NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY, LIMITED.

Poverty Bay Standard, Volume I, Issue 86, 11 March 1884, Page 2

NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY, LIMITED.

Report presented to the Shareholders at the Nineteenth Annual General Meeting, held on Friday, the Ist day of Feb., 1884. The Directors, in laying before the shareholders for their approval and adoption the nineteenth annual report of the Company, with balance-sheet embracing statement of accounts made up in New Zealand to 29th September, and in London to 31st December, 1883, bog to invite their attention to the following results. The net profit for the year 1883, including £4,859 ss. sd. brought forward from the preceding year, shows, after the deduction of expenses, interest, commissions, income tax, and property tax in New Zealand, writing off stationery and furniture, and making provision for bad and doubtful debts, a sum of £63,557 os. 44., which the Directors recommend should be applied as follows :— To payment of a dividend at the £ 8. d. r-tc 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 10,000 0 0 To be carried forward 0,513 1 4 £63,557 0 4 In July an a<l interim dividend waspaid 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 sum of £31,325 Ils. 6;1. The dividend and bonus recommended are equal to the highest declared in previous years, and by the present addition of £lO,OOO to the reserve fund it will be raised to £220,000. During the past year the continued development of the resources of the Australasian Colonies has enabled the Directors to find there safe and profitable investments amply sufficient to absorb the funds placed at their

disposal. According to the latest color lai reports the season generally has proved favorable not only for pastoral but agricultural interests. While the volume of the consignments of wool and other produce entrusted to the Company in Great Britain and the Colonies continues to increase, the steady progress made in the consumption of Australian and New Zealand frozen meat in this country, of which a considerable share has been placed in the hands of the Company for disposal, gives promise of a further stimulus being afforded to colonial enterprise. In consequence of the passing of “ The Companies (Colonial Registers) Act, 1883,” during the last session of the Imperial Parliament, authorising the keeping of local registers of members in the British Colonies» it has been found necessary, in order to comply with its provisions, that certain changes in the Articles of Association of the Company should bo made. The spacial resolutions necessary for this purpose are set forth in the notice annexed to this report. These, will be submitted for consideration and adoption by the shareholders at the extraordinary general meeting to be held immediately after the termination of business at the annual ordinary general meeting. In accordance with the regulations of the Articles of Associations, Sir E. W. Stafford and Mr. Robert Porter retire from the Board of Directors, but offer themselves for reelection. The Auditors, Messrs. Charles John Taylor and Mr. Roderick Mackay, likewise retire, but, being eligible for re-election, again offer their services. 1, Queen Victoria Street, Mansion House, E.C., 15th January, 1884.