N.Z. LOAN AND MERCANTILE CO.

Shannon News, 6 December 1921, Page 3

N.Z. LOAN AND MERCANTILE CO.

PAST YEAR’S OPERATIONS. i London, November 29. , The New Zealand Loan and Mercantile Agency ' Co., after transferring £IOO,OOO from the dividend equalisation and reserve fund' to the profit mud loss account, have a balance-of £83,813, plus £23,491 brought forward. Dividends absorb £90,000, leaving to carrying forward £17,305. The report slates that in consequence of the great failing off in trade and the heavy depreciation in all the staple commodities of The company’s business, there has been throughout the fields of the com- ' company's operations, especially in New Zealand, great reductions-in trie amount of the commissions received, on account of the smaller volume and lower value of goods sold. There was a heavy fall in the value of stock of merchandise which the company was obliged to hold for its customers’ convenience. Mr Morgan, chief inspector for New Zealand, closely investigated tee company’s, securities and business m New Zealand, and made a valuation of the securities there which appears. to the directors to be drastic, but they did not think it right in any way to cut down his recommendations. These have been dealt with out of contingent reserves, now not required for the purposes lor which they were originally set aside.