THE TRUSTEES, EXECUTORS, AND AGENCY COMPANY

Otago Witness, Issue 4029, 2 June 1931, Page 56

THE TRUSTEES, EXECUTORS, AND AGENCY COMPANY

FIFTIETH ANNUAL MEETING. The fiftieth ordinary general meeting of shareholders of the Trustees, Executors and Agency Company of New Zealand, Ltd., was held on Friday morning. There were about 20 shareholders present, including the following directors of the company:—Sir John Roberts, Sir John Sinclair, Sir James Allen and Mr R. J. Hudson, and the chairman of directors (Mr G. R. Ritchie) occupied the chair. The chairman, in moving the adoption of tlie forty-ninth annual report and balance sheet said that the balance sheet and report were the forty-ninth issued by the company, whereas this was the fiftieth annual meeting held by the company. The reason of that is that the company was actually brought into being at the end of 1881, but the statute empowering the company to act as executor and trustee was not passed until 1882. The figures were much as usual. They did not vary to any great extent from year to year. The same dividend and bonus were being paid as last year, and good provision had been made for writing down freehold property and furniture accounts. These were now both wtihin a safe, realisable value. They were carrying forward almost £lOOO more than last year, and the amount of the carry forward, over £7OOO, was within measurable distance of our reserve fund. The total value of estate trusts and agency business in our hands was now over £3,500,000 —an increase of nearly £90,000 in the year. Mortgage investments showed an increase of £89,000, debentures £17,000, the other figures fluctuating as estates are realised and distributed. Mr L. Deans Ritchie seconded the motion, which was carried. The retiring directors—Mr R. J. Hudson and Mr S. C. Sutherland—were reelected. Messrs William Brown and Co., and Messrs Barr, Burgess, and Stewart were elected auditors for the ensuing year. A hearty vote of thanks to the directors, general manager, and staff of the company was passed.