N.Z.L. & M. AGENCY CO.'S ANNUAL REPORT.

Patea Mail, 7 April 1881, Page 3

N.Z.L. & M. AGENCY CO.'S ANNUAL REPORT.

The sixteenth annual general meeting of shareholders was held in London, on Friday, the 4th day of February, 1881, Thomas Russell, Esq., 0.M.G., in the chair. The Report stated that the net profit for the year 1880, inclusive of £8,170 10s 2d brought forward from the preceding financial year, after deduction of expenses, and making provision for all bad and doubtful debts, showed a sum of £63,168 15s 9d. The Directors recommended the following appropriation, viz. :—To payment of a dividend at the rate of 10 per cent, per onnum, and interest on calls paid in advance on old shares £31,376 9s, to payment of bonus at 5 per cent. £15,637 10s, to reserve fund £IO,OOO, to bo carried forward £6,154 16s 9d. After payment of interim dividend in July amounting to £15,688 4s 6d, there was left for distribution the sum of £47,480 11s 3d. The chairman in moving the adoption of the report, referred to the long continued depression in wool, and the financial panic, and said good management then had left the Company in a better position than ever before attained. All the agencies were well in hand, and better attention could hardly be given to the business than was exhibited both in England and the colonies. The comparison of public debt and population in New Zealand was unfair, unless its enormous resources and capabilities were also recognised. He instanced the rapid development of its agricultural resources consequent on the opening up of new country by railways. In the five years preceding 1874 the area of land under crop had more than doubled. In 1874 the area under cultivation was 1.600.000 acres, but in 1879 it had reached to within a few thousands of four millions of acres, which showed enormous strides for so short a period, which was entirely owing to the opening up of the country under the public works policy by borrowed money. Though the population was only half a million, with such a country and such a future there needed no anxiety about the payment of its debt. He believed the public works policy had added more to the value of the public and private estates of New Zealand than the amount of the public debt of JSTew Zealand put together. The increase in grain consignments through the company from Australia and New Zealand would be the best guide as to whether or not it paid to grow grain for export. In 1870 the company received 22,000 bags of wheat for sale. In 1875, five years afterwards, the railways in New Zealand having then made little progress, the number of bags was 33,000. In 1879 they had increased to 171,000 bags, and in 1880 the quantity reached 349.000 bags. That was evidence of the progress of the country. While people in England were predicting evil, the colonists were ploughing the land, sowing, and reaping the harvest. Other telling evidences of progress were quoted, when the chairman, speaking for the directors, said we feel satisfied about the future of New Zealand, and we feel very great pleasure not only that we are helping in the work of colonising New Zealand by assisting the settlers in that country but that we are at the same time doing a profitable business for you.

Mr Thomas Russell and Sir E. W. Stafford were re-elected directors.