NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY (LIMITED.)

Temuka Leader, Issue 1088, 29 March 1883, Page 1

NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY (LIMITED.)

The eighteenth annual ordinary general meeting of the shareholders of this company was held on Friday, the 2nd February, at the offices of the company, Queen Victoria street, London ; Sir F. W. Stafford in the chair. The report having been taken as read, the Chairman said the figures in it spoke for themselves, and hardly required apy explanation from him, It was a marked feature of this company that without intermission there had been paid, almost from the second year of the inception of its operations, the same dividend, and every year, with one single exception, for the last 16 years they had made a large contribution to the reserve fund. It was a matter of some pride to all of them that it had been the case that through good times and through bed times they had been able to observe almost like a well-regulated dock the even tenor of their way ; and although they might hear that limes were getting bad in New Zealand, and, again, that everything was flourishing there, it really affected them very little, because they found that they were able to make the same dividend, and during the last 16 years they had built up a reserve fund of £210,000, which was at a rate of £13,125 a year during the whole of that period. The acconnts from the colony up to the very latest moment were of the most gratifying character. The temporary depression which some two years ago, or two years and a half ago, existed had entirely disappeared. The operations of the colonies and settlers in every branch of business were being prosecuted with an amount of vigour and heartiness which had hardly ever before obtained, and ninny old colonists who had visited this country had been delighted on their return

with the amount of progress they had noticed in the interval of two years which had taken place. Large tracts of land had been brought into cultivation, particularly in the northern island. Progress in the northern island was lor a long time retarded, owing to the dense forests and to rivers of an impetuous character ; but it had long been his opinion that the northern island, from the nature of its soil and climate, would in time carry a larger population than the middle island. That they were retaining the confidence of their clients who had dealt with them for many years was proved by the amount of the consignments of woo! which they continued to receive from the colony. Last year, as uniformly for ma ly preceding years, they were the largest consignees of wool from the island of New Zealand, and they were nearly the largest from Australia also. In that they fluctuated from being the largest to the third largest, but from New Zealand they were uni formly the largest. They looked for ward will, great interest to the development of the refrigerating process, which appeared destined to effect a great revolution in regard to our meat supply. Hitherto the colonists had only to look to the consumption in the colony tor the disposition of their meat, but by tbe refrigerating process tbe meat could be sent in a perfectly good condition to t e London market, and the process was applicable not only to meat but to dairy produce, which could be delivered in a sound and marketable state here. They believed that the development of that trade would open up a large field for the operations of this company, which would greatly increase their profits. He thought in connection with the immediate future he should best serve their purpose by reading a telegram received a couple of days ago from their managing director at New Zealand—-which was to the following effect :—“ Jan. 26,—Australia.—Pastoral season best known many years. Agricultural prospects good, yield sliulitly below average. New Zealand—Harvest very abundant: Clip fair average. Trade sound. Money in demand. Full rates.” That showed that up to the latest date the prospects of the colony and of the business which thi* country transacted in it were sound and satisfaetc ry. With regard to the amount carried to the reserve fund, he might state that it would have hem siderably larger if they had not last year to pay out of the profits a large sura, exceeding £IO,OOO for property tax in New Zealand. In conclusion he moved that the report and statement of accounts he adopted, and that a dividend at the rate of 10 per cent per annum and a bonus of 5 per cent he declared, and that £IO,OOO he added to the reseivc fund, and that the balance (£4869 5s sd) be carried forward.—The motion was seconded by Mr Boutcher.—ln reply to Dr Drysda ! e, Mr Larkworthy, the managing director, stated that the Property Assessment Act in New Zealand had only been passed within the last two years, but a small tax existed before. They had supposed that the company would simply be taxed on their capital employed in the colony, bnt under the new Act they were obliged to pay also on the amount of the debon - lures which were the property of others If they tried to deduct it from tiie holders of debentures the result might be that the money got from them would go elsewhere, and they must therefore bear the burden a? best they could, and look upon it as an extra charge on the money they borrowed. Last year they did not make sufficient provision for it. and consequently about £B,OOO, which they ought to have paid last year had come into charge this. In the future this would not be so serious a matter. The Chairman, in reply to other questions, said advances to consignors was a lucrative branch in the business. Up to the end of last year the amount reeled on their four per cent debentures was £221,615, and Mr Larkworty said a quotation for the debentures had been obtained on the stock exchange.—The motion was then unanimously agreed to, the retiring directors were re-elected, as were also the auditors, and the proceedings closed with rotes of thanks to the s:aff in England and in the colony and to the chairman and directors.

THE NATIVE DIFFICULTY,. THE ARREST OP MAKUKU AND HIS FOLLOWERS. Wellington, March 26. Telegrams received from Mr Bryce last night, and to-day, report that at a second meeting held yesterlay at Tekuiti, Makuku completely changed his demeanour from abject submission to most over bearing truculence, and his language became excessively violent and offensive, suggesting the suspicion that his previviis submission was a mere h int to disarm his opponents and gain t.me. He did his utmost to excite his audience into fury, and to incite them to resent any interference by the Government. He spoke wilh contempt of Mr Bryce, saying that he (Mr Bryce) was not able to do anything. If he was so strong, why did he not erme himself and take them? Bnt he could do nothing without the aid of the native chiefs. He (Makuku) would shortly smash Mr Bryce’s head and kick him. He threat'ned (o advance on Alexandra, and then go to Auckland and defy the pakehas to touch him, for his atua would protect him and kill them. Tlie Government were warned last night that Makuku and his fo lowers would make a demonstration at. Alexandra to-day, and prompt preparations were made. A proclamation was signed by His Excellency the Governor at an early hour this morning, calling out the Te Awamutu Cavalry, and the Hinemoa was ordered to be in readiness to lake up 160 men from Opuuake to-morrow morning, armed with the proclamation, Mr Bryce this morning called out the Te Awamutu Cavalry, who duly mustered on the spot. This morning the news was telegraphed that the Maori raiders, numbering about twenty, were then crossing the Whatiwhatihoe bridge on their way to Alexandra, where they duly arrived at noon. They were met by the European force and summoned to surrender, bat Makuku replied with defiance, going to the front of his men and calling on God and Te Whiti to aid him and destroy his opponents. There was no supernatural response, however, and in a few minutes the whole twenty, including Makuku, were arrested, firmly secured, and marched off ns prisoners to the Alexandra barrae 1 s, whence they will he in due course in moved for trial. On the satisfactory intelligence being received of this favor-? able termination of the affair, the orders for the sailing of the Hinemoa were countermanded, and all is now expected to go on as quietly as before. At 2.80 p.m. Mr Bryce telegraphed

—“ Wahanui has heard of the arrest and says he is * clear ’ about it (he approves). To show what were the intentions of Tekaamara in coming in this morning, after crossing the Whatiwhatihoe they tried to seize a man who was on the road, but he got away. Further on they seized anothir, tied him up and four of the party took him the road in the fern, but they were seen and arrested by the cavalry.”

Makuku and 23 of his followers were brought down by special train to Auckland last Monday under escort and were met shortly after midnight at Ne vmarket Railway Station by Inspector Thompson and a detachment of (lie Auckland police an I escorted io M nnt Eden Gaol.

Mahuku and his fellow prisoners were brought np at the Pofice Court yesterday and the preliminary investigation gone on with. At the session of the Supreme Court next week the Crown Srlicitor, Mr Hudson Williamson, will conduct the proceedings, and Mr He-keth has also been retained. Mr Sheehan, it is sai l will defend the prisoners if they are committed. The Native Minister had an interview with Te Kooti on Tuesday night at Alexandra, Te Kooti having come down to the township. The nature of the interview has not transpired. Mr Bryce leaves for Kopua to-morrow to see Wahanui. The vLit is of a friendly character. Te Kooti goes back to Tekuiti. Wahanui’s brother, Kahua, has come down to Auckland in connection with the prosecution of Makuku and his followers. *