N.Z. LOAN AND MERCANTILE COMPANY.

King Country Chronicle, Volume II, Issue 64, 10 January 1908, Page 3

N.Z. LOAN AND MERCANTILE COMPANY.

.:■■ " ■_■•■•"-■ +'• ■- _-;t ft ■'".'■%: The report of the New Zealand Loan and Mercantile Agency Company, for the year ended June 3Qth, states that, after paying interest on the debenture stocks and adding £58,000 to reserve accounts, bringing them up to £215,000, there remains to the credit of the profit and loss account, including the balance brought forward, the sum of £6,562. The directors recommend a dividend at the rate of 5 per cent, per annum, less tax, on the fully and partly paid shares, and that the balance of £133 be carried forward. The net revenue has been arrived at after distributing £4,284 as. a bonus to the staff, and writing £9,956 off the London investments in order to reduce them to their approximate market value at June 30th. Since 1897, when, under the scheme of that year the company's capital account was re-organised, the directors have from time to time been able to take advantage of the improved conditions in Australia and New Zealand to realise a considerable number of the properties which were handed over to them by the old company. On balance, these realisations have been effected at figures in advance of the valuation of 1897, with the result that there is a surplus in hand. The directors feel that the time has now come when they may safely transfer additional sums to this account. The weather conditions in Australia proved favourable in the early part of the year, but subsequently, owing to the want of sufficient rain, some anxiety was caused as to the general pastoral conditions in the Commonwealth. Recent telegraphic advices, however, report good general rains in New South Wales and Victoria, while Queensland has also benefitted to some extent. A portion of the South Island of New Zealand also suffered for a considerable period from very dry weather, which adversely affected the farming interests. The position of the wool market, both at home and in the colonies, was, during the year under review, very favourable, and Rvalues ruled at a satisfactory level. Since the year 1903 the directors have been committed, as soon a » the scheme for the purchase 0 f the 1 trustees' certificates had been worked ou.t, to, wind up the New Zealand Land Association, if, after fuH consideration, the trustees for the certificate holders and the §econ.d. and third debenture holdefs of this company so required. During the year this matter has been under the most careful consideration of the directors and the trustees, and the directors are glad to be able to report that, as the result of many weighty arguments which they have been able to adduce in favour of the continuance of thr Land Association as a separate company, the trustees have now given their assent to that course being adopted.