EQUITABLE BUILDING COMPANY.

Dominion, Volume 3, Issue 732, 3 February 1910, Page 8

EQUITABLE BUILDING COMPANY.

- .ANJTUAL MEETING. The thirty-second annual meeting of the Equitable Baildiuff and Investment Co. t of Wellington, Ltd., was held in the Chamber of • Commerce yesterday eve'ning.s Mr. David Anderson presiding. •..The chairman, in presenting the report and balance-sheet (a precis of which has been published), said:. The most interesting item in the'company's business during tho year had been the- issue of,two thousand of the five thousand, - shares as authorised at tho last annual, meeting.. These 'shares were' all promptly taken up, and rcprcrsajited, including the premium paid, netf capital to tho amount of 1 £15.000, of which £14,000 had been received. During the temporary stringency in the money markert during : the first part of the year, the deposits decreased by about £12,000, so that shareholders could seo that- the issue of these shares • was most opportune, besides" giving additional stability, to the company. It would* also be noticed that tho fixed. deposit- placed in' the 'National Bank, for urgent purposes, had been increased to £10, COO. The mcaey market had now become normal agair., and the directors did not. anticipate. ®ty: difficulty. in finding sufficient mosey for requirements. Tho profit fo.t tho year, though it . appeared less than last year, was really about the same, as extra dividends on the new capital ,had; to be, paid. The item '•mortgages and interest" showed; about £3000 less, this'being due to increased competition in business.. Notwithstanding this, the- directors/'were : confident that thero was much useful work 'for the company, and theys-wore 1 sanguine as'to the: prospects. The chairman expressed regret at tho fact that li>. D. T. Stftart.was retiring from the auditorship of tho company this •year, ;a position he,'had held'for thirtyycuT6, and' also/ recognised the : faithfuldiligence, of tho secretary, Mr. Liddle, and hia assistant, ;-Mr. -WettenhalL •••

- Mr. - Harold,.Beauchamp. . seconded. the adojjtion'.of tho' report and*balance-sheet,! which were, agreed ,to .without;discission. l'he - "retiring • directors,*. Messrs.'-G M.' Kebbell,. Harold Beauchamp, and K H. Dean weTO . rc-eiccted, to the directorate; Messrs. SI : Oarroll-\and E. Bucliols were appointed auditors.' •

Mr. Kebbell,'.in returning thanks for. ,liis re-clcctioii, to the directorate, stated that he'had tho honour of. being tho longest service member, on' then bpard. Ho: hoped the company would be 'able to continue to pay a -'dividend of ;10Vpei^.cent., l j and ho believed; they.' wohld,/.although itwould take a-Mittlo: working up.- .'Messrs; Bpauchamp ' and,:-'Dcan\.'returned 1 ' 'thanks.' .'(<■' : v;i T. Stuart*^proposed v a-'toto.* of= ,tbanks'ito the difccto'rs.fo'r'theiivablc conduct of tho business.of the company. Ho had watched the company grow for many, years,. until.. it hold a' position ; highly, creditable to the directors* and the officers.