Commercial.

Poverty Bay Standard, Volume X, Issue 1052, 23 March 1882, Page 2

Commercial.

THE NEW ZEALAND LOAN 4 MERCANTILE AGENCY COMPANY (LIMITED).

CAPITAL£3,OOO,OOO, IN 120,000 SHARES |OF £25 EACH. Report, to be presented to the Shareholders at the Seventeenth Annual General Meeting to be held on Friday, the 3rd day of February, 1882. T e Directors in laying before the Shareholders for their approval and adoption the Seventeenth Annual Report of the Company, with Balance-Sheet comprising Statement of Accounts made up in the Colonies to 30th September, and in Lonnon to 31st December, 1881, beg to call their attention to the following satisfactory results. The Net Profit for the year 1881, inclusive of £6,154 16s 9d brought forward from the Previous year, after deduction of Expenses, nterest, Commissions and Income Tax, writing off Stationery and Furniture, and making ample provision for all Bad and Doubtful Debts, shows a sum of £80,143 12s Bd, of •which the Directors recommend the following appropriation, viz. :— To payment of Dividend at the rate of 10 per cent., per annum, and Interest on Capital paid in advance on old Shares ... 31,376 9 0 To Payment of Bonus at 5 per cent ... 15,637 10 0 To Reserve Fund ... ... 30,000 0 0 To be carried forward ... 3,129 13 6 £80,143 12 6 In July last an ad interim Dividend was paid at, the rate of 10 per cent, per annum, amounting with interest on Capital paid in advance, to £15,688 4s 6d. So that there is now left for distribution the earn of £31,325 14s 6d. From these figures it will be seen that while the Dividend and Bonus now recommended are on a par with those of recent years, the substantial addition of £30,000 is likewise made to the Reserve Fund, thereby raising it to £200,000. The rapid issue of terminable Debentures during the past year at the lower rates current twelve months ago it desirable in the interest of the Company that power thould be given under the Articles of Association to issue Debentures not only for terms of years but in perpetuity. An Extraordinary General Meeting of Shareholders was accordingly held on the 2nd of September last, •when the necessary alteration in the Articles of Association was made, and in conformity therewith applications were invited by the Directors in the following month for the issue of 4 per cent, perpetual Debentures at £97 per £lOO and the conversion of the Company’s outstanding terminable into 4 per cent, perpetual Debentures on a like basis. Notwithstanding the short period during which this scheme has been in force, and the adverse condition of the Money market, it has been freely availed of by existing holders of terminable Debentures, and the success thus far attendant or the operation gives fair promise of its more extended adoption by the investing public. During the past year there has been a satisfactory increase in the development of Colonial shipments, not only of wool but of other produce, and while the prices of the staple article of export from the Colonies ruling here twelve months ago have not been quite maintained, the decline in value has in a great measure been met by the increase of supplies. The success of the export of Frozen Beef and Mutton, judged by the experimental ventures made by steamers from Australia, may be consideied assured, and the extension of like facilities to New Zealand will provide an out’let for the consumption not only of the surplus meat but also of the surplus dairy produce of that Colony. In conformity with the Regulations of the Articles of Association the Right Honorable A. J. Mundella and Mr Porter retire from the Board of Directors, but offer themselves for Te-election. The Auditors, Messrs Charles John Taylor •nd Roderick Mackay, likewise retire, but being eligible for re-election, again offer their •ervices. London. 12th January, 1882. Balance-sheet to 30th Sept., 1881, for the Colonies, and to 31st Dec., 1881, for London.

I have examined the foregoing Balance-sheet and I hereby certify that it contains a full and fair statement of the Accounts of the Company. Chas. J. Taylok, Auditor. I hare examined the forogoing Balance-sheet and I hereby certify that it contains a full and fair statement of the accounts of the Company. R. Mackay, Chartered Accountant, 9th January, 1882. Auditor.

Db. £ «. d. £ 1. d. To Capital, viz.:— £2 10s per share on 12 0,000 eh a res 300,000 0 0 Capital paid in advance 14,245 0 0 —314,245 0 0 To Reserve Fund ...170,000 0 0 _ Debenture issued and Fixed Deposits 2,542,787 0 0 0 0

„ Bills received for collection, current accounts & Debenture interest accrued, &c., 410,508 0 6 „ Bills pavable ... ... 102,962 13 6 „ Sundry amounts payable in the Colonies ... ... 135,911 16 9 „ Profit for the year, after deducting all expenses, interest on debentures, deposits and Mortgages, and writing off stationery, etc., ... 80,143 12 „ Less interim dividend paid iu July ...15,688 4 6 64 455 8 0 £4,062,239 18 9 By Cash on hand with London and Colon al Bankers and on short Loans ... ... 35,182 5 4 ,, Bills receivable ... ... 174,658 10 1 „ Company’s premises, stores and plant ... ... 106,268 13 5 „ Investments, viz.:— Colonial Government and other securities 99,366 7 6 „ Share investments ...32,347 10 0 131,713 17 6 „ Loans on mortgage ...2,770,738 11 7 „ Loans on mortgage guaranteed per contra ... 321,372 0 0 „ Acceptances on account of Wool and produce ... 89,289 18 8 „ Wool and produce advances, <fcc 344,826 9 6 „ Sundry amounts receivable in the Colonies ... ... 88,1S9 9 8 £4,062,239 18 9 PROFIT AND LOSS ACCOUNT Du. 1881 £ s. d. Feb. 5.—To dividend at the rate of 10 per cent, per annum for 6 months to 31st Dec., 1880, and interest ou capital paid in advance ... ... ... 15,689 4 6 To Bonus at. 5 per cent. ... 13,637 10 0 „ Carried to Reserve Fund ... 10,000 0 0 „ Carried forward ... ... 6,154 16 9

£47,480 11 3 July 7—To Interim dividend at the rate of 10 per cent, per annum to 30th June (with intereet on capital paid in adranee 15,683 4 6 Dec. 31—To Balance of charges account ... .. 44,417 4 9 To Balance of furniture account 807 17 7 „ Balance of account for stationerv, telegrams, and printing reports, monthly circulars, Catalogues, Ac. ... 6,279 17 12 „ Income tax ... ... 1,122 10 0 „ Balance 80,143 12 6 „ Less interim dividend paid u abort ...15,683 4 6 64,455 8 0 £132,771 3 9 C«. 1880. £ «. d. Dec. 81—By Balanea at this date 47,480 11 3 £47,480 11 3 1881 — Feb. 5—By Balance brought forward ... ... ...£6,154 16 9 Dec. 31—Balance of Commission and Interest Accounts ...126,616 6 0 £132,771 2 9 Expenses of London and Colonial Establishments. Rent and Insurance of London and Colonial Offices .. ... 2,901 0 10 Directors’ and Auditors* Fees, Officers’ salaries and wages... 36,563 7 5 Advertising and Postage ... 2,151 12 8 Law and Notary charges ... 260 7 5 Travelling Expenses, etc., in Colonies ... ... ... 1,144 3 7 Stamps for Bills of Exchange, Ac. 424 6 5 Business Licenses under Colonial Stamp Acts 336 0 0 Sundry Incidental Expenses ... 636 6 5 £44,417 4 9