GOOD BUSINESS YEAR

New Zealand Times, Volume XXXVII, Issue 8345, 4 February 1913, Page 10

GOOD BUSINESS YEAR

TRUST, LOAN AND INVESTMENT COMPANY. About twenty-five shareholders of the vVelimgton Trust Loan and Investment Co., Ltd., attended the fortieth annual meeting which was held at the Chamber of Commerce last night. The chairman of directors, Mr J. P. Maxwell, presided. In moving the adoption of the report and balance-sheet (which have already teen published), the chairman said that the directors had to congratulate the snareholders on the satisfactory account of the year's business which had been laid before them, and also' on the success attending the issue of the new capital, which was sanctioned by shareholders in August last, and which had since ail been, subscribed for among the shareholders themselves. The directors were able to recommend the shareholders to add 123256 Is lOd to the reserve fund from the year’s profits, and to sanction the payment of an increased dividend lor the half-year ended December 31st, 1912. On December 31st, 1911, the position was thus: Subscribed capital, £2o0,J00; palhap capital. .£101,259; uncalled capital, .£98,750; and the reserve fund stood at £52,000. The nominal capital was now £300,000, and when the final calls on the new shares subscribed, which were Hue next month, were paid up, the position would be: Subscribed capital, £247£00; paid-up capital, £125,000; uncalled capital, £128,500; and the reserve fund about £63,500. It would be observed that tne company’s position had been materially improved by tho change. The chairman reminded shareholders of his remarKs, mado to them at an extraordinary general meeting on August 6th, 1912, when ho said "The company’s resources comprise capital, undivided profits (which include the reserve fund), and deposits: the security for the depositors is always regarded as oho of the first matter? of attention. It will be seen that tho matter of security has received very careful attention in framing the proposals before you.” He would now draw their attention to the fulfilment of the proposals referred to as indicated by the figures just given, and by \ the balance-sheet. The company’s resources were, with the exception of those represented by liquid assets and the company’s business premises, practically ail invested on first mortgage, and taking into account also the uncalled capital of the company, it would bo seen that exceptional security is afforded for deposits and advances, and that this point had received proper attention. If the shareholders would consider these remarks in connection with the balancesheet they would observe that the directors had studied the interests both of the shareholders and clients; and remembering that they had two sets of ciienta, those from whom they received and those to whom they made advances, it would oe recognised that they were properly fulfilling the functions implied ixritho title of “Trust, Loan and Investment Company,” investing on mortgage, advances which were received for periods varying up to several years, together with the company’s own funds. The motion, which carried with it the authorisation of the payment of a dividend of 44 per cent, for the half-year, was agreed to without discussion. Mr D. T. Stuart said that in view of the magnitude of the company's operations and of the responsibility of tneir work, he thought the shareholders treated them somewhat shabbily in only paying them £3OO per year. He moved that they be paid an additional £IOO each. The motion was seconded by Mr J. H. Richardson. Objection was raised to such a matter being brought forward without notice, and the chairman ruled that it could not be dealt with until notice had been given. The retiring directors, Messrs C. H. Izard, J. P. Maxwell, and Dr A. K. Newman, M.P., were re-elected unapposed. The auditors, Messrs C. P. Powles and E._W. Hunt, were also reappointed, and their honorarium was fixed at £SO. The revised articles of association were adopted on the motion of the chairman without dissent.