The thirteenth annual general meeting of the shareholders in the above Company was held at the Company's offices on Friday afternoon, the 21st February, 1902, amongst those present being Messrs. J. Hogg (Chairman of the Board of Directors), J. M. Young, C. R. Burkill, H.R. Kinnear, C. J. Dudgeon, Directors, and Messrs. L.' F. Bridges, F. W. Styan, C.O. Liddell, H. Snethlage, A.S. P. Whit Cooper, H. A. J. Macray, J. M. Lowri McGregor Grant, A. Cushny, Jr., 'AL M. Reith, and A. P. Stokes, Legal Adviser. Those present represented 3,452 shares.
Mr. E. C. Ozorio was appointed to act as Secretary to the meeting.
The, Chairman. said—Gentlemen, the Report and Accounts having been in your hands for some days, will no doubt be taken as read. If they have had your attention, you will have found that they I give very full details. We have made them as explanatory as possible and I need not, therefore, take up your time with lengthy comment on them. I feel sure that you will recognise that they show very satisfactory progress. We keep up our 12 per cent dividend on our capital, which was increased on the Ist of July last to Tis; 1,950,000, taking a small sum from the fund previously carried forward for such a purpose. A sum, I may mention, which would not have been required, but for some little unlooked for delay in investing the new capital. You will observe that we have added considerably to our properties, which now stand in the books at what they cost, Tls. 3,220,416.99, but they are, of course, worth a great deal more, and we have mortgages to the extent of Tls. 612,458.04 amply secured. From the working account, you will seo that gross rentals have increased from Tls. 241,885.53 to Tls. 285,678.06, with about the same percentage of expenses as last year. Charges are rather more than last Year, a natural increase as business develops. Agency management is Tis, 8,000 more, as it was found necessary to cover the expenses on the increasing volume of the Company's business. Leg: expenses, always a variable item, are less. Trustees' fees appear as Tls. 1,500, but in this is included Tls. 500 for the second half of 1900, but not paid till 1901. Interest account, as usual, shows the difference between what is earned from mortgages, and what is paid on debentmes and overdraft. The profit and loss account speaks for itself, and shows a satisfactory item to credit premium on issue of debentures. The eserve Fund is increased to Tls. 218,465.53, by the Ts. 6,974.82 apporlioned to it last y Reserve Fund special account for equalisation of dividends remains in the account as before, and we trench on it slightly now, as Ihave already mentioned. Referring tothe balance sheet, the position of the various estates is fully dealt with in the report. We have expended nearly Tis, 70,000 on_ buildings during the year, and our houses are all welller. I may mention that our estimates for 1902, permit me to assure you that we may exp-ct a still increasing income, which should enable us to pay the same dividend as this year without taking anything from equalisation of dividend reserve, and I may further suggest, that if we progress as we are now doing, your Directors will probably, ere long, propose to you to increase the Company's means by a further issue of
No questions being asked, or comments questions offered, the Chairman moved the adoption of the report.
Mr. Dudgeon seconded the resolution, which was carried unanimously. idend of 6 per cent be paid.
Me. Young seconded the resolution, which was adopted.
Mr. Hogy was re-appointed a director, on the proposition of Mr. Styan, seconded by Mr. Bridges; and Mr. Wingrove was re-elected auditor at the instance of Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.