N. Z. LOAN AND MERCANTILE

Temuka Leader, Issue 2674, 19 June 1894, Page 1

N. Z. LOAN AND MERCANTILE

The news that the reconstructed New Zealand Loan & Mercantile Agency Company, Limited, how re-commenced business in its own name, in all the branches of trade hitherto carried on by it, will, we have no doubt, cause a feeling of general satisfaction. The suspension of this institution, which has throughout the colonies in the past displayed such great enterprise in assisting pastoral development and the export of wool, frozen meat, and other station products, caused widespread regret; and the fear that the total stoppage of an institution of such magnitude and usefulness would be followed by far-reaching calamity yap by no means a baseless one- Whatever errors qf jqdgnp way have been made by the directors in the previous history of the institution, no fear need be entertained in regard to its future, for the scheme of reconstruction provides for the whole of the liabilities of the company being converted into perpetual debenture stock, and the company will, therefore, now possess a paid-up capital of £1,380,000, aud an uncalled capital of £2,380,000, after writing off a sum which, in the opinion of those ip authority in London, is sufficient to provide for any shrinkage in the value of its securities. In addition to the security, it now offers by its large paid-up and uncalled capital, and the conversion of the Mfholo of its liabilities into perpetual liabilities, the scheme also provides that to the extent of, say £1,250,000, no interest shall bo paid on this portion of the perpetual debenture stock, unless the saipo has been actually earned. . That the authors of the scheme wore determined to reconstruct only ou such lines as would ensure safety to those dealing with the company is from this quite clear. The company now starts business with all its liabilities, past and contingent, provided for—ample funds at its disposal for the furtherance o f its business—and last, but not least, managed by a first-class board of directors, all of whom are good practical business men. Wo need hardly say that we wish the firm over prosperity iu the future.

i CANTERBURY FARMERS’ COOPERATIVE ASSOCIATION.

On Saturday morning last the Canter-, bury Farmers' Co-operative Association's extraordinary meeting was held anent the " reconstruction scheme " which had caused so much excitement and comment in South Canterbury during the preceding few weeks. The meeting took place in an upper storeroom of the association's warehouse at Cain's Terrace, Timaru, which was crowded to excess; roughly speaking, over five hundred persons being present. The proceedings were advertised to start at 11 a.m., but was delayed halfa a-hour, owing to the continual crushing in of shareholders who were stowed away in every bit of spare room, some having to listen as they best could outside the door. It was rather a drawback to the proceedings that some public hall could not have been used for the occasion, but the chairman, Mr John Talbot, explained that the directors very much regretted that they bad to use the storeroom for the meeting, through their not having anticipated such a tremendous gathering, when they first advertised it. Since then they had intended to hold the meeting at the Assembly Rooms, but late on Friday night it was found out that they could not legally adjourn to another place. The directors were all in attendance, viz.—Messrs J. Page, E. P. Sealy, W. B. Howell, It. H. Rhodes, John Campbell, J. Anstey, John Kelland, John Talbot, D. H. Gillingham, David Shaw, W. J. Hardie, F. H. Barker. Mr John Talbot, chairman of directors, occupied the chair; and at the table also sat the Association's solicitor, (Mr Einnerney), and the manager (Mr Inglis). The following statement of liabilities and assets, 30th April, 1894, was distributed:—

Contingent Liability. | Bills Discounted, £11,07417s lOd. The manager, Mr Inglis, read the advertisement calling the meeting and stated its purpose. The chairman then read the following, " official" statement:— '' " Directors regret the necessity of call- | ing this extraordinary meeting of shareI holders, a necessity which has arisen through it having been discovered that the legal position of the association as regards its power to obtain ordinary banking accommodation and give credit is at least of a doubtful nature. The Memorandum of Association and the Articles of Association apparently conflict with each other. . The latter seem to confer all the powers required, but it is held that the Memorandum of Association which is the basis or charter of the company does not confer these powers; may, in fact, be held to be prohibitory thereof. The directors wish to point out that the proposals now to be submitted, having for their object the reconstitution of the association, do not ask for any extension of powers other * thau what the directors, and they believe every shareholder, believed they already possessed, powers which have ever since) the inception of the association been exercised, and which are absolutely necessary for the conduct of its business. The positiou has received the most anxious consideration of your directors, who entertained hopes that an amendment of the Memorandum would obviate the necessity for reconstruction. Legal advice from all parts of the colony has been taken, and there is no diversity of opinion that the course that has been decided on is the only satisfactory solution of the difficulty. It is unfortunate that this should have arisen at a time when financial troubles of large monetary and mercantile institutions in thejneighboring colonies have agitated the community. From the information now to be submitted to you it will bo seen that there is no cause for fear as far as this institution is concerned. The institution is, as a going concern, in a thoroughly sound position, as the following figures will show. Before giving these, however, it will not be out of place to point out, as evidence of the solvency of the association, that one ' of the best and most trusted of our banking institutions would have taken over the association's account and found the money needed to carry- on the business hud it not been for the legal difact in the Memorandum of Association. Referring to the balance-sheet, about which bo much adverse criticism has been made, it will be ' seen that last year the properties of the association stood iu tho books at £17,957, and that the earnings of the association for storage were £1879, which represents a return of over 10 per cent, on their value, leaving the association rout free as regards their occupation of the store and offices in Cain's Terrace. The book debts have beeu carefully examined, and all present and probable bad debts have been written off. The amounts outstanding are, therefore, perfectly good. Two stocktakers and valuators of largo experience, who are proEont, havo recently made a thorough examination of the stock of goods on hand, and you will see by their reports that the goods are all perfectly saleable, and that there is practically no bad stock in the stores. Tho statement recently sont to the shareholders was an approximate statement of tho position at tho time of issue, and tho directors wish to point out that it was a statement of the position botwoon tho association and its outside croditors. Tho substantial correctnosa of theso figures will be soou by a comparison with tho. balanco-sheet now issued, which is a statement of the whole position of tho association with its shareholders. The reserve fund, £B9OO, and profits £2300, together with tho paid up capital, £18,184, and the uncalled capital of £17,270, make a total of £10,654, rather more thau the surplus of £45,000 mentioned by the directors. The balance

sheet shows that there is a balance over all liabilities both to creditors and shareholders for share capital of £II,OOO, which should undoubtedly be sufficient margin unless properties and debts be absolutely sacrificed.”

The reading of the above statement was frequently interrupted with applause. The balance-sheet was taken as read, and the manager then read the stocktakers’ reports. Mr R. R. Taylor reported on the groceries, hardware, cutlery, seeds, and merchandise. He reported that, as on previous occasions, the stock consists mainly of goods in every-day demand in this district, carefully assorted, well selected, and in good order. The stock cornsacks was greater than was necessary at this time of thq year, but this was no doubt in consequence of the late deficiency of the late harvest. There were only a few items which appeared to hang on hand, and these were of no great value. These lines were enumerated, and their value set down at about £3OO.

Mr R. Shanks, drapery expert, of Christchurch, reported on the boot stock, that it is of a useful class, well assorted, and in good condition. The drapery is a first-class stock, well kept, and, with exceptions noted, worth cost price as a going concern. On the exceptions Mr Shanks reduced the prices below cost to a total of £37.. He had seldom been through a cleaner or more useful stock. (Applause.) The auditors, Messrs Fraser and Cargill, reported as follows :—_ “ We beg to report having, in accordance with your instructions, made an audit of the books of the association up to 30th April, and, it being manifestly impossible to complete the ordinary exhaustive audit, we have directed our best energies on the auction and advance accounts. We beg to report as follows: “Advances on produce and live and dead stock securities.—ln the absence of the documents themselves, which we understand were being registered, we were compelled to accept the manager 7 s statement of the securities held as against advances amounting to £15,47416s 7d; £8056 of this are for advances on wool, etc., shipped to London, and we are of opinion that all advances have been carefully made, and that all ordinary precautions have been exercised in securing such advances, which should with care be worth dose at the amount set down.

“ Open accounts. —These stand at £21,38113s 3d. We rigidly scrutinised thin apparently large amount of outstandings, and find they are in the main composed of a large number of small accounts regularly operated upon, and may be reasonably considered good, and under ordinary circumstances, seeing that £746 has been already written ofl, we should consider these accounts as value for £20,000. “ Goods on hand, £22,570 17s 4d.—We are, of course, quite unable in the absence of customary certificate from expert valuators to testify to the correctness of these figures, and we very much regret that our suggestion of having the stock valuation made has not been acted upon. It is stated that the time did not permit of this being done. “ Profit and loss, £2315 0s 3d.—This amount is an entirely estimated one, and is reputed to be arrived at from last year’s experience. In our opinion the customary profit and loss account should have been drawn np. “ Auction Account, £20,045 12s lOd.— This department has undergone a searching investigation, but owing to the position of many of the debtors being outside of our own knowledge we cannot apeak with confidence regarding the amounts involved on open accounts, £12,734 5s 2d, and bills discounted, £7311 7s 3d, the more so as there is no security .held for these amounts. “ We have gone into details of accounts •with Mr Mundell, whose knowledge of, and confidence in, his clients is distinct. This, and endorsed' as,it is by his direct personal interest, should carry considerable weight. “We would point out that very large advances are consistently made for lengthened periods without charge, the actual profit being a modicum of interest and a commission in the future. This can scarcely be considered adequate to the risk run, while the practice of taking no security is in direct contrast to the system holding in the other departments.

“ Under these circumstances, seeing the risk run is largely a moral one, we Are not prepared to value the amount involved. We note that £215 has been written off for bad and doubtful debts. “ Properties —Freehold and leasehold, office furniture, fixtures, etc. We note these have not been reduced from'previous balance. Title deeds and insurance policies to association’s properties. These, which were previously held by yourselves, we now note are held by the bank. Book-keeping: The books of the company are kept in such a manner as to reflect credit on the staff. u (} e j-aldine branch goods are set down at £ll4B 15s 6d, and open accounts £1785 5s lOd. We can say nothing about these, as we have no opportunity of going through the work of the branch, but the amounts stated above are included in the stock on hand and open accounts already dealt with.”

The chairman then addressd the shareholders. With regard to the paragraph in the auditors’ report regretting that atocktakers had not been appointed, the directors had carefully considered the matter, and seeing that there was such an upset in the office and stores on other accounts it was quite impossible with the time at their disposal to get the stock taken in time, and seeing that it was not long before the regular stocktaking would be held, and also that the present stocktakers had reported things in good order, they did not think the shareholders would require the stock to bs taken. (Hear, hear). With respect to the auction department the auditors’ remarks seemed unfavorable, bat it should be pointed out that since the 30th April the account had been reduced by about £3500, and the trust account was now £3OOO in credit, so that the whole of that business was £6500 better than at the and of April, the date to which the accounts were sub-, nitted to the auditors. Some reports liad been circulated outside that the directors, some of them, at all events, had taken advantage of the position and their special knowledge to secure themselves, by withdrawing money and so on. These reports were absolutely false. (Sear, hear). Not a single director had done any such thing, either for themselves, their friends, or any shareholder, ft waa also stated that this step was being taken in order to give the directors more borrowing powers, to enable them to “go in” recklessly. That was also w r ong. Nothing was asked for but what the directors thought and everyone thought they had all along; no powers were asked for that had not been exercised all along, so that report too was groundless. Seeing the nature of their business, that it runs into conflict with outside traders, these qnite naturally felt a business jealousy towjrds them, jmd it bad displayed itself since those

reconstruction steps were taken in newspaper correspondence. He regretted that it had been anonymous correspondence for if the writers had signed their letters, the signatures would have answered the’ letters. (Hear, hear). The reason for the reconstruction of the company was this: The association was a joint-stock company under the Companies Act, with a Memorandum of Association and Articles of Association, and they had considered that they were working under the Articles, and that the Memorandum was only a sort of preamble. It was not considered that it had any great bearing on their business operations. The Articles give they company all the powers they have been exercising, but it was held that the Memorandum does not, and they found that the Memorandum is really the basis of the association, while the Articles are merely an agreement between the shareholders as to the manner of conducting their business. There was a very wide diversity of opinion as to whether the Memorandum does or does not give the powers the company had exercised. Some of the legal fraternity say the powers were not there, but were even prohibited; others were of a contrary opinion; but there was sufficient doubt thrown upon the matter to destroy the security and cause endless litigation in time to come. The position so far as that went 'was doubtful, and having been found out the security for borrowing was rendered valueless, and it was absolutely necessary that the doubt should be removed. The legal opinion was that reconstruction wadi the only palpable way out of the difficulty. The company might take powers to borrow and carry on business in future by amending the Memorandum, but they could not take powers to pay off what might be held to be illegal debts of the past, and reconstruction was the only means to put this straight. All were agreed that this was the proper course to pursue. With regard to the scheme of reconstruction it was a very simple one. It was not what had been asked for in other cases. They were not asked to write down their shares, or to convert deposits into capital, or to do any other thing that financial and other companies had lately been compelled to do. They were only asked to put the company’s business on a legal footing, and go on as before. (Applause.) Much unfavourable criticism had been directed against the statement of assets and liabilities appended to the notice of resolution for reconstruction, objection being taken to it in that it did not show the position in which shareholders themselves stand in relation to their concern ; in other words that it was not a correct balance sheet. The reply to this was that with a corporation as with a private individual “ How do they stand in the matter of ability to pay their debts ? ” was the first question to suggest itself. ’ For he contended that all obli gations to those who had lent them money" or with whom they had contracted trade debts should be provided for before shareholders think of themselves. (Hear, hear.) They had banded themselves together for trade advantages, and their share capital should be looked upon as exposed to trade risks. If a private individual’s financial position were in question it would be no satisfaction to the creditors to be told that he had a liability to so much capital which he had put into his business to start with. The question would be “How do you stand in the matter of assets to meet your liabilities ?” From the figures given it was quite easy to ascertain approximately the shareholders’ own position. It was only necessary to deduct £17,000 of uncalled capital from the £101,850 of assets, thus leaving £84,850, and adding the paid-up capital, and the undivided bonuses, together about £21,500, to the liabilities, thus increasing the total liabilities to £72,500. After making this full provision the surplus would be £12,350, a position which was very closely borne out by the audit which had since been made. He hardly need remind them that this surplus was made up by undivided profits, the bulk of it standing as a reserve fund, and ought to be more than ample to cover every possible contingency that should arise from losses by debts or depreciation, especially as it might be pointed out that £3OOO or thereabouts had previously been written off from cost of freeholds and buildings. Of course he was presenting the position as a going concern, which was the only view they had any reason to consider it from. It was not a question of what the goods and buildings were worth if sacrificed, but what they were worth to carry on the business, or would cost to replace them. (Hear, hear). Their critics, to show they were wring, had written off a large amount for depreciation, which was not justifiable if they were going on with the business. If they were selling off it would be another thing. If they applied to other companies the same argument one could not start without going into bankruptcy. For instance, if a company has its capital subscribed and none paid up it would have neither assets nor liabilities. If they called up £IOOO and did not use the money, they would have assets to meet liabilities, but if they invested the £IOOO in buildings or anything and wrote off my percentage they liked they would be bankrupt straight off. (Laughter). He thought ho should also point out that already, taking in the undivided profits there had been nearly £30,000 paid in bonuses and dividends, some £22,000 in bonuses alone, and there was now £3OOO to £4OOO to credit of shareholders on this account. There could be no dopht that the company could pay all demands; the reserve fund alone was quite sufficient, more than ample, to meet any contingency that might arise, and he could not consider their position as anything but perfectly sound. It would be a very dangerous thing, an almost impossible thing, to face the shareholders for the particular purpose they now had, if their position were not perfectly sound, because naturally it would result ia the closest scrutiny of tfie wnple affair. Mr Talbot then proceeded to explain what it was proposed to do that day. A shareholder: Give us time. We want a larger building where we can hear. Mr Talbot regretted very uiucji they were not in a large enough room, but ho was pleased to see such a good turn-out of shareholders. There were throe resolutions to be passed, to be confirmed at a subsequent meeting. Two of them could be passed by shovy qf fyaiids, but the third, the moat hqporfcaqt resolution, must go to the poll. He moved, and Mr Page seconded, the first resolution — “That the Canterbury Fanners’ Cooperative Association he wound up voluntarily, dated the 10th day of Juno, 1894.”

Mr J. Spott thought that the meeting was in the hands of the shareholders now ; tho chairman should vacate the chair, and a fresh chairman be appointed by the meeting. (Cries of “No ! It’s not wound up yet,” and loud laughter). Tho resolution was carried almost unanimously, only two or throe hands being hold up against it, Mr T. Mitchell aqd Mr Cargo moved the second resolution John Talbot and Joshua Pago bo appointed liquidators for the purpose of winding up tho company.”

The chairman explained that the Company’s present bankers thoroughly agreed with the scheme of reconstruction, and also approved of the selection of liquidators. (Applause.) A voice: What bank? Mr Talbot; The National Bank.

Mr Edgar asked if the directors in the new company wished the same powers placed in them as they had under the old one.

The chairman: Certainly. Mr Edgar ; Well, then,l shall certainly oppose it. The motion was then put and carried by a large show of hands. Mr Edgar: Ho you intend to charge for that ? (Loud laughter). Mr Talbot: Mr Edgar’s question is quite a proper one. If the company goes under reconstruction as the directors propose there will be no charge. (Hear, hoar). The chairman moved, and Mr Page seconded, the final resolution, that a new company be formed to take over the business of the present one on the same terms as to share-capital,etc,butwith an amended constitution. The company to be called “ The Canterbury Farmers’ Co-operative Association.” The chairman invited discussion on the resolution. A shareholder asked why the association was called “ Canterbury Farmers’ Co-operative Association,” and another suggested that it be named the “ South Canterbury Farmers’ Association.” Mr Talbot said that their association was the first started in Canterbury, and that was how it got its name, and the association since formed at Christchurch had to be named New Zealand Association. The resolution as it stood could not be amended that day. (Hear, hear.) Mr R. Thew asked if shareholders in the new company could take up a less number of shares than in the old one. The chairman said “ No, if they go at all they must go as they stand.” (Hear, hear.) A shareholder asked if it was compulsory for the new company to buy out dissentient shareholders.

The chairman said it was a legal question, of course. The position was this : It was not compulsory to purchase but if under the reconstruction scheme there were very many the scheme would fall through. Provision would have to be made for buying out some. It would be premature now to say how the value of the shares would be decided. He presumed it would be by arbitration.

Mr Thew asked what majority was required to carry the resolution. The chairman : “ Three-fourths of the votes recorded of those present, or by proxy.” Mr Edgar: “Do you want the same power as before, that you can do what you like without consulting the shareholders?” (Laughter, and hear, hear.) The chairman : “ I presume that no alteration can be made in that respect. The election of directors is entirely in the shareholders’ hands, and they must put in men they can trust.” (Hear, hear.) Mr Edgar; “ I hold the opinion that you have stretched your powers overmuch. There is over £20,000 in the auction account the shareholders are made responsible for. Are the directors that carried that responsible, and are they going to carry it over themselves and relieve us? (Laughter). Mr Page, when he was chairman, would not tell us who the shareholders were, and it was a hole-and-corner job. You would never tell us who the shareholders were that were said to have pushed the directors into this business, and I have never met one yet.”

The chairman said the auctioneering business was taken up on representations from shareholders, after long and anxious discussion by the directors. He supported the thing being done, for he maintained that the auctioneering department was one of great interest to farmers, and a thing that ought to be taken in hand. Farmers should help to make it pay. (A voice : “ How can they do well when they never get paid ? ” (Laughter.)

The chairman did not say whether they were successful or not in the auctioneering department, but they ought to be, and the new company could carry it on just as they liked, by electing directors to please themselves.

A shareholder ; “ Do you intend to keep the auctioneering going.” (Laughter.) After a few more irrelevant questions had been asked, the chairman said, “We will give others a chance now.” Mr Edgar : “ That’s right enough, but I would like to see the end of this.” (Loud laughter.) “ Can you pledge yourselves not to dive into any new thing without consulting the shareholders ? ” The chairman : “ The directors retire and the shareholders have the whole thing in their own hands.”

Mr Edgar: “ No, you don’t; you must go back; there must be no new directors in an affair like this. The present directors have dragged us into this business and now they must drag us out of it.” (Laughter.) The chairman ; “We must come before you for election, and I suggest that the thing stop at that. It is manifestly unnecessary to go into anything like that now.” (Hear, hear.) A shareholder ; “If reconstruction is carried what position will the present shareholders be in with regard to the illegal transactions carried out by the present company—would they be liable ?” The chairman : “ The new company’s shareholders with their shares transferred from the old company will be in the same position as they were before. The new company will take over the whole of the liabilities, and the illegal position will be set right under the reconstruction scheme.”

Mr J. Wilson said that his opinion was pretty well in favour of carrying she scheme ont, and ho though* some of those members who appreciated what was done by the association ought to speak out and Jet their voices be heard. In the local papers there were some “ onlookers 11 j probably they would ho there at the meeting. He did not think the present directors need be at all doubtful as to conducting the association's business successfully. He had great pleasure in testifying to the good effect of the company on the farming community. Mr Makepeace Howe asked the total number of shareholders, and the chairman replied that there were 1400, Mr Howe asked how many single shareholders there were, and Mr Inglia said there were 762 holding one share each, 505 from one to 9 shares, 85 from 10 to 19, 27 from 20 to 20, 15 from 30 to 39,15 from 40 to 5!), 3 from GO to 79, 8 from 80 to 100, 5 from IQO to 20Q,

Mr MakopCIVOQ rtOwo claimed that the bulk of the shareholders had been practically unrepresented, seeing that they head no voice as to the appointment of the directors. (Cries of “ No, no.”) Ho held that the new company should make a provision that these units, or ono-horse-meu should, be represented by a certain number of directors, and not have the directorate conlincd to members only holding 10 shares and upwards. (Hear, hear, and applause.) The chairman maintained that shareholders iu the directorate should bo mou

who have a fair stake in the association. (Hear, hear.) He thought a great many of the smaller shareholders could afford to take up more shares. Mr Makepeace Howe said the fact was that many of them could not afford to take up more than one or two shares. I* there were 11 directors why not make two of them to represent the one-horse-men ? The chairman pointed out that the time was getting late, although he had no wish to baulk any fair discussion. This matter would come up as proper business if given notice of; at present it was no part of the business of the day. He was giving speakers as much latitude as possible, so that no one could say he had not given fair play. He asked them to confine their remarks to the resolution. The chairman then put the resolution, mentioning that “reconstruction” was not a very pleasant name, but it was the best they had. (Cries of “ Question.”) While the show of hands was being taken, Mr S. Ruxton raised himself out of the crowd and asked for time to say a few words before the resolution was declared carried. He had attempted to speak previous to the resolution being put, but could scarcely be heard. During the noise which followed Mr Buxton was again unable to get a hearing, and the chairman declared the resolution carried by show of hands, but said it would have also to go to the ballot. Ballot papers were then handed round, and Messrs Mills and Cargill were appointed scrutineers, the 'meeting adjourning at one o’clock. About 3 20 the result of the. ballot was announced by the chairman in the presence of about' 200 shareholders, the result being 1100 votes in favor of the proposal and 40 votes against it. Mr Talbot said that he was sorry that he was not aware that just before the resolution was put Mr Buxton wished to say something, but after the resolution had been put there was no chance then for Mr Buxton to speak. However, if Mr Buxton was now present he would give him every opportunity to say what he had to say. Mr Buxton said that when he spoke before the resolution was put he could not be seen in the crowd, and by the time he got on to a higher perch the question was put. He considered that the chairman had not given him a fair opportun v.y to make the statement he wished to make, and at present he was not inclined to make it, but would reserve his defence for another day. (Hear, hear, and applause.). The chairman said that the next meeting would take place on Tuesday fortnight, July 3rd, and in answer to Mr A. Kelmau said it could not be on a Saturday, as the directors wished to get to work as quick as possible, and they had to give a fortnight’s notice. _ The resolution would be carried by a majority at the meeting or represented by proxy. He could not say how many shares were represented in the 40 “ votes ” against the resolution. Mr Talbot then officially declared the resolution for reconstruction carried. (Applause.) Mr Howell moved a vote of thanks to the scrutineers, and Mr M. Quinn moved, and Mr W. Shepherd seconded, a hearty vote of thanks to Mr Talbot for the lucid explanation he had given of the association’s affairs and for so ably presiding at the meeting. Mr Talbot, in reply, thanked the farmers for the good feeling with which they had supported the directors, and mentioned that this was the largest meeting of farmers ever held in Timaru, and was most orderly.

Liabilities •i? • A To Amount paid up on X 8. U. 7092 shares... 18,184 2 9 To Capitalised Bonus ... 3,664 14 2 To Reserve Fund 8,909 5 0 To Bank Overdraft 25,581 7 6 To Deposits ... ... 17,211 9 3 To Dividends Unclaimed 690 18 7 To Sundry Creditor ... 1075 2 2 To Sundry Creditors, Graix i Sold 2,739 11 2 To- Sundry Creditors, Auction Accounts 675 11 9 To Drafts against Produce Shipped and Goods Purchased 11,593 13 9 To Profit and Loss, after writing off all bad and doubtful debts 2*315 0 3 £92,630 16 ~£ Assets. £ s. d. By Freehold Propeiiy ... 16,129 19 4 By Leasehold Property... 1,927 10 10 By Plant and Fixtures, Office Furniture .. 1,102 5 0 By Advances on Grain, Wool, &c 15,474 16 7 By Due on Open Accounts and for Grain Sold 21,381 13 3 By Auction Accounts ... 12,519 5 2 By Investments ... 507 1 0 By Goods on hand 22,570 17 4 By Cash on hand 1,017 7 11 £92,630 16 5