is deemed not to nave distributed it merely because he thenceforth holds it as a trustee. The Fair Rents Act, 1936, was further amended and extended to September 30, 1940. As the housing problem is still acute, there is little likelihood of this legislation being discontinued. Of course, the war called forth such an important Act as the Emergency Regulations Act, giving the Government power by regulation to restrict the rights of creditors to execute judgments, and to restrict the powers of mortgagees to exercise their powers of sale. In these cases the approval of the appropriate court is necessary before any of these powers may be exercised. One can only hope that the occasion which has required the passing of such legislation will not be of excessive duration.

BRANCHES These continue to expand in a satisfactory manner and to merit the support and goodwill of an ever-increasing clientele because of the services rendered and the facilities these branches provide. Our thanks are due to our branch managers and their staffs, as well as to our branch directors, Messrs R. J. Gilmour, of Invercargill, R. K. Ireland, of Oamaru, E. G. Kerr, of Timaru and A. R. Turnbull and H. S. Lawrence, of Christchurch, all of whose efforts in the interests of our company and its clients are fully appreciated. The volume of business done at our branches now forms a valuable and important addition to the business of the company’s original office at Dunedin. To my co-directors resident in Dunedin, I desire to express my appreciation of their interest and co-opera-tion, at all times so willingly given, and of the work of the staff at head office and Dunedin branch. The chairman then commented upon various aspects of the annual accounts, and the upward trend in the volume of the company’s business as indicated by the figures, and concluded by moving the adoption of the annual report and balance-sheet. Mr R. J. Gilmour, in seconding the adoption of the report and balancesheet, said the chairman had so fully covered the position that there was no need to expand or repeat what he had said. There were several aspects of the company’s work which should be given consideration at our annual meeting. Every one in business should ask himself if he were engaged in work of any particular value to his country and indirectly this company could reasonably take ■ comfort from the work it is doing in this direction. The company is not so much a moneymaking concern as an institution for the assistance of its clients and that it has succeeded in that aspect of its business is shown by the loyalty .of its clients and their constantly increasing number. Taxation took a heavy toll of profit and that is to be expected in these difficult and perilous times through which we are passing but provided the money is required to help our country and effectively applied for that purpose, no shareholder of this, or any other company, will regret any increase in taxation required in that direction. DIRECTORS AND AUDITORS On the motion of Mr L. Deans Ritchie, seconded by Mr J. R. Lemon, the retiring directors, Messrs C. Stanley Smith, R. K. Ireland and A. R. Turnbull, were reappointed. Mr J. Sutherland Ross proposed and Mr J. S. Skinner seconded, the reappointment of the auditors. VOTE OF THANKS A vote of thanks to the directors and staff was proposed by Mr Peter Barr and was replied to by the chairman (Mr E. C. Hazlett) and the general manager (Mr A. Ibbotson).

MINING WAITAHU WASH-UP (United Press Association) DUNEDIN, June 14. The Waitahu Gold Mining Co. reports a further partial wash-up from paddock No. 22 for a return of 50oz lldwts in 192 hours. This makes a total of 990 z Idwt so far recovered from this paddock.