TRUST & LOAN COMPANY.

Dominion, Volume 6, Issue 1665, 4 February 1913, Page 10

TRUST & LOAN COMPANY.

:ANNUAL MEETING. The fortieth ■ annual general meeting of shareholders of the Wellington Trust, Loan and Investment Company, Ltd., was held last night. The chairman of directors, Mr. J. P. Maxwell, presided, and there were about 20 shareholders present. The chairman, moving the adoption of the report and balance-sheet (already pubUshcd), Mid;—" The directors have to congratulate the shareholders on the satisfactory account of tho.-year's business, which.wo are able to lay before them, and on the success attending the issue of tho new capital, which was sanctioned, by sh-arcboldcre on Angust 6 last, and which has since all been subscribed for among the shareholders themselves. The directors are able to recommend the shareholders to add £5256 Is. lOd. ,fo t£e reserve fund from. the year's profits, and to sanction the payment of an increased dividend, for tho half-year ended' December 31, 1912. On December 31, 1911, tho position was thus:— Tho subscribed capital, £200,0 CO; the paidup capital, £101,250; the uncalled capital, £98,750; and,the rcscrvo fund Etood at £52.000. , ' i "The nominal capital is now £300,CC0, and when the final calls on the new shares subscribed, which' are due -next month, are paid up, the position will bo;— Subscribed Capital; • £247.500; paid up, £1251000; uncalled, £128.500; and the reserve fund about £63,500. It will be observed that the company's position has been materially improved change. I should like to romind shareholders of my remarks made to them at our extraordinary naneral meeting on August 6, 1912, thus:—'The company's resources comprise capital, ira-,. divided profits: (which include tho rescrvo fund), and deposits, the security for tho depositors is always regarded as ono of the first' matters of attention. It will bo seen that the'matter of feenrity has received very careful attention In framing the proposals before-you.' I should like on this present occasion to draw your attention to the.-tulfllimmt of, the proposals referred \to ,as indicated by the. figures now'given, and by tho balance-sheet. Tho company's resources are. with the exception ■ of those represented "by' liquid acsets . An'd the company's business promises, 'practically all invested'-in first mortgage, and taldng into accaunt also uncalled capital of the company, it will bo seen that exceptional security. is afforded for doposits and advances, and yiat thin point has received proper attention. If tho. shareholders will consider those're- ' marks in connection with the balance;sheet they will observe that wo have 'Studied the interests both of onr eharcholders and clients; and remembering that we 'have "two sets of clients,'those from whom we racelvo and those to.;W,bora we make ad- ■ vances, it will be recognised that"we"aro oroperly fulfilling the functions implied in onr title of 'Trust, Loan, and ment Co.,' investing on mortgage, advances which are received for periods varying up to Several ; yeara. together, with tho company's own funds.", ■'''.. The chajrman formally moved the adontion 1 of tho report and tho payment of the dividend recommended therein of 45 por cent, for the half-year.. Tho motion was and carried without discussion. . . ■ ■■ 4' ■■

Mr. D;,T. Stuart said he had a proposal to. shareholders, which, he thought, should be received con amore. In view of the magnitude of tho company's operations, and of, the responsible. work undertaken by the directors, he thought the shareholders were treating them somewhat shabbily in iwing> thorn otily £300 a year. He moved that tho directors be paid an additional-'.£loo each. Mt. J. H. ■ Eiehardson seconded the motion. ■' .■'■-■ .-',.' '■' Mr. G. M. Kebbell said ho had.no objection wliatover to the directors receiving increased remuneration, but he did object to a matter of this kind being snrung on the directors without "notice. It should have been advertised before the meeting. The chairman upheld tho objection, and the motion was not put to the meoting. ■ ' The retirins: directors. Messrs.- C. H. Izard, J. P. Maxwell, and Dr.-A. K. Newman, were re-elected- unopposed.: -'. Messrs. O. P. Powlos and r.rncst W. Hunt were re-elected auditors, ■at a remuneration of £50 each.' ; The revised articles of.association wero adopted without amendments.