THE NEW ZEALAND AGRICULTURAL COMPANY (LIMITED).

Globe, Volume XXI, Issue 1672, 30 June 1879, Page 4

THE NEW ZEALAND AGRICULTURAL COMPANY (LIMITED).

The first general meeting of the shareholders of this company was held at the City Terminus Hotel, Canon street, London; Sir Julius Vogel in the chair. The Chairman said the directors were glad to meet their shareholders at this the statutory meeting of the company, which, in accordance with the Companies Act, was ret aired to be held within four months of the ate of registration. The primary object of the company was the adoption of an agreement which had been entered into between the vendors of certain estates in the province of Otago and in Southland and a trustee of the company. It had been intended that the seal of the company should be affixed to the agreement as soon as the shares were allotted, but in consequence of an attack on the directors in a newspaper in reference to the titles to the properties and the mischief which it was alleged might be done by rabbits, they thought it desirable, though they themselves had no doubt as to the value, that before sealing the agreement they should place those questions on such a footing as would be satisfactory to the shareholders and gain the confidence of the public. With this view, an arrangement was entered into with the vendors that the deposit of £40 ) 0C0 should be lodged in the names of Mr Larnach and himself in some bank or banks until the title to the property should be deduced and conveyances executed; and it was further arranged that some competent independent person should be employed to inspect and report upon the value of the properties, and that in case he should be of opinion that the prices fixed by the agreement exceeded the value of the properties as on the 2nd November last, the terms of the sale should be amended to [the satisfaction of the directors. This arrangement having been come to the shares were allotted and the agreement duly executed. The directors selected the Hon. Robert Campbell, junior, whoso father carries on one of the largest[sheep-iarming businesses in New Zealand, to inspect and value the property. They had hoped to receive his report by cable in time for the meeting, but it had not arrived. The solicitors, however, of the company in the colony had telegraphed that the titles were in order, and that the conveyance was being mode out. But the deposit still remained in trust, and would* so continue until the transfer of the property was completed, a result which was likely to be effected within the next few days. The company had nearly 200 shareholders. The number of shares disposed of, including the fully paid-up shares allotted to the vendors as part payment, was 27,233, amounting to £544,660. Of this amount £398,655 was paid up. It followed that more than half of the share capital is subscribed, and the debenture holders had a security over the property of more than two pounds to one. It had been resolved to offer 3000 shares for sale in India, it having been represented to the directors that there was a great desire amongst Indian officers and planters to become connected with New Zealand, with the view of ultimately settling there. It was proposed to offer some further shares for sale here. The sale of those shares was not urgent, though it was desirable, because, apart from the finance question, every shareholder was likely to add to the business of the company. The directors had power under the agreements so to regulate the payments to the vendors that no embarrassment from want of funds could arise. They should not sell any land without a large profit. This would bo sufficiently apparent to those who were acquainted with what is termed in the colonies “ cutting up.” Many and vast have been the fortunes made in the colonies by “ cutting up.” The man with small means tries it with small pieces of land, the men of large means with large estates. In each case the profits are enormous. “ Cutting up” meant acquiring land wholesale and selling it retail. It was, in fact, dealing in land instead of- in goods. He was glad to report that they had secured a strong local board, composed of four gentlemen, of whom two wore wholly unconnected with the vendors. The shareholders would like to know something of the company’s business. Ho had already alluded to the business of 11 cutting up.” The company would have constantly on sale land in farms, in suburban allotments, and town allotments. That they would sell their land readily, and at a large profit, there could be no doubt. They proposed to give to purchasers easy terms of payment, and they would assist settlers in various ways. Skilled advice would be at their command. They would bo able to obtain advances on their crops. The company would act as their agents for the sale of produce, and might allow them, on terms, to run cattle on their leasehold lands. He should like to call special notice to their intention to offer some of their lands for sale in this country. They proposed to reserve special blocks for this purpose, which could be offered tinder terms exceptionally favorable to the settler. They had reason to believe that, owing to the present condition of the agricultural interests at home, many men possessed of experience and moderate capital would bo found to prefer freehold lands in the colonies to leaseholds at home, more particularly when they found that even much less capital was required in the former than in the latter position. It would also be open to parents and guardians to purchase, on easy terms, land for their children or wards. The company would cultivate as much of its land an might be found desirable on its own account, and carry on also the business of sheep-farming. The breeding of high-class stock would also be a branch of the company’s operations. As they knew, it was proposed to take cadets. He might mention that this feature seemed very popular. They had already arranged with several cadets at premiums of 300 guineas, and were in negotiation with others. The company would act as agentsTjr the sale of properties, also as agents for absentees. It might seem to them that as they were selling off their lands, the company would soon come to a conclusion. He had not the least doubt that from the sale of lands a great part of the purchase-money would bo met, and a considerable amount of capital be extinguished. But a portion of the profits arising from the sale of lands they would keep as a reserve, and invest it in other blocks of land on which they could exercise the same profitable operation of “ cutting up.” They had noc yet received accounts of the wool which, on behalf of the company, the vendors had sheared,-and had had to account for, nor hod they returns of the harvest. They were, however, in possession of information which left no doubt that they would be able to declare a satisfactory dividend within the next three months.

In reply to various questions from shareholders, Mr Larnach, the Yico-Chairman, said the Seat number of sheep which the company don their estate would necessarily increase largely year by year. They had now 16,000 sheep on the run. They had 16,000 acres under cultivation growing grass and green crops. Until the machinery of tho company was in working order, the vendors were acting lor them in the colony. The company, without putting itself about could break up 5000 acres of land a year, or even 10,000. It would depend entirely upon the price they could realise, but as they had only been in existence a little over two months, they had hardly had time to put tho machinery in motion. A vote of thanks was then given to the chairman, and the meeting separated.