INVESTMENT COMPANY.

Dominion, Volume 3, Issue 832, 30 July 1910, Page 8

INVESTMENT COMPANY.

KEFIEW BY MR. J. It. BLAIE. The twenty-fourth annual meeting of tho Wellington Investment, Trustee iind Agency Company, Limited, was held at the onices, Lnmbton Quay, last evening. Mr. J. 11. Blair, chairman of directors, in moving the adoption of the report (which has been published in THE DOillK-

ION), said the item in the balance sheet, "Corporation and Harbour Hoard Debentures, £22,939 85.," had been commented upon by some who thought this rather a large amouut to have invested in such low interest-bearing securities. The reason for this investment was that these securities could be realised from London within 48 hours at faco value, thus ensuring tii© shareholders against any unforeseen call. Not so large an amouut of business had been transacted this year as was the case last year, but the smaller profits this year were due to the fact that in 1909 they reaped the benefit of pre\lous prosperous times, whereas this year they had been bearing the burdens entailed by the financial difficulties of 1908 and 1909. The reduction in the amount of profits earned was also largely due to the falling-off in rents, but he was glad to say that the indications pointed to a, return of prosperity, and next year would probably show that the company had not only retrained its previous position, but had made a. step or two in advance. The adoption of the report was seconded by Mr. James M'Kerrow, and carried unanimously. _ Messrs. J. K. Blair and James M'Kerrow were re-elected to the directorate, and expressed their thanks. ' Messrs. E. Bucliolz and S. C. Leary were re-elected auditors. Oo tho motion of the .chairman, it was resolved to pay forthwith a further dividend of 3 per cent, (making 6 per cent, for the year). , The proceedings concluded with votes of thanks.