INCREASED BUSINESS

Wanganui Chronicle, Volume 83, Issue 255, 28 October 1939, Page 3

INCREASED BUSINESS

N.Z. (>l A RAN TEE CORPORATION. LIMITED ' Tiv 16lh. annual general meeting ' , of the New Zealand Guarantee Cor- : jpoiation, Ltd., was held on Thursday, ; iMr. W. Thorpe, chairman of directors, ‘ , presiding over a large attendance. ; j Referring to the death of Sir i Thomas Willord. one ol the company s i original directors, the chairman said > he had always taken a keen and in- ‘ [telligent interest in the affairs of the 5 ; company. As a mark of respect to his I memory all present stood in silence for ' 1 a few moments. In moving the adoption of the report and balance-sheet the chairman 1 said hills receivable showed an increase of £35.462, reflecting a sub- ■ stantial increase in business during the year. All applications for advances ; had received the closest scrutiny be- ’ fore being granted. During the de-]. ’ pression period it had been demon-1 j strafed conclusively that the best type . of security was in the shape of bills*; receivable maturing almost every day. ; At the present time over 98 per cent. ' of the company’s assets were in this ‘ form. The bank overdraft was £28,500 higher than last year, due to the in- ; crease in business. The chairman said , the overdraft at £lOO,OOO was just . about the right amount, and he con- ' sidered it absolutely safe to use ap- . proximately the same amount of borI row ed money as the paid up capital. The chairman said he hesitated to! voice any opinion as to what the; i future held for the company, but he. assured shareholders that, the board I ■ was watching developments very caiefully and would endeavour to guide I the company’s affairs along the sound- ' esi lines. He paid a tribute to the assistance during the year of his co’idiiectors and the managei and staff. Recently, he said. Mr. J. B. Mac Ewan, • who was formerly a director, had been i invited unanimously by the board to rejoin the directorate, and the com- ’ pany was fortunate in being able to • secure his services. The resolution was seconded by Mr. W. Appleton. vice-chairman, who supported the chairman in his remarks. 3 The recommended final dividend of 2d a share, less a deduction of Is in the £1 for social security tax, was ap--3 proved and the retiring directors. - Messrs. W. Thorpe, W. Appleton and - J. B. Mac Ewan. were re-elected un- " opposed. The auditors, Messrs. Watkins, Hull. Wheeler and Johnston. . w’err reappointed. The meeting closed with a vote of thanks to the chair- '■ man and staff.