RESERVE OF OVER 46 PER CENT.

Evening Post, Volume CXVIII, Issue 92, 16 October 1934, Page 12

RESERVE OF OVER 46 PER CENT.

In moving the adoption of the report and balance-sheet at the annual general meeting of shareholders of the New Zealand Guarantee Corporation, Ltd., yesterday, the chairman, Mr. W. Thorpe, explained fully the operations of the corporation during the past year and emphasised the i'net that the corporation's assets were in a liquid state. He also pointed out to shareholders that if the recommendations of the board were carried, the general reserve account would be increased to £30.000, which, together with £3256 carried forward, would make a total reserve equal to slightly more than 40 per cent, of the capital of t^e corporation. Mr. W. Appleton, the vice-chairman, in seconding the motion, endorsed the remarks of the chairman and made special mention of the conservative policy adopted by the board. Several shareholders spoke in congratulatory terms of the results of the year's ■working and in support of the policy adopted by the board, and all of the recommendations of the latter were passed unanimously. ' ■ , „ , TT lt Messrs. S. Kirkcaldie and G. \\ . Magnus, the retiring directors, were re-elect-ed unopposed, and Messrs. Watkins, Hull, Wheeler, and Johnston were reappomted as auditors. Generous references were made to the work of the directors and the manager and staff and the meeting terminated with a vote of thanks to the chairman.