NORTHERN LAND, LOAN, AND BUILDING COMPANY.

New Zealand Times, Volume XXXIV, Issue 5583, 19 February 1879, Page 3

NORTHERN LAND, LOAN, AND BUILDING COMPANY.

The 'annual meeting of the shareholders in this company was held yesterday in tho Chamber of Commerce Buildings. 'I he Hon. G. Randal! Johnson, managing director, occupied the chair, and there were seventeen or eighteen shareholders present. 'J'he minutes of the previous meeting were read and confirmed. KEJ.'OHT. The following report was taken as read : “ Your directors have ydeasuro in submitting to the shareholders this the first annual report and balance-sheet of tho company, made up to the "Ist December, 1878, from which it will he seen that tho business transacted lias been very profitable. Tho gross earnings of the company since its commencement of business in December, 1877, amount to £2802 14s. 3d., whilst the preliminary expenses incurred in forming the company were £320 Is. fid., and tin: working expenses, including license fees, £SO-1 15s. 3d., leaving a net profit to the company of £2078 17s. Bd. Your directors now recommend that the whole of tho preliminary expenses should bo written off, and that a dividend be paid to the shareholders at tho rate of 15 per cent, per annum upon tho paid-up capital ; such a dividend will absorb £lB9 4s. Bd., and leave a balance of profit amounting to £1589 15s. Your directors further recommend that the sum of 11s. be added to the amount already paid up on each share out of the balance of profits above mentioned, which proposal will absorb the sum of £1554 65., anti there will remain a balance of £35 7s. to be carried to next account. Your directors further recommend a fresh issue of 5000 shares at par. In accordance with (he provisions of the articles of association, the whole of ttie directors now retire from office, but are eligible for re-election. All the members of the present board, with tho exception of Mr. Dawson, offer themselves for reelection.”

The Chairman in moving the adoption of the report said ; I do not intend making any lengthened remarks, because the reports aud balance-sheets read arc sufficiently explicit to enable you to form a. pretty good idea as to the nature of the business undertaken, as to the manner in which it has been transacted, and as to the results which have accrued therefrom. I feel sure I may congratulate tire shareholders upon the results. At this time last year we were hardly in working order, but still we hove got together a considerable business, which is yielding a very satisfactory return. More than this, we have opportunities of extending our business directly we can get a larger number of shares taken up. The want of capital is the only limit to the amount of our business. The directors recommend that a dividend of 15 per cent, should he paid upon the paid up capital, and that out of the balance of profits He. per share should be added to the amount already paid upon shares. That 11s. per share, It is proposed, shall not interfere with the monthly instalments now being paid, so that the effect will not be to stop present payments but shorten the time during which the instalments are to bo paid; this 11s. will come in at the last instead of now. The directors further recommend a freeh issue of 5000 shares at par. We believe we shall be able to place a large number of shares in the market, and that the increased income will euable us to extend our business greatly. I now move the adoption of the report. Dr. Bulleu seconded. In reply to Mr. Green, The Chairman said the 11s. would be placed to the credit of shareholders at once, and would share equitably in the dividends. Severalothor questioushaving been answered, the motion for the adoption of the report was then put and carried. ERECTION OF DIRECTORS. The following gentlemen were elected directors;—Hon. Randall Johnson, Messrs. J. 11. Blair, J. B, ITaroourt, A. Johnston, M.D.; O. J. Johnston, R. Fort, J. S. M. 'Thompson, O. Tringham, J. H. Wallace, J. F. E. Wright, E. W. Mills, and W. M, Lewis. ELECTION OF AUDITORS. Messrs. S. Carroll and W. Berry wore appointed auditors, and a foe of £S sa. each voted them. HONORARIUM TO THE MANAGING DIRECTOR. Mr. E. W. Mills said he thought the meeting ought not to close without the shareholders recognising the great services of the managing director, the Hon. Mr. Johnson. He had been to great trouble and had spent a good deal of his time in the service of the company, and, as the result showed, had conducted the business to a satisfactory issue during the year. He himself had to do with -several societies, aud was therefore aware of the demands they made upon one’s time, so that he appreciated Mr. Johrson’s services. He would move that an honorarium of one hundred guineas bo voted to Mr, Johnson as an acknowledgment of his services. It had been agreed that the directors should receive no salary for the first year, but he hoped in another year their services also would be paid for. Captain Thomas seconded. The success which had attended the operations of the society was the best proof of the nature of the exertions of the managing director, and they ought to recognise his services. The Chairman wished to say a few words, and would first thank the mover and the seconder for having spoken of him in such kindly terms, but having done that he would ask them to allow the matter to stop where it was. It was true he had given a great deal of time to the management of the company, and that at times he thought the calls upon him were too many ; but then ho remembered he had taken the position principally because he wanted something to occupy his time, aud if he had satisfied the shareholders he was contented. He had no wish at all that the resolution should bo carried, and would ask them to withdraw it, he being content with the expressions of approval. Several Shareho;.;, : I':', the motion.

The Chairman then put the motion, and it was carried without a dissentient. In acknowledging the vote, he said he thought the shareholders’ thanks were due to Mr. Powles, the energetic secretary. He had worked exceedingly well for the society, and his efforts deserved recognition. He moved a vote of thanks to Mr. Bowles. The motion was carried unanimously, and The meeting then adjourned.

liAIANCE-SHKET. Dr. £ s. d, To Capital— „ 2.820 shares at £10, £28,200 0 0 Amount paid up 5.2,2 17 G ,, Deposits. &c 11,157 IS 0 „ National Bank 13,517 12 1 „ J’rodt and Loss Account 2.07S H G £32,027 5 G Or. £ s. a. By Mortgages ,, By interest thereon to dato • • 23,510 12 251 8 5 5 ,, Office furniture,. 102 18 5 ,, Laml Investments 8,153 12 4 £32,027 5 c PROFIT AND LOSS ACCOUNT. £ s. cl. To Interest Account 1,420 11 3 Ch-irges Account — Salaries 171 8 i Office expenses Hit 0 5 business license 50 0 C Preliminary expenses in furmation of Company 520 1 0 Balance 2,073 17 8 £4,229 5 s £ s. (I. By Interest Account 2,273 2 0 Sundries IS 0 5 „ Balance on sundry investments .. 1,909 10 0 £1,220 5 8