TRUST AND LOAN COMPANY.

New Zealand Times, Volume XXXIII, Issue 5263, 5 February 1878, Page 2

TRUST AND LOAN COMPANY.

The fifth annual general meeting of the Wellington Trust, Loan, and Investmei t Company (Limited) was held in the Chambi r of Commerce room last evening; the chatrrm n (Mr. J. Woodward) presiding. In moving the adoption of the reprrt (which we have already published), the Chairman remarked that it was a matter of encouragement for the directors to see the shareholder taking so careful and intelligent an interest in the business and proceedings of the company —that interest being manifested by the large attendance at the meeting. The report, as heretofore, was very brief, and there was very little to put into it. This was happily the case, because usually when reports were lengthened it was to apologise and account foe some untoward incident, or explain away something that required a few words lo accomplish. After explaining the nature of the report, which showed what could be accomplished, and that they were able to carry forward a small sum as a nucleus to a reserve fund, he would say, in anticipation of a question that might be asked, as to why they did not declare a larger divideud, the reason was that there might be something to fall back upon lo supplement possible scanty earnings of the year. With regard to the new issue of share*, the time for receiving applications had now passed, and they were in a position to state the number tbat had been taken up. He was glad to say that the number exceeded 8009, but there would be from 1800 to 1900 still disposable. In view of the assurances given whin the enlargement was resolved upon, the directors would carefully abstain from offering these to any but shareE dders, and would at an early period announce to the shareholders the terms on which they might be taken, up, and in so doing the directors thought they were i acting wisely by keeping the property and business of the company within its present bounds. Referring to the fact of the bank account being overdrawn, he said he had ventured before then to make a seemingly anomalous assertion, viz., that it is a most advantageous position for a company like this to have Its money, not only fully used, but evin, exceeded; and those of them who had been familiar with the workings of similar societies in years past could easily understand why this was so, and while they showed a balance of something over £SOOO wax due to the bank, he felt it was very much more for the advantage of the. company than if the balance was on the other side. The note that the auditors had signed, was full and explicit, and he could testify to the care and trouble they had bestowed on 'their task. The audits were now made monthly, bo that the directors were always 1 acquainted with the correct statement of matters. It was only due to the officers of the society and the auditors to state that the balance-sheet m ; ght have been put into the hands of the directors three weeks previously, but the meeting could not be held before February. The old proverb remained good—“ Good wine r needs no bush," and such a statement »3 had been submitted to , them would not suffer from such advocacy as his. Ho moved that the report , and balance-sheet be received and adopted ; that the dividend recommended therein be paid on and after Monday, the 11th inst., i.e., 6 per cent, in addition to 4 per cent, the shareholders have already received, be paid to them. Mr. J. E. Smith seconded the adoption of the report, which was agreed to.

Mr. F. ALI.EN moved that Messrs. Kuowl-s, Kairite, and G. Al.'Kebbell, be re-elected au'ditora, which was agreed to. The Chairman, ou behalf o£ the directors wlio had ; been re-elected, returned thanks on behalf of himself and co-directors for the renewed expression of confidence placed in them. The Rev. Mr. 000 moved that the auditors be paid £l2 12s. ea-h for their services. The Chairman remarked that the .sum was inadequate, as the auditors examined the accounts every mouth. It was then proposed aud agreed to that the sum be £2l. Mr. Green moved that £l5O be paid to the directors for their services during the past year. The amount was small, and wonM hive beeu increased list year, hut there was very little over the 10 per cent. Ho imped it would be increased, because the success of the company depended upon its good management. In answer to the Uev. Mr. 000, the Managing Director said the directors attended about forty meetings during the year.

The motion was carried. The Chairman said that on the part of the directors he accepted as an express!' m of opinion the sum voted with very great satisfaction and gratitude. It would be untrue to say it was payment, but it was an ackuow edgment of confidence received at the hands of the shareholders. , . The Rev. Mr. Ogg stated that a great many thought the time had arrived when the qualifications of directors should be very much increased The directors had responsible duties to perform, and the prosperity of the society was in their hands, and it was therefore necessary to take care that the persons who had charge of the funds should bs persons who were°laroetv interested in the company. In a society which had a capital of £200,000 the lowest qualification for a director should be the possession of 100 shares. He further remarked that a few of the directors had a very slight interest in the company. The Chairman explained that the directors held over a tenth of the shares in the company. This concluded the business, and the meeting terminated.