CITY OF GLASGOW BANK PROPERTIES IN N.Z.

Poverty Bay Standard, Volume IX, Issue 974, 31 August 1881, Page 2 (Supplement)

CITY OF GLASGOW BANK PROPERTIES IN N.Z.

The liquidators of the City of Glasgow Bank invite tenders, to be delivered to the liquidators in Glasgow or Edinburgh before July 15th, for the stock held by them in the New Zealand and Australian Land Company, which was formed under a private Act in 1877 by the amalgamation of two companies which had acquired extensive and valuable estates in New Zealand, New South Wales, and Queensland. The balance sheet of the company to March 31, 1880, the last issued, showed the assets, after deducting mortgages at £2,317,693, represented by £1,000,000 preference stock, ordinary stock reduced under the sanction of the committee from £1,500,000 to £1,250,000 and undivided profit £67,963. The preferential stock carries a cumulative dividend of 4 per cent, per annum, of which 2 per cent, on account of the year ending March, 1880, is in arrears and of this stock the liquidators hold about £348,400, for which they invite tenders at a minimum of not less than £9O per £lOO (including the 2 per cent, overdue interest). It is considered that; the preferred dividend is now secured, and the debenture interest having been reduced from 6 to 4£ per cent, a saving has been effected equal to 1 per cent, per annum on the ordinary capital, of which the liquidators hold about £923,300, and offer for tender at a price of not less than £63 per £lOO.