The N.Z. Loan and Mercantile Agency Company.

Te Aroha News, Volume II, Issue 95, 28 March 1885, Page 6

The N.Z. Loan and Mercantile Agency Company.

The annual report presented 'to the shareholder of the New Zealand Loan and Mercantilo Agency Company, at the general meeting on the 6th of February, stated :— " Tho not profit for the year 1884, inclusive of £6,543 Is 4d brought forward, and providing for all expenses and contingencies, was £72,270 17s, which the directors recommend should be appropriated as follows : Payment of a dividend at the rate of 10 per cent, per annum, and interest on capital paid in advance of old shares, £31,709 15s 8d ; payment on bonus at 5 per cent., £15,804 3s 4d ; reserve fund, £17,500 ; to be carried forward, £7,256 18a: total, £72,270 17s. 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 £14,68S 4s Gd, so that there now remains for distribution the sum of £31,825 14s 6d. The issue of 20,000 shares of £25 each, authorised, has been completed in the following manner :—lO,OOO: — 10,000 shares have been issued to existing proprietors, rateably as to the shares held by them at a premium of 20s per share, and 10,000 shares have been offered for subscription and allotted in Australia at a premium of £2 5s per share. The proportion of premium payable on emission of 10s per share on the former, and of 15s per share on the latter, amounting in aggregate to £12,500, the directors now propose should be added to the reserve fund, which, with the £17,500 recommended for appropriation from the profits of the past year, will augment that fund by £30,000, thereby raising it to a total of £250,000. While throughout the past year many parts of the Australian colonies have puffered from the effects of a prolonged drought, which will place a tempoiary check on the increase of stock and exports of wool from these colonies, that of New Zealind has not been exposed to thw drawback. Although the wheat shipments from the Australasian colonies generally have realised lower values than those of the preceding season, some compensation has been afforded by the continuous development of the frozen meat industry, to those engaged alike in pastoral and agricultural pursuits. In accordance with the regulations of the Articles of Association, tho Bight Honourable A. J. Mundella and Mr Emanuel Boutcher retire from the Board of Directors, but offer themselves for re election. The directors regret to announce the resignation of Mr Charles John Taylor as one of the auditors of the company. Mr Roderick Mackay, his co. auditor, retires in accordance with the provisions of the Articles of Association, but being eligible for re-election, again offers his services."