THE NORTHERN LAND, LOAN, AND BUILDING COMPANY OF WELLINGTON, (Limited.)

New Zealand Times, Volume XXXIII, Issue 5492, 2 November 1878, Page 2

THE NORTHERN LAND, LOAN, AND BUILDING COMPANY OF WELLINGTON, (Limited.)

The first general meeting of the Northern Land, Loan, and Building Company of Wellington (Limited), was held at the Chamber of Commerce yesterday ; Mr. Randall Johnson, M.L.C., in the chair. The following report was read and unanimously adopted:— In calling the present general meeting the directors have acted in compliance with the provisions of the Joint Stock Companies Act.lSOO, which requires that u general meeting of the company shall be held once at least in every year. The first year of this company will close on November the 17th instant. As however it was tho intention of the promoters ot the company that the financial year should correspond with the calender year, and terminate with the 31st of December, and as the articles of association provide the general meeting, at which tho statement of tho income and expenditure for the past vear shall be laid before the company, shall be held in the month of February next; and as, moreover, business operations only commenced about tho middle of last December, your directors have not thought it necessary to prepare a full statement of the transactions of the company for the present meeting; that statement will be made in February, and will include everything up to December Slst. . . - . They have, however, made a careful examination of the accounts up to September SOth, and are able to report that tho profits arising from the transactions of tho past nine months to September SOth amount to £2574, which, after payment of all tho costs of formation of the compmy and all current working expenses, leaves a balance of £IBB3 to the credit of the company. representing a profit of 13s. 3(i per share, upon which 80s. Ims been paid up in monthly Instalments of 2s. 6d. each. Your directors think that they may fairly congratulate the shareholders on this result, at the same time they wish to point out that their business could be largely extended by increasing tho working capital; they therefore propose without delay to exercise the power which has been placed in their hands by the articles of association, and to make a further issue of shares, of which notice and particulars will bo dulygiven. It will devolve upon tho meet ng to olect auditors for the ensuing twelve months, and to fix the amount of remuneration to bo paid to them. You will accordingly be requested to nominate and appoint two gentlemen to that otiice. / (Signed) G. Randall Johnson, Chairman. Wellington, Ist November. IS7S, The Chairman called upon the shareholders to elect two auditors. Mr. Ramie and Mr. Carroli were elected. Dr. Duller proposed and Mr. E. W. Mills seconded a vote of thanks to the chairman. Mr. B. Levy proposed and Captain Thomas seconded a vote of thanks to tho directors. Captain Thomas, in making a few remarks upon tho very satisfactory state of the company, was glad to see that additional sharss were to be issued. :