A GOOD YEAR'S WORK.

Press, Volume L, Issue 14886, 28 January 1914, Page 5

A GOOD YEAR'S WORK.

« N.Z. LOAN* AND MERCANTILE AGENCY COMPANY. (FROU OCR OWN CORRESPONDENT.) LONDON. December 19. Mr Warrington Lain" presided over yesterday's meeting of the New Zealand Loan and Mercantile Agency Company, held at the Coleman street office. in proposing the adoption of the report, he said that the scheme of re-arrangpment of the Company's share and debenture capital had now been given effect, to. The instalments of call, which, with the bonus of 15s, amounted to £5 per share, had been fully paid, and there was nothing in arrear. Under the scheme, the New Zealand Land Association was now in liquidation, and disappeared from their accounts. The directors hoped to be in a position to continue to pay dividends on the 5 per cent, cumulative preference stock half-yearly, and the distribution of tho interim dividend will probably be made- in June of each year, and the final dividend after the accounts had been submitted to the shareholders, as was being done this year. The. accounts showed how tho reserve, which stood in the last balance-sheet at £720,000, had been affected by the scheme. From that fund 'the directors had provided the amount required to meet the special dividends on the partly-paid and fully-paid chares, and the bonus to the third debonturo stockholders, as well as all the expenses of carrying out the scheme. The total requirements for the purposes of the scheme amounted to £533,987. and there remained, after providing that amount, a balance of £181,012 ab the credit of reserve account. To that was now added the face value of certain shares and debenture stocks of the Loan Company; which were held by the Land Association, and surrendered under the scheme, as well as the amount received from the liquidator of the Land Association on account of distribution of surplus assets to date, and also the £20,000 provided out of this year's revenue. Those additions brought reserves at-June 30th up to £276,878. That was a substantial foundation on which to build up their reserve account again to an amount commensurate with tho capital em " ploy.cd in the business of the Company. Generally, the results of the year s working might be said to have been satisfactory, having regard to the dif<ficulties experienced during the year, both in New Zealand and Australia. In New Zealand the production of wool was also somewhat less than in the previous year, but prospects for the coming season were reported to be favourable. The course of business in New Zealand had been greatly prejudiced during tho year by industrial trouble-s. In the early part of the year there was a strike of a section of the workers in tho meat factories, which for a time, disorganised that industry. There had been a strike on for some time now with the wnar j labourers, which still continued, and the coal 'miners had ceased work in sympathy. Although shipowners were succeeding in getting vessels away oceasionallv'with the assistance ot i>eo labour and imported coal, stiil ttie suspension of the regular sci vices created much difficulty for mercoaule ard exporters, and tended to upset the financial arrangements in the Dominion. Vs regarded other industnos, frozen meat showed considerable expansion. Tho markets were active, and nigti prices were ruling, especially for frozen beef The frozen meat market had been influenced by the American demand following the revision of the Tnited States Customs Tariff. Ine quantities of dairy produce shipped both from Australia and New Zealand were somewhat less than for the previous season, but met a- £•■«<! demand at a satisfactory range of prices. Mr Mitchison seconded th* adoption of' the report. This was earned. Messrs Mitchkon and A. Shepherd were re-elected directors. Dealing with the report, The Times" remarks-.—"lt may not bo inopportune to congratulate tlij l.oinpany on successfully carry-ijs through a change of such magnitude and importance. Ita previous history was not without those dramatic ups and downs which are frequently associated with Australasian enterprise, and particularly with paetoral enterprise.