NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY.

Ashburton Guardian, Volume V, Issue 1607, 12 July 1887, Page 3

NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY.

The annual local meeting of the New Zealand Loan and Mercantile Agenoy Company was held last week at the offices, Queen street Auokland. Dr. Campbell occupied the chair, and about sixteen shareholders were present. Printed copies of the report and balancesheet, adopted at the annual meeting held In London on the 4th of February, ware on the table, and showed the net profit for the year 1886, inclusive of £14,965 Is 5d brought forward from the preo d rg year, after deduoting expenses, interest, commissions, Income lax and property tax, writing off stationery, and making due provision for bad and doubtful debts, ta be a sum of £57,889 12s 6d, whioh, with £5000, the proportion of premium on the fifth issue of shares, payable In 1886, gives a total of £62,889 12s 6d," Ibis amount was applied aa follows :— To payment of dividend at the rate of 10 per cent, per annum, and interest on capital paid In advance on old shares, £36,209 15s 8d ; payment of bonus at 5 per cent., £18,054 3a 4d ; reserve fund (proportion of premium on 20,000 fifth issue shares, payable In 1686), £5000 ; to be carried forward, £3625 13s 6d. The minutes of the last meeting were read and ooa firmed, after whioh • The Chairman spoke as follows :— Gentlemen, — There Is now placed formally before you the annual report and balance »heet of the Company, from the head offioe, London. This has been m the hands of shareholders for some time. When I addressed you last annual meeting I foreshadowed a possible diminution of profits, arising from the severe depression universally prevailing, and you will note that such has resulted, but not to an extent requiring any alteration m the rate «f dividend, which has been maintained at former rate. With regard to the present position of the Company and the volume of business transacted, I may state that m the item of wool, the aggregate quantity whioh the Company has sold has reached the unprecedented total of 1C8.792 bales, whioh shows an increase of 12,025 on previous year. The price haa now been so well maintained that confidence m squatting Interests seems to have been restored, and the pastoral Interests of Australia especially show a marked revival. The continued ■ good season arising from the late plentiI ful rains holds out hope of a more prosperous future than has fallen to the lot of that continent for many years, and it is almost impossible to overestimate the benefit which will arise to all interested. Coming nearer home, the reports received from .New Zealand branches up to the latest dates are uniformly favorable, and it is a gratifying feature to find that land m some of the Southern districts is be* coming more readily saleable at enhanced rates. It Is greatly to be deplored that the frozen meat trade, from which so muob was expeoted, has, to a oertain extent, collapsed, for recent prices at Home almost warrant the use of that wors» We oan only hope that it may prove to be of a temporary charaoter, for it can hardly be believed that prime mutten is only to realise m the London market the present unprecedentedly low price; Unfortunately it ia not In this item only of our exports that prices now ruling are almost of an anremuoerative nature, and, before relief can come to the farmer the' rate of labor must undergo a permanent reduction. There la no escaping from this conclusion, and we must all submit from highest to lowest to a more modest and economical life to meet the exigencies of the time>. This oan be accomplished without entailing any serious deprivations, for hitherto we have been floating on what might bo called a too luxurious wave of prosperity. We have only to aooept our presont situation — be true to ourselves and to the land of our adoption—and, eventually surmounting our present difficulties, we shall emerge from them a wiser and a stronger people. So beautiful is the country m whioh our fate is cast, we have but to develop its resources to ensure its highest prosperity The only formal business required from shareholders 1b the election of Directors to the Board, whioh under its present constitution requires the re-election of one only, though two now retire by rotation—Messrs Firth and Browning. The latter offers himself for re-election, and being the only candidate requires to be confirmed by you, and I therefore beg to propose him. Mr G. P. Pierce seconded the motion, and it w*B(§"rled. Eleotion of Auditot^-On the motion of Mr J. H. Upton, aooonded by Mr J, Probert, Mr W. Innejj Taylor was reeleoted Colonial Auditor. The loepeotor (Mr F. Battloy) then read the draft mlnotea, and the meeting terminated.