THE N.Z. GRAIN AGENCY AND MERCANTILE COMPANY.

Temuka Leader, Issue 1381, 20 August 1885, Page 3

THE N.Z. GRAIN AGENCY AND MERCANTILE COMPANY.

The New Zealand Agency and Mercantile Company, Limited, has proved a very unfortunate speculation, notwithstanding the high sla.iding of the DiMr C. T. Ritchie, M.P., Lord George Hamilton, M.P., Mr Walter Savill, and Mr Robert Wigram. The profit and loss account shows a debit, balance of £48,8897s 9d, and the prospects of the unhappy shareholders may be imagined from a perusal of that account which is as follows : Or.—By balance brought from last year's account, £5398 0s 6d ; by profit on debentures and mortgage account, £1,969 6s lid ; by transfer fees account. £ls 8a ('d ; by balance carried down, 48,889 7s 91; total, £56,270 3s Bd. Dr.—To charges in London and Colony, including rent, insurance, salaries and wages, Directors' fees, stationery, cable grams, etc., £15,725 18s 8d ; to amount written off freehold and leasehold proproperty, etc., in New Zealand, on revaluation, £3,854 19a 6d ; to loss on trading for year, including provision for bid and doubtful debts, £36,689 5a 6d ; total £56,270 3s Bd. It is hardly possib'e to imagine a statement of affairs which could show more plainly that the only wise course open to the shareholders is to give up tin's disastrous kiud of trading, and it is satisfactory to observe that the Directors realised this duty and hare instructed Mr Waddell to take steps to collect the outstanding debts and realise the property of the Company. They also declare that when this has been accomplished it will thon bo a question for the couiideration of the shareholders whether the business shall be continued as a purely mortgage one, or altogether wound up. We think that there will bo but one answer to that Question.—The Citizen, June 30.