Thank you for correcting the text in this article. Your corrections improve Papers Past searches for everyone. See the latest corrections.

This article contains searchable text which was automatically generated and may contain errors. Join the community and correct any errors you spot to help us improve Papers Past.

Article image
Article image
Article image
Article image
Article image
Article image

COMMERCIAL.

NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY, LOADOA, 'The following report was to be presentcdtotlic shareholders at the tenth annual general meetmg. to be held on Thursday, the 4th of n f the The directors, in submitting for the ofthe shareholders the tenth report of comply, ' balance-sheet comprising statement of up in New Zealand to 30th September and in London to 31st December, 1874, invite their attention to the f Th: in n e ot P proflffoVTha year 1874, including £1486 ISs. 4d. brought forward from the preceding financial year, after the deduction of all expenses. Interest, commissions, and Income-tax, writing off stationery and furniture, and making full prowsioiii for I bad or doubtful debts, exhibits a sum of £22.150 Ss 10rt., which the directors recommend should be applied as follows, vis.:— To payment of a dividend at the rate of 10 per cent, per annum, ana interest on calls paid In advance _ « on old shares .. ■ ■ • £3,517 9 0 „ Payment of bonus at 2j per „ bent 2,104 0 0 „ Reserve fund .. •• 1 J»000 0 0 „ Be carried forward .. .. 1,628 19 10 £22,150 8 10 On 2nd July, 1874, an ad interim dividend at the rate of 10 per cent, per annum was paid, amounting, with interest on calls paid iu advance, to £4258 14s. 6d., so that there now remains for distribution the sum of £6362 14s, Cd. H From these figures it will be seen that the directors are justified In recommending the continuance of the payment of a dividend with bonus equal to the highest precedent of former years, white they propose that the reserve fund should be raised by an amount in excess of the increase in 1872, the., exceptionally large addition in 1873 having been duo to special agency transactions. . . The directors have to report a sensible increase experienced in the demand for money throughout the Australian Colonies and New Zealand, and a corresponding extension in the facilities there for the satisfactory investment of capital, _ , . The imports of Australian and New Zealand wools during 1874 having exceeded those of the previous year by upwards of 108.000 bales. The consignments of this staple to the company have largely participated in the general increment. ~, ... „ . The policy hitherto characteristic of the present Government of New Zealand in giving such material support to immigration, and in so vigorously prosecuting the public works of that colony, is being maintained on a scale which will tend still further to develop its internal resources. The necessary alterations in the articles of association having been duly authorised by^the shareholder, at the extraordinary general meeting held in February last, advantage has been taken by the directors to extend the operations of the company to the Australian colonies and the Fiji The recent annexation of these islands to Great Britain is favorably regarded throughout the Australasian colonies, and from the position now occupied by this company in New Zealand, your directors have, with confidence, embraced the opportunity of affording facilities for the shipment of Polynesian products to the mother country. ... , The directors are of opinion that the time has now arrived when the old and new issues of shares should be placed on a pari passu basis. They accordingly intend, by virtue of the powers given to them under the articles of association, to call up £llos. per share on the latter, payable by two instalments of £1 and 10s. per share respectively. As according to the 7th regulation of the articles of associations, an interval of three months must elapse between the dates on which calls not exceeding £1 per share at any one time may be made, the option to those shareholders who may so desire it of meeting at one time the aggregate amount of the two calls pavable by them will be given The Hon. James ‘Williamson having in consequence of his return to New Zealand resigned his seat on the London board of directors, has been re-elected there as a colonial director of this company. In recognition of services rendered to this company in New Zealand, Mr. J. L. Coster was, during his temporary residence in this country, invited to accept a seat at the London Board, from which he retired on his return to that colony. In conformity with the provisions of the articles ®f association, Messrs. Boutcher and Porter also retire from the Board, but offer themselves for re-election. The auditors —Messrs. Robert Tucker and W. P. Pattison—likewise retire, but being eligible for reelection, again offer their services.

LONDON WOOL MARKETS. Messrs. Windeler and Bowes’ wool circular for the Australian mail, of 22nd January, is as follows: — There has been very little movement in this market during the past month ; it has been as usual, a period of inactivity, and the inquiry for wool has been quite of a retail character. The tone generally is dull ; but with the present large consumption it is probable that by the opening of our next series stocks will be so reduced as to encourage buyers to invest in the new clip with more confidence than was shown during the depressed period which brought the concluding series last year to a close. „ , , . That consumption has kept fully ahead of receipts is seen from the following figures, which indicate the imports, deliveries, and stocks of fine wools into Europe during the past four years. Last year, with an import reaching 1,060,500 bales, and prices throughout at a high level, the stock at its close was only 42,615 bales; while at the close of 1870, with prices at a low point, and an import that year of only 903,078 bales, the stock remained at 137,687 bales : 1874. 1873. Bales. Bales. Stock of Australian, Cape, and R. Plate held by importers, Ist January .. .. •• •• 45,784 53,208 Import, Ist Jan. to 31st Dec. .. 1,060,500 969,587 1,106,284 1,022,855 Deliveries, Ist Jan. to 31st Dec. 1,003,669 977,071 Stock in importers’ hands 31st December 42,615 T ? ; For direct shipment from Melbourne to the Unitea States about 18,000 bales had been engaged according to last advices, and the total from there may reach 20,000, to which will follow some quantity from New Zealand ; in all, the purchases are not likely to exceed 30,000, which is more than during last season, but not equal to 1871. when the total direct shipments was nearly 40,000 bales. The expected arrivals of these purchases has produced a quieter tone in the American market.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/NZTIM18750317.2.4

Bibliographic details
Ngā taipitopito pukapuka

New Zealand Times, Volume XXX, Issue 4365, 17 March 1875, Page 2

Word count
Tapeke kupu
1,068

COMMERCIAL. New Zealand Times, Volume XXX, Issue 4365, 17 March 1875, Page 2

COMMERCIAL. New Zealand Times, Volume XXX, Issue 4365, 17 March 1875, Page 2

Help

Log in or create a Papers Past website account

Use your Papers Past website account to correct newspaper text.

By creating and using this account you agree to our terms of use.

Log in with RealMe®

If you’ve used a RealMe login somewhere else, you can use it here too. If you don’t already have a username and password, just click Log in and you can choose to create one.


Log in again to continue your work

Your session has expired.

Log in again with RealMe®


Alert