NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY.

South Canterbury Times, Issue 2505, 31 March 1881, Page 2

NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY.

The annual ordinary general meeting of the shareholders of the New Zealand Loan and Mercantile Agency Company was held on February 4 at the offices of

the Company, Queen Victoria street, Mansion House; Mr Thomas Russell, C.M.G., in the chair. The Chauman, in moving the adoption of the report, congratulated the shareholders that the directors were not only able to give them their usual dividend, hut that they had resumed their contributions to the reserve fund which had been annually made from the commencement without any break until last year, when, the colony being in a state of depression.it was deemed prudent to withhold it. In the minds of some persons, not of those who knew the country, there were doubts as to the future of New Zealand, and unfavourable inferences were drawn from the amount of the public debt compared with the number of the population. But he maintained that such comparisons were most unfair unless they took into account the resources and capabili ties of the country. In New Zealand, with an area equal to that of the United Kingdom, they had a soil which was naturally rich and a climate so genial that they never experienced either the severity of an English winter or the scorching heat of Australian summers. In 1869 there were only 800,000 acres of land under cultivation. In 1879 it had increased to four million acres, the mcrease being all attributable to the making of roads and railroads, or rather bits of roads and railroads, for they were yet mostly unfinished. When they were finished the population would no doubt increase, and the quantity of land brought under cultivation increase also ; anil as the soil was richer than that of California, and the distance shorter, the cultivators of grain in New Zealand could no doubt compete successfully with those of California, and grain as well wool would form a staple article of export. —The motion was seconded by Mr Butcher and carried without discussion, us was another resolution that a dividend at the rate of 10 per cent per annum for the half-year, and a bonus of 5 per cent for the year, bo paid.—The retiring directors were re-elected, as were also the auditors, and the meeting closed with votes of thanks to the home and colonial directors, and to the managers, secretary, and officers both in England and the colonies, and to the chairman.