INVESTMENT, TRUSTEE AND AGENCY COMPANY

Dominion, Volume 13, Issue 263, 31 July 1920, Page 7

INVESTMENT, TRUSTEE AND AGENCY COMPANY

ANNUAL-MEETING. The annual' general meeting of the. Wellington - Investment Trustee and Agency Company, Ltd., Was held at noon yesterday. In moving the adoption of the annual report-.and balanceslicet, a precis of which has already been published, the acting-chairman (Mr. A.'E. Pearce) congratulated shareholders on a successful year's working. During, the financial year the,directors had matte provision for any drop in the market value of securities held,' by writing them down and by creating a reserve to, which they had . placed the sum of .£I3OO. The company's position had .been..further strengthened by placing £%l 9s. lid. to the general reserve account. Though it was the present intention of the board to retain its holdings of debentures of war loan until maturity, provision had been mado against depreciation in the market value of these investments. Tlie balancesheet, added, the acting-chairman, 'disclosed deposits and accrued interest amounting to ,£185,158 Bs. .')d. .against JCIGI,OO7 17s. last year, an. increase' of over &1 1,000—an addition which was reflected on the other side in a . corresponding rise in the total of funds invested on mortgage and, on special deposit (iE187,300 19s. i)d. as against ,£IG-J,G42 Gs. Gd.). Practically all of this amount was on fixed deposit. The report and balance-sheet were adopted. The retiring directors, Messrs. A. E. Pcnree and J. H.' .M'lCay, were re-elect-ed, as were.also the auditors, Messrs. E. Bucholz and J. H. G. Rowley.