NATIONAL MORTGAGE AND AGENCY COMPANY OF NEW ZEALAND (LIMITED).

Globe, Volume XXII, Issue 1898, 24 March 1880, Page 3

NATIONAL MORTGAGE AND AGENCY COMPANY OF NEW ZEALAND (LIMITED).

The following report is to be presented to the shareholders at the fourth ordinary general meeting, to bo held at the company’s office, 37, Lombard street, E.C., on Friday, the 6th February, 1880,;at one o’clock afternoon:—“l. The directors have great pleasure in placing the annexed balance-sheet and profit and loss account to 30th September in New Zealand, and 31st December. 1879, in London, before the shareholders. 2. The net profit, after paying all expenses at home and abroad ; paying the interest on debentures up to 31st December, 1879 ; providing for all bad and doubtful debts, and making the usual deductions, amounts to .213,507 5s 3d, which, together with .£5629 18s lOd brought from last year, leaves a disposable balance of .£19,137 4s Id. From this snm an interim dividend of 2J- per cent., or £1362 10s, has already been distributed, and it is now proposed to make a further payment of 71 per cent, (free of income tax), making 10 per cent, for the whole year. This will absorb £4087 10s, leaving a balance to carry forward of £13,687 4s Id. 3. The general trade of New Zealand during the period over which the present report extends has been prejudicially affected by a stringent state of menetary affairs. This, however,_ is now showing evidence of passing away, and with the recent considerable advance in the_value of wool, there is a prospect of an early improvement to the commercial and ogi icnltnral interests of the colony. 4. The directors feel justified in expressing an opinion that the funds of the company are safely as well as profitably invested. 5. Mr Ritchie, the general manager, has return'd to New Zealand, his health being now completely restored, and will relieve _Mr Russell, who has been iu charge there during hia absence. Mr Russell, whose experience in the London business of the company will be of great value, is shortly expected in this country. 6. The auditors, Messrs. Turquand, Youngs and Co., under the articles of association, retire, but are eligible for re-election. “ H. R. Grenfell, Chairman. “ 37, Lombard street, London, “ 23rd January, 1880.”