THE EQUITABLE BUILDING AND INVESTMENT COMPANY OF WELLINGTON (LIMITED.)

New Zealand Times, Volume XXXIV, Issue 5586, 22 February 1879, Page 3

THE EQUITABLE BUILDING AND INVESTMENT COMPANY OF WELLINGTON (LIMITED.)

Tlio first annual general meeting of shareholders in this company was held at the Chamber of Commerce yesterday. Mr. Edward Toomath, chairman of the board of directors, occupied the chair, and there was a numerous attendance.

The Chairman said he could add nothing to what appeared in the report. As there was a good deal to he done he thought they might, to save time, take the report as read. The report aud balance-sheet were taken as read as follows ;

“The directors have pleasure iu presenting balance-sheet, embracing the first twelve months of the company’s operations, from the Ist January to the 31st De-ember, 1878. The accounts show the co;- aiy to be iu a ■thoroughly healthy positi;.. , and the directors congratulate shareholders on the results attained, which enabled them to declare an ad interim dividend of five per cent., and to recommend a further dividend of seven and a half per cent, to be paid, making a total dividend of twelve aud a half per cent, for the year, which will absorb the sum of £1316, leaving a balauce of £225 15s. 6d. to be carried forward. The increase in the advances from £36,250 13s, 3d. to £57,229 2s. 3d., and in the deposits from £12,643 Os. lid. to £26,630 15s, 3d., warrants the conclusion that the advantages offered by this company have been fully appreciated, by the public, aud that the conversion of the Permanent Equitable Building and Investment Society into a joint stock company was a step in the right direction. Nearly the whole of the 2000 shares issued during theyear have been applied for by shareholders, and the remainder have been taken up at a premium of ss. 6d. per share. Iu consequence of the resignation of Mr. ‘C. O. Graham, the directors calledan extraordinary general meetingof shareholders, for the purpose of electing au auditor in his place, when Mr. W. H, Warren was elected. In February, 1879, at the annual general meeting, in accordance with clause 58 of the articles of association, the whole of the directors retire, four of whom offer themselves for re-election. There will therefore be three vacancies. Attention of shareholders is called to clause 62 of the articles of association : No shareholder other than a retiring director shall be eligible for election as a director unless notice in writing of the intention to propose such shareholder as a director under the hand of a shareholder shall have been left at the registered office (tf the company seven days at least previous to the meeting at which such election is to take place. Also to' clause 51: — No person shall be eligible for the office of director unless he shall hold at least fifty shares.”

The Chairman moved that the report and balance-sheet be adopted. The resolution was seconded, and unanimously agreed to. The Chairman then n wved, —That a dividend at the rate of 12 J p er cent, on the paid-up capital of the corapa ny for the year ending 31st December, 1878, is now declared, and that the balance of the said - dividend (7i per cent.) be paid on and aftee the 18th March, 1879. The Hon. Mr. Bucklev seconded the motion, which was unanimously ngreed to. After a ballot was taken, tihe following gentlemen were appointed as directors : Messrs. D. Andersou, sen., A. ISoardman, R. Miller, T. K. Macdonald, A. J. ATcTavish, J. E. Smith, and E. Toomath. The following gentlemen wese appointed auditors :—J. W. Stevenson and J. M. Kebbell; remuneration, ten guineas each. After the disposal of soma routine business, the meeting adjourned.