FIFTEENTH ANNUAL GENERAL MEETING OF SHAREHOLDERS OF THE N.Z.L. AND M.A, C0., LIMITED.

Oamaru Mail, Volume IV, Issue 1234, 1 April 1880, Page 2

FIFTEENTH ANNUAL GENERAL MEETING OF SHAREHOLDERS OF THE N.Z.L. AND M.A, CO., LIMITED.

The fifteenth annual ordinary general meeting of the shareholders was held at the offices of the Company, 1, Queen Victoria-street, Mansion House, on Friday, the 6th of February, A, J. Miindella, Esq,, M.P 1? pceqpied the chair, In thfe report it was stated that the net profit for the year 1879, inclusive of L 3824' 4s: 2d brought forward; from the preceding financial year, after deduction ofi expenses, interest, commissions and income tax, writing off stationery and furniture, and malting ample provision for all-bad and : doubtful debts, showed a sum of L 53,215 14s 2d, of which the Directors recommended the following appropriation, viz. To payment of a dividend: at the rate at of 10 per cent, per aqnum, and intereston calls paid in advance oq old shares ~ ... £30,060 12 4 To payment qf ftt '$ percept. ... ... ... 14,984 11 8 To be carried forward ... 8,170 10 2 = £59,213 14 2 In July last an ad dividend at the* rate of 10 _£er cent.' per annum,amounting, with interest on calls paid in advance, to L 14,358 12s IQd, was declared, so'that there is flow left for distribution thp suni of L§O,6Q6 lis 2d. The |n moving the adoption of the report, said : Gentlemen, my duty to-day is one of a very pleasing character. You are aware that the past been on the whole very trying to these Colonies. New Zealand, perhaps, has suffered lessT-r-I say than any other—but than most others. The harvest of J§YBl

in New Zealand was deficient, and tha i winter of that year was one of unexampled severity and los 3 to the flock masters, especially in Otago, producing not only great mortality among the sheep, but also a depreciation to some extent in the char- ■ acter of the wool. According to a census return of the Colony of New Zealand, which is .published in the New Zealand Times of sth December, 1879, the number of sheep in the Colony in March, 1878, - was 13,039,338 in May, 1879, this number had declined to 11,405,389, thus showing a deficiency of 1,663,949 —a de- . ficiency that was mainly owing to the severity of the winter in the upper districts of Otago and Southland. Concurrent with this deficiency in the staple product of the Colony there was, as you are all aware, a very low range of values for wool, grain, and other Colonial products. These circumstances would of themselves be sufficient to produce depression and loss to the Colony, and I am sorry to say'that they wero aggravated by the coincident commercial depression and distress which resulted from the stringency of the Colonial money market—a reflection of the state of our financial affairs at home. When we mot here last year the chairman spoke of tho influence which the failure of the City of Glasgow Bank had on the Colonies, but that influence had not been fully realised, and the monetary stringency which followed in this country was intensified throughout all the Australian Colonies, exercising an injurious effect on enterprise during the year 1879. You may easily imagine the influence of such a position of affairs upon an Institution which is so intimately bound up with tho prosperity of the Colony as this Company is. I am thankful to say, however, that while the experience of the past year has not resulted in an entire immunity from . loss, it has, in the mind of every member of the Board and the officers of the Company, imparted increased confidence not only in the usefulness but in the stability ■ and favorable future prospects of the Institution. It must be satisfactory to you to know that, notwithstanding the depression to which I have referred, tho business of the Company has been growing and strengthening during the past year. Mr. Russell had to report to you last year the steady progress of the Company, and the very large jump which we had made in the bulk and value of our consignments of produce between the years 1874 and 1878. The past year, notwithstanding the depressing circumstances to which I have referred, has not been exceptional in that respect. The number of bales of wool consigned to the Company in 1874 was 24,493 ; in 1878 it was 65,223, but I have now to report to you that the aggregate of the past year was 83,966 bales. (Hear, hear.) This Company is now thav largest wool importers, not only from the Colonies, but in the whole world. The same characteristic which marks our wool,' which, after all, is our great staple, applies to every other branch of our business. The number of our consignments increases year by year, and during the past year that increase has been a very large one—larger than in any previous year since 1874. Well, gentlemen, that being so, yjou will expect me to tell you something... of the influence that the depression under which the Colony lia3 suffered has had upon the finances of the Institution, lam very thankful indeed to be able to lay before you a balance*sheet which showa an aggregate of gross profits nearly aa large aB those of the previous year, which were the largest in our history. And while we show this amount of profit, I am able to state to you, with the most perfect confidence, that all aotual and contingent , losses have been amply provided for. It . [ is right, I think, that I should be thus . explicit with you, but it is not a time of prosperity that tries an Institution like i this, but a time of adversity * and aU , though we do not speak of it as altogether adverse, yet there is no do.ubt but that the past year has been trying to the whole group of the Australian Colonies, I am 1 thankful, however, to meet you with a 1 dividend and bonus of 16 per cent., ! carrying forward a sum of LBI7O to the ' next account. 'We are paying 15 per cent, this year on an increased share capital of L 45,551 received during 187$, which ' hardly had time to be made use of whon ; the accounts far the year were prepared, ' The balanee of interest a nd commission, L96,G28, is less than that of 1878, whioh was L 97,484; and but for the large pro- ' vision which we felt it right to makQ > against any contingency that might arisq ! upon any account which is regarded aa ' doubtful,'we should have carried to the Reserve Fund a considerable sum. We ! did not think it right to diminish your " dividend in order to increase the reserve. ; because we put L4O,QQQ to the Reserve : Fund last year—L2o,ooo from.profits, and ' L 20,000 from the bonus on the fourth ! issue of shares. Our Reserve Fund stands now at L 160,000. • You will naturally ask 1 me to state what the Directors consider to be the prospects of the present year. Gentlemen, I am very glad to say that they are very much altered as compared with our position twelve months ago. The state of things whioh then existed has passed away; the distress, and the ■ stringency of the money market, have abated,; and prospects generally seem tq be very good. . According to the rr\oat recent advices we are led to a yeap of almost unexampled prosperity, succeed-* ing one which has beeii somewhat a yea? of adversity. have reqejved from our Managing in the Colonies a telegram, dated 27th January, which shows, better than any words of mine, precisely what the position is, and what are the prospects of the coming season j it is to the following effect Wool olip, good fair average 5 excellent season for grain harvest j prospects prumising ; out-, look, generally favorable." The inflow of shows the oonfidenoe which the public continue to have in the Company, and as the limit of the borrowing powers under the Articles of Assooia* tion was reached last year, we are only able to accept small sums, to replace any debentures paid off at the close of 1879. With these remarks, I beg to movei that the report and statement of accounts be adopted and circulated among the' prqi prietdrs. (Applause.) The resolution having bpen Qtvrried unanimously, . The CStwrmafl 9ftid j I have now to move (( Thst $ dividend at 10 per oent, per annum for the half-year ended 31st December, 1879> with a bonus of 6 per cent, for the year he now deolared, which, with the interim dividend at the rate of 10 per cent, per annum paid in July, 1879, will make a distribution at the rate of 18 per cent, per annum for that year j'and that the balance of profit amounting to LBI7O 10s 2d be carried forward." Mr. Russell seconded the motion, whioh was put and carried unanimously-. Mr. Abraham, I have, been move, and-1 4 ,d0 30 with great pleasure, "That Mr. 4- J be noYF elected a qf this Qonipany,'V Dr. Thompson seconded the motion, which was put and carried unanimously. ; Mr. Russell, in moving (< That the best thanks of the meeting be given to the Managing Direotors, Secretary, and the .officers of the Company, both in England and the Colonies, for the ssealous and efficient discharge of their respective :duties," said ; The faots whioh have been brought before you, gentlemen, must give you some idea of the difficult circumstances which our officers in the Colonies have had to deal with during the past' year.' From an old acquaintance with New Zealand, I do not believe we have ever had a more trying time. The resolution having been carried unanimously, Mr. Lark worthy said ; I have to thank you on' behalf of the staff at the head osce and in the Colonies for the motion you have just passed, I assure jou that

this annual vote is not looted upon by us as a mere matter of form, bat is a stimulus to the staff to do the best they can for your interests. I beg to thank you very heartily for the vote yon hare come to.