NEW ZEALAND LOAN AND MERCANTILE AGENCY.

Te Aroha News, Volume V, Issue 210, 9 July 1887, Page 1

NEW ZEALAND LOAN AND MERCANTILE AGENCY.

Auckland, July G. Tit.: annual local meeting of the shareholders of the above Company took place at no m t o-cliv in the offices, Queen-street, Dr. Caiapbell presiding. Sixteen shareholders we ; [„0.-tnt. The rliioctors 1 report (printed copies of w Inch vert: on the table) showed that at the .uuria. general meeting, held at London in • l.uruuy last, the net profit for the year of 1886, inclusive of Cl4.r"J.j L- 5d brought forward from the preceding year, after deducting ex-p'.-ti-e.-', interest, commissions, income tax and [)iup:ity rax, writing off stationery, ait<l m \km° clue provision for bad and doubtful de\is, exhibited a sum of L 57.589 12s 6d, which, with L5,0G0, the proportion of premium on the fifth issnie of shares, payable in ISS6, gave a total of Lb'2,889 12s (id. Thi- air.ouut was applied as follows : — To payment of a dividend at the rate of 10 per cent, pct 1 annum, and interest on capital paid in advance on old shares, L3G.209 15s 8d ; p. v i:icnt of bonus at 5 per cent., LIS,O-"4 3a M ; Reserve Fund -(proportion ot pieuium on 20,000 sth issue shares, payable i.l ISSl)), L 5,00 0; carried forward, L:\&2s K> Gd Gentlemen, — There is now placed formall} bcioie you the Annual Jlcport and -Balance— htet of the Company, fiom the Head Oihce, London. This has beon in the l>\nd- o: shareholders for some time. When I amazed you last annual meeting I fore&hii'ljv. cd a possible dimiuution of profits lUi-jih^ tzem the severe depression univerfahy "pi e\ ailing, and you will note thit Mich ha- resulted, but not to an extent ltfjr.uiia: any alteration in the rate of dn nuii'i, which has been maintained at 'foii.j.t 1 late. With regard to the present po-itioi. c: the Company and the volume of i'lisriO^ transacted, I may state that in the item of \vool, the aggregate quantity which th-i Cc.apuny has sold has reached the uii[ .emiented total of 158,792 bales, which show -, an increase of 12,025 on previous year. The ] uc 2 has now been so well maintained that confidence in squatting interests teems t'. h,v c bec-n restored, and the pastoral in t_ie-t? ol Australia especially show a m\: .ed levival. The continued good -ea-n aiiMng from the late plentiful rains hol.J-. out Inpe of a more prosperous future j th>v!i !r.~ ;allen to the lot of that continent foi c\r.uy yeuis and it is /almost impossible to o.c.e-rimate the benefit which will arise t,;.ai rit'.ie-ted. Coming nearer home, the iti?. >.i^ iCceived from New Zealand branches up to Hte-L dates are uniformly favourable, and ii i> a gratifying feature to lind that I.ip-.l in pnie of the Southern districts is k) 'u:.uni more readily saleable at enhanced i.it^-. It is greatly to be deplored that the fio-eri meat trade, from which so maoa >va^ expected, has, to a certain exto"t. collapsed, for recent prices at homo ali..<r-t wax^ant the use of that word. We (. .Hi only hope that it may prove to be of a ttmioiaiy character, for it can hardly be belitved t!nc prime mutton is only to n..ili*e iii the London market the present unpic-ceuuuedJy low price. Unfortunately, iv i-^ not in this item only of our tr.'Oitj that prices now ruling ai - e almost of an unremunerative nature, and Ix-ioie relief can come to the farmer the rate of labour must, undergo a permanent induction. The colony must become less of the " piradUo to the working man " which it ha- hitherto been, or capital which now en J«lo3*s him will be driven from the colony. The.c is no escaping this conclusion, and we mact all submit, ftom highest to lowest, to n more modest and economical life, to meet the exigencies of the times. This can be accomplished without entailing any v-iiou:- deprivations, for hitherto we lui\e Ij2en floating on what might be called a too luxurious wave of prosperity. We ha 1 c only to accept our present situation — be t-ue to ourselve-s, and to the land of our adoption ; and, eventually surmounting oui pre-ent difficulties, we shall emeige fiora them a wiser and a stronger people. »So beautiful is the country in which our fate is cast, we have but to de- \ clop it- ; c -ourcos to ensure its highest prospeilty. The only formal business required treni shareholders is the election of director to the Board, which under its present eoNstilution requires the re-election of one only though two now retire by rotation — Me-si's Filth nnd Browning The latter nfieia himsc-lf for re-election, and being the only candidate requires to be confirmed by yon. and T therefoie beg to propose him. The motion was seconded by Mr G. P. Pierce, and agreed to. ZAc W. I. Taylor was reappointed Colonial Auditor upon the proposition of Mi J. 11. Upton, seconded by Mr J. Probe:!". The draft minutes were then read by the Sec: stray (Mr F. Battley) and the meeting terminated,