LOAN AND INVESTMENT SOCIETY OF NEW ZEALAND, LIMITED.

Globe, Volume VII, Issue 740, 2 November 1876, Page 2

LOAN AND INVESTMENT SOCIETY OF NEW ZEALAND, LIMITED.

The annual meeting of shareholders of,the above company was held yesterday afternoon at Mr Charles Clark's' rooms, \ Mr J, Inglis, chairman of the Board in the chair. After the minutes of the last annual meeting had been read, The chairman said it would not be necessary to ask the shareholders to confirm the minutes, as in accordance with the terms of a blause of the association, two of the directors had confirmed the minutes of that meeting. ■ - v Mr lijgUs then read the report as follows: S'*' The directors have to report that in accordance with clause 36 of the articles, this annual meeting has been called to present a report and balance-sheet, to elect directors in the room of three members retiring by arrangement, according to clause 72, and to elect auditors. In presenting this fiist report the directors desire to remind shareholders that although the company has been formed for twelve months, the capital at their disposal for investment has been very small, taking the average of the period, while the expenses have been at the full for the whole time, and exceptionally great for some months past in consequence of the mission of Mr Graham to England, requiring the employment of additional assistance in the office here. Mr Sheppard has kindly granted the board a portion of his time during Mr Graham’s absence, that the work of the office may be carried on. Calls have been made to the extent of £2 10s per share, extending over a period of nine months, and up to the. present time have yielded £24,631 ss. It is only recently that the board has been able to avail itself of deposits, which, however, now-amount to £16,148. ■- 1 '•’ ‘ ' “ The securities on which the funds of the company have been lent are of a very high class, and the first care of the directors is that there shall be ample margin in the value of the properties. The total interest on loans during the year has amounted to £2273 10s Id, while the investment at the present moment are yielding at the rate of £3675 IQs per annum, .; ;■ | | .>.•/. 1’• “ When the company was originally formed it was intended to invite foreign capital, with the view of making a larger profit than we could possibly do by using our own money. The directors immediately took the matter in hand, and placed themselves in communication with friends in London'. They were advised to send a commissioner to London to conduct negociations towards the extension of the business there, and after the most careful consideration Mr F. E Graham, in whom the directors have the most perfect confidence, was despatched on this mission, and he is now busily engaged in its prosecution. It would not be desirable at the present stage to state precisely what has been done ; suffice it that up to this date the news he sends is hopeful. The balance-sheet now to be read has been duly audited, and is, the directors think, fully as favourable .as could be expected with the capital' available during the year. ' Even with our present resources the ensuing year will show a favourable result, and with the addition of English capital the directors look forward to very profitable returns. The directors have thought it desirable to write off the whole of the preliminary expenses (which includes £37 17s. lid, written off furniture account), an item not usually dis charged altogether the first year, as well as ordinary’charges, so as to make as far as possible a clear balance. “The remuneration of directors may be determined by this meeting, but the directors do not propose that any amount should be voted this year.” The balance sheet, showing the affairs of the company to be in an eminently satisfactory position, was then read. nv, ■■ iIn reply to a shareholder, the chairman said that the company was not under the rule of the Act, wuich compelled the report to be printed and distributed among the shareholders previous to the annual meeting being held. .The balance sheet had been made up to the .previous night,, s*nd there would not of course have been time to have it printed for distribution at that theeting. On the motion of . the chairman, seconded by Mr Neave, the adoption of the report and balance sheet, was agreed to. On the motion of Dr Prins, seconded by Mr G. Hart, Messrs J. Inglis, C. W. Turner, and P. Dunning ham, the retiring directors, we e re-elected.

Messrs J. D. Macpherson and D. Craig were re-elected auditors. . , , Votes of thanks to the directors and chairman terminated the proceedings.