NEW ZEALAND TRUST AND LOAN.

Te Aroha News, Volume IV, Issue 196, 26 March 1887, Page 8

NEW ZEALAND TRUST AND LOAN.

An extraordinary general meeting of this company was held at the office of the company, C:rnhill,ye&terday. — SirChas. ( lifford (chavrman) eaid that they had only been called together for the purpose of declaring an interim dividend, but he would take thia opportunity of telling the shareholders all ho knew of tho afUirs of the CGmpany. New Zealand had not escaped the general dopreesion, and the average rate of interest on the loans in the colony was lower than in any former year, so that the profits were somewhat reduced, and there fore he thought that upon this occasion they would be justified in reducing the ueual dividend of 20 per cent, to 18 per cent., and he did not think that the share holders would complain very much of that, 18 por cent, after all was not a very poor dividend, but was one that he trusted, under the circumstances, would be conpidered satisfactory. Although there had been a lowering of the rates of interest in the colony, still the inspector had teiej graphed that thoro would be no actual loss, with the exception of that alluded to at the | July meeting, caused by fraudulent informa lion. He (the chairman) might, therefore, say that tho company had made no losses, Ho thought that be might go a little out of the usual course by answering in public at that meating some private letters and private questions that had been addressed to him by shareholder/?,* who from the reduction of their dividend had become a little alarmed, and had asked whether there was any likelihood of a call being made on the unpaid liability. There was no danger of that. There was another bugbear in England which had affected very much the credit of New Zealand, and probably, in some degree, this and other companies connected with that colony. The idea was that the colony was overweighted -with debt, and that it could nof recover itself;'-'- 1 It was ,true that a large amount had been expended in tho colony on railways, docks, and in the various means of op3ning the country and fitting it for a | much larger population than was at present there. The increase of population was constantly going on, and what appeared to be a heavy debt for 000,000 people would be a light one for double the number, who wou'd take advantage of the works provided for them. Fortunately, Mr Harper was preeent (the hBad of tho firm of the company*" t«olici"ors ju New Zealand), and a member of the Colonial Legislature, whom be would a«k to ray a few words on this subject, and en the security of the investments f In concision, hS moved the declaration u an interim dividend of 9a per share, frej i:i incomo tax on tho 40.000 shares, payable as Lander, on February 1, and in thecolonj U fecon as tho manager might be able to arrange after receipt of advice.— Mr Dalgoty (deputy chairman) seconded the resolution. — Dr. Jbrysdale said they might, he thought, i look for the population in 20, 30, or 40 year? to be s parhapp, 5,009,000 or 6,000,000, for tho climate was exceedingly good, and the death rate was the lowest in the world, about 12 per 1,000 par annum. —Mr Harper alludod to the Eafe character of the company's securities, which bad been tested by tho late depression, and tho absence of losb generally by this and other companies dointr similar business in New Zealind, and then referred in detail to the idea that Now Zealand had an excessive burden of debt per head of population He complained especially of Mr Froude'a book, " Oceana," as being inaccurate with regard to New Zealand, and that a gentleman of tha reputation of Mr Froude should not have taken sufficient trouble to ascertain the facts and statistics in regard to the colony, which had not, as atated, retro gradecf, but had wonderfully progressed even during the late years of depression. Tho resolution for the dividend was approved and a vote of thanks passed to the chairman.

Mies Baker and young Mr Baker are recovering from their injuries. They will shortly visit Sydney. It is stated that there is a scarcity of provisions in the islands. It is reported that Austria and Bussla have each 300,000 troops massed in the vicinity of the Oaiuian frontier.