EQUITABLE BUILDING INVESTMENT CO.

Dominion, Volume 7, Issue 1975, 4 February 1914, Page 8

EQUITABLE BUILDING INVESTMENT CO.

ANNUAL MEETING. thirty-sixth annual meeting, of the Equitable Building and Investment Co., Ltd., ©f Wellington, 'was held in | the Chamber of Commerce last even- ; ing. Mr. E. Baicombe Btewii'presided. Tho annual report stated that the profit and loss account showed a credit of '£11,648 18s.. 2d. An interim divi- : dond of ss, per shaje had been paid, . while £.2500 had been carried to reserve fund, leaving a balance of £6148 15s, 3d. to bV dealt with. Tho directors recommended a further dividend of $s. per share, absorbing £3000,' carrying forward a balance.of £3148 15s, 2d. In moving the adoption of the report . and balance-sheet, the chairman said ■ that thtf shareholders would see that the affairs of the company were oh avery sound basis. In spite, of the fact ■that they had passed through a very stringent financial year, there was only about- £4000 difference between present deposits and those of last year. The . directors had pursued theirusual cautious policy, and had been • careful in choosing investments, . There was nothing particular to draw attention to in tho balance-sheet, continued the speaker, except one small item of £350, which had. been put aside in case of depreciation of securities. It was hoped te ultimately transfer this sum to tho reserve fund. They had not rec.om- : mended the payment of a higher divi- ■ dend.'as they proposed te carry £2300 to the reserve fund, -

Mr,. Harold Bcauchafop seconded the motion. He endorsed what had been said in regard to tho continuity policy pursued 'by the company. Ho thought that it was -most gratifying that the reserve amounted to £6G,fi(X!, which, at 5 per cent., brought in £3225 a year for the payment of dividends, the reserve was how in excess of the capital fe £6500. Mr. Brown then thanked the secretary (Mr. E. A. Liddlo) and Mr.. Wei* tenhall (his assistant) for their Work during the year. Mr. E. Baicombe BfoWn was elected chair matt and managing director, Messrs. D. Anderson and Donald M'Lean, the retiring directors, were re-elected. Messrs. B. Bucholz and O. S. Watkins ■were re-elected-auditors, and Mr. E. A. Liddlc secretary.