SCOTTISH AUSTRALIAN INVESTMENT COMPANY.

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

SCOTTISH AUSTRALIAN INVESTMENT COMPANY.

A general meeting of this company was held in the early part of February. Tho Chairman, in moving the adoption of the roport, said tho directors regretted no less than tho shareholders that they were not able to declare a dividend, and stated that he should be happy to reply to any questions which might be put to him with regard to the position of tho company. On finding that upwards of £9,000 profit had been realised in the colony, some proprietors might naturally ask why they could not have a dividend out of that; but the direotors felt that, in tho present state of tho colonies, and considering how muoh pastoral properties had been suffering, such a course would not be expedient or prudent. The next meeting would therefore tako place in two or three months, and the following one in Ootober, and so on in future, and if tho accounts next received should be as favourablo as letters from tho colonies now indicate they may bo, they would, he hopod, bo in a position to declare a dividend in April or May noxt. Ho thought that tho proprietors might reasonably hopo tho turning point had been reached. Mr. Turner wished to know how it was that, as as the number of cattle was estimated at 17,723, and as these should glvo annually at least 3,000 fat oxen and 500 fat oows, only 360 head wero onterod as sold. The Chairman repliod that only 300 had been actually sold; but the remainder of the increase, numbering 4,599, remained on the runs to add to the number of the stook thore. A long discussion onsuod, and several gentlemen expressed dissatisfaction at the position of tho company. Mr. Wright proposed the following amendment to the resolution for the adoption of the report, viz.: " That this meeting desires to express its dissatisfaoiion at the management of Mi. Morohead, and requests

the direotors to take such steps as they may deem advisable to supersede tho present manager." The Chairman Baid that when Mr. Morehead was injjthis country last year, the direotors advised him not to hesitate to foreclose mortgages where tho absence of suoh action might lead to the company's running all the risk, and the borrowers getting all the profit when better times came round. That policy had been aoted upon. He wag exceedingly sorry to hear such a resolution as that of Mr. Wright in reference to Mr. Morehead, a gentleman who had served the company so long and so faithfully. The Board were unanimously satisfied with Mr. Morehead's management. Mr. Wright, perceiving that the feeling of the meeting was against his amendment, withdrow it. The report was then adopted unanimously, and the proceedings terminated with a vote of thanks to tho chairman and his colleagues.