NEW ZEALAND LOAN AND MERCANTILE AGENCY.

Dunstan Times, Issue 410, 25 February 1870, Page 1 (Supplement)

NEW ZEALAND LOAN AND MERCANTILE AGENCY.

The fifth annual general meeting was held on the 10th Feb., Mr. W. S. Grahame in the chair. The Chairman, in moving the adoption of the report, said the balance-sheet and accounts generally woro satisfactory, and indeed gratifying, to the directors; and equally so, he had no doubt, to tho shareholders, especially as the past year had been a most remarkable one in Now Zealand. Tho colony had gone through a severo ordeal. There had been a native war in tho north, coupled with great commercial distress, and in the south they had suffered from the depreciated value of their great product wool, while at tho same time they were without any outlet for their surplus stock. But ho thought these trying and troublous times were near tho end—tho natives wero becoming tired of rebellion, the wool market appeared to be improving, and should Professor Gangees' process of preserving bo matured, so as to give the colonists a market in Europe for their meat, a revolution would occur in tho valuo of the stock in the Australasian colonies, and a very great benefit bo conferred upon the people of this country. The available balance, after deducting all charges, inoluding income tax, and writing off the entire charge of stationery and furniture, wa3 £13,090 15s. 10d., which it was proposed to dispose of as follows: £6,505 15s. ld. in dividend for the year, £5,000 to tho reserve fund, carrying forward a balanco of £1,555 os. 9d. The profits would have allowed a dividend of 20 per cent., but tho directors thought it more desirable to increase tho reserve, which would now stand at £15,000. Mr. Alger, referring to tho reference in the report to tho formation of a life assurance an_d annuity company, expressed a hopo that if established there would be no connection in the shape of capital with tho New Zealand Loan Company. Mr. Larkworthy, the managing director, explained the principles upon which it was proposed to start the insurance company. There was to be no union of capital, but if the project were carried out on the mutual principle, the New Zealand Loan Company would furnish the guarantee which in tho first instance was in such cases necessary, and manage as the agents of the insurance company. The insurance company would be of advantago to this company in providing means for meeting debentures as they fell due, without withdrawing capital from their ordinary business of the company in New Zealand. The motion was carried unanimously, as was the dividend of 10 per cent, per annum.