NEW ZEALAND LOAN AND MERCANTILE AGENCY CO. Annual Local Meeting. Dr. Campbell on Public Affairs.

Te Aroha News, Volume VI, Issue 285, 28 July 1888, Page 3

NEW ZEALAND LOAN AND MERCANTILE AGENCY CO. Annual Local Meeting. Dr. Campbell on Public Affairs.

AucacLAND, July 25. The 23rd annual local meeting of share holders of the Now Zealand Loan an" Mercantile Agency Company was held at the office of the Company, Queen-street, at noon to-day. Dv. J. L. Campbell, Chairman of the Local Boaid, presided, and there were about 20 shareholders present. Mtsutes. — The Inspector (Mr F. Battley) read the minutes of the last meeting, and reports of the February and April meetings of English shareholders were laid on the table. The Chajrman's Speech. — The Chairman said: "Gentlemen, — You have been placed in possession of the twenty-third annual report and balance-^heet of the Company's affairs to the end of 1887, togethor with the proceedings of the meeting held at the London head office on the 13th of April, confirming the increase of the Company's capital by £1,000,000, of which £500,000 was issued, and [ am pleased to be able to inform you the whole half million has been subscribed for. It must have been very gratifying to shareholders that the London Board was not only in a position to declare the now long accustomed dividend and bonus yielding a 15 per cent, return, but also able to carry forward the substantial balance of £15,300, and lurther that the Chairman in his ad- j dic&Rwasabletospcakinsuchcontidenttenns as to the future good prospects of the Company. You aie aware, ot course, that it is the reports received from this office upon which are based such hopes of the future, and it will be a cause of gratification to you to be informed that the advices which have been received from all the Company's agencies, both in this and the sister colonies, are without exception of a character which will enable the London Board to confirm its forecast of a prosperous and increasing business for the half - year now just ended. The reports from Australia are especially encouraging as to our business, both in the increase of local sales of wool and other produce, as well as the increasing amount of our exports. The wool clip of the season is expected to be a most excellent one. The screat influx of home capital now seeking investment there has had a marked effect on the value and demand for station property. I beg to refer you to the remark? of the London Chairman, pointing out that the Company's business now occupies the wider field of Australia in addition to New Zealand, indeed some sixty per cent, of its capital isnow employed there, and quoting his words, "in that extended area our mercantile business has rapidly become the largest part of our operations." Since I last addressed you two seats at tins Board became vacant by the deaths of Mr Williamson and Mr Browning— the former an original director since the first formation of the Company, the latter holding a seat for very many years. Their codirectors have juafe cause to regret that such matured business experience has been lost at the counsels of the Board. The first vacancy thus arising was filled by the appointment of Mr Allen Kerr Taylor, but the other remains open, pending communications from London as to what aie the intentions of the head office as to the permanent constitution of the local directorate. It might perhaps be considered out of place that from this chair I should enter upon any of the controverted political topics now agitating the colony, and which are being so keenly discussed in every settlement. But inasmuch as the prosperity of this Company may be said to depend wholly on the agricultural and pastoral interests of the colony, I may be permitted to make one or two remarks bearing on the question. The retrenchment tocsin resounds aloud throughout the land, deafening the ear and confusing sound judgment; but beyond doubt, good work is being done in that direction. But, gentlemen, it is not by retrenchment alone that true pi osperity can be brought back to the colony, and I think I am justified in saying that as yet the Government has made no movement nor shown any sign of grappling with the difnculty,and seizing the only remedy which can bring us permanent relief. The one and only remedy is the extended occupation of the soil by placing practical farmers on our country lands, by a system of assisted immigration and money being advanced, as now in operation in America and Canada, liailway log-rolling, opening up country of the same description as we already have millions of acres opened up and available for settlement, io simply a criminal waste of money, only adding to our existing burthen oi indebtedness, and not yielding any return to relieve us from it. That money expended in the manner 1 have named would speedily change the whole aspect of the colony. We may letrench here a little, and there a gieat deal, but, after all, the colony will only be a little less or a little more in debt, but it will have remained as to progress in s/a/u, quo, and it will not have advanced in material prohpcril/y, and I confidently assert that it cannot and won't advanco until it has fallen back on • the only truo source of wealth to all nations — that which procedsfiom thcoccupation and cultivation of this soil. We must have a greatly-increased agvicultuial population or we most assuredly will retrograde. Thei cis now a great ciy gone forth ot piotcction to nativo industries. Veiilywe are almost asked Io believe that the establishment of a score or two factories is going to bring about such a great wave of prosperity that depression and haul times shall know us no more. No greater delusion than this can exist. Manufactures ! What are these compared to agriculture? A mere drop in the bucket, as the following figures will prove. Those I have taken are not of very lecent date, but that does not , affect their application, in the case in point. lam aware there has been a great shrinkage in the value of agricultural produce, but that will be found to be relative only in proportion to a like falling off in the valuo of manufactures. Here is how the case stand upon instituting the comparison. I quote from "London Journal": "The annual value of the agriculture produce of the United Kingdom is about £300,000,000. This is double the produce of her looms, three times the produce of her forges, and four or five times a year's produce of her mines." On analysing this, the following result is brought out : — Looms, one-half £150,000,000 Forges, one-third . . . . ... 100,000,000 Minos, say one-fourth 75,000,000 i Total value manufactured .. .. 325,000,000 Value agricultural products . . 300,000,000 only leaving these 25,000,000 less' than all the manufactures put together. I haye quoted these figuros knowing that the general belief prevails thjxt England owes her great wealth to her vast manufactures. But these figures prove that, after all, we must, fall back- upon our mother.

earth to yield us our great and abiding support and sustenance, for from her only our true and {permanent prosperity can come. Such being the case, can there be any doubt as to the direction in ! which our statesmen ought to concentrate their whole energies? "Land without the yeoman's labour is nothing worth," declared Cobden in years now long gone by. " Without his labour there can be no tillage, no enclosure of fields, no breeding of cattle, and land is no more than an equal number ot acres of the sea, or of the air." And this great truth, New Zealand in the present crisis of her fate may well ponder over and lay to heart. (Applause. ) Election of Dikectok. — Mr GL B. Owen, the retiring director, was re-elected on the motion of Sir W. Fox, seconded by Mr N. Simms. Election ok Auditor. — On the motion of Mi- Vickers, seconded by Mr J. F. Leighton, Mr W. I. Taylor was re-elected Local Auditor. Tins Company's Policy.— Mr A. Boardman having obtained the permission of the Chairman, moved "That this meeting respectfully begs to bender it cordial thanks to the Right Hon. A. J. Mundella, M.P., Chairman, for his speech at the annual meeting of the Company in London on the 3rd February, and at the extraordinary meeting on 13th April, and especially for his remarks on sound finance and increasing the mercantile business of the Company, and these apparently indicate a policy of contraction in&tead of expansion of the • London mortgage operations." Speaking to the resolution he drew a comparison between the prices of shares in local works and insurance companies, and that of the Loan and Mercantile Company, and strongly advocate the cultivation of the mercantile bianch of the business and the contraction of advances on land, etc. The motion was seconded by Mr N. Harker and carried. The meeting then adjourned.