TRUST, LOAN & INVESTMENTCO.

Dominion, Volume 7, Issue 1974, 3 February 1914, Page 10

TRUST, LOAN & INVESTMENTCO.

■ ■./■,■: v ANNUAL . MEETING. ;. ■ Tho annual meeting of tho Wellington. Trust, Loan ainj Iftrestment Co,,' Ltd., was held iii the Chamber of Commerce .buildings last evening, Mr. J. P. Maxwell presided. In moving the, adoption bf the report -and balance-sheet, the chairman congratulated the shareholders oil the completion of the increase in the capital, iin ith6.,rftvisioriW' , 'tfe articles, , and on tho favourablo"'re:slilfe .of tlie- year's working operations during a somewhat disturbed period. He conti.nufed as follows:— "At our last annual-inex3.tiiw. we estimated that the resorvd fund should stand at ! about £G3,SQO at th.o end of 1913. The actual outcome enables us to add £1000, and to place it at £64,000, and to cari'y forward £1871. lln the earlier part of 1912 unusual conditions seemed to point to •a scarcity of ,money tho ensuing year,, and the board ravited the shareholders "to. increase the capital. This ,cou»se, which Tyas folldived, was,,deter-i mined on by a general meeting on August 6, 1912. The advantage gained was that the company was in a position to carry on.its bttsi-ness' .conveniently during a /poriod of trouble-same dtstuTb* ance in.tho money market in the earlier part, of 1913, and to take advantage of the. conditions during the latter psirtto' materially increase tho volume of its business. The articles, cdiinfiaed sinco our last annual meeting, were revised in respect, of the o/ficj-hl cedduet tft business only; the original tnemor.iii' dum of association, being unaltered." ..,. "Cheap Loans fay the State." "Tho,company's business is..confined to.rccpiving . on deposit," the chairman continued,, "and investing the s?mo and its own capital and reserves nil .first mortgages,. ,:svhioh, '.. together with the uncalled capital, after providing for such obligations and liabilities as from time to time, were- necessary, for; the. convenient-, and safe ■ condiicst of the business, constitute the. depositors , security. This security -is exceptionally sound and ample. The company is at present working with a smaller proportion of de-posits to '-.assets .tlinn ' lias previously, been the case;"arid. there'- is a safe, further, increase' . .in the volume of: business., sbould favourable .opportunity.obour for,securing.it. Increase! of tho ifivm 'Land and liicfl»o Tai,'. as shown in our 'balance-sheet, is largely duo to higher income.tax. This'tax,.,paid by the company on the smallest , .dividend,.is Is. 4d, in the £, the.ordinary income tax .being-.6.d. in the; £ oniiicpmes over. £300.-' .The'discrimination is excessive,, and the.mcire marked. beciuje' the Statoj, does net oharge tho. State Adva-ivce's account uuder the legislation providing for advances to settlors and. workersj with income tax oh' its profits in. favour of the general revenue nor with rental oh pffmises occupied by its official staff. .Tu this company 1 70" per ceilt. of .the members are. small investors whose dividends iverago under £40 a year. Tltfl State lends money <m mdrtßage at 3qw rates to a particular section of the ■community, but;it ftlso accentuates the price of money, to -the' gfrne-rii? community by raising the' Post Office, deposit rates during times of stringency, ahsorbiiiß funds required for fininf-kl and trade purposes, so that nh t.jie whole there are grounds for tho contention that cheap loans ;by the State are -to some extent provided for 3. icction.of -the .community at tbo of tlie majority of. the taxpayers-. Thero appears to bo siifficient-.aW-stifie.atiQrJ for a further ;appeal' to -tlio Govirn-Ment for the more equitable trcatiticnfe of companies in reajiect-of taxation." . Tlio' .report 'nliil ..the balsnfe-Slwetj which have already been pubh'ah'itj, vroro then adoptwl.

Dividend and; Other Matters. It. was resolved to declare a dividend at the rate .-of 9 per cent, per .mimrni. Captain H. JolinSon moved, and Jir. Donald M'Lcansccfcndgil., that the retiring directors'-{the'H«n. gir James Prehdcrgast, K:T.), and Mr. J. A. Plimmer bb.re-ylected. , It was , moved by Mr; D. T. Sjowart, and seconded;by Sir, G. N. 11. Wright, that a further; siith of £10Q -sliouli bo paid to the directorate by way .-.qf i<y mimeration for services, in'addition to tho. £300 fixed'by Article 80. .Tbiß was carried. The retiring auditors, Messrs. C, P. Powles and Ernest W. Hunt; wpro reelected far the year at a remuneration of £50 each. The- meeting passed ' a- resolution (movecL by Mr. W, "W. Knowle-s) acknowledging tho good work of the ehaitmm, diicctofi, and sta&,: - ;