NEW ZEALAND LOAN & MERCANTILE AGENCY (LIMITED).

Wairarapa Daily Times, Volume 6, Issue 1646, 28 March 1884, Page 2

NEW ZEALAND LOAN & MERCANTILE AGENCY (LIMITED).

The eighteenth annual ordinary general •meeting of _tha shareholders of this company was held on February 1 nt their offices Queen Victoria street, London. ,jd Mr T. Russell, 0,M,G,, who occupied the chair, said it gave the directors great pleasuro to be able to come to them again with their,customary dividend of 15 per cent,, adding 110,000 to the reserve fund thereby increasing it to £220,000' ai.d currying forward LG543. Nor was there anything m the present position of affaira —for they had telegraphic adviccsfrom the colony up to yeatft'rclay—which would lead Ihem to suppose that they wonld be less prosperous in the future than in the past, It had been his pleasure since he Inst"met them in ; that room to pay a lengthened visit to the colony. He had had the advantage of a residence often months in New Zealand, and ho took the opportunity of making himself acquainted with the character of the business there. He had tho advantage of frequent communications with tho colonial board and uf attending board meetings, and he was plenscd to be able to tell them that all he learned and all he saw gave him the fullest confidence :n the company's operations tbore. . They had & large body of colonial proprietors, and'though money was always dearer there, 7,8, or 9 per cent, as against 3,4, or 5 here. The great group of countries known as the Australian colonies wero making rapid strides in wealth and importance, and ho believed the most sail* guine amongst us could not realise what would be the development and growth of those colonies during the next twenty years, Besides, their business in New 'Zealand, his company did a large amount :of business in Melbourne and Sydney. .Last year their sales of wool in Melbourne to 27,989 bales, apart from those sold in this country, In 1882 their wool business,' including that which they dealt with in this country, amounted to 99,734 bales, This year they had dealt with 109,808 baleß, Their business being so enlargnd, they wore about to proposo an increase in the capital of the company, They would call a meeting of shareholders for that purposo, and give them full notice ot it. They would ask them to increase the capital by They proposed to issue to the proprietors in this country one-half of the new capital, which would be about one share to each 12 shares now held at a small premium, say about £l. That would give them a very handsome bonus. They proposed to deal with the other portion of the half million by issuing it in the Australian colonies. They had a large proprietary in New Zealand who were ot great use to them, but they had no shareholders in the Australian colonies, or only a few. The recent Imperial legislation enabled them to establish colonial registers of shares, They proposed to take advantage of this, and to establish a share register in Melbourne, and perhaps in Sydney, and to creato there a local proprietary, and issue to them the other half of the new capital, and thoy proposed to issue it at a considerable premium. The directors were entitled under the articles 'of association to one fourth of tho new issue of shares, but this privilege they proposed to forego I —(hear, hear)—and to give to tho shareholders the full benefit of the new issue, the directors only taking such portion as they .Were entitled Ic as .shareholders. In conclusion he moved that the report and accounts be received, and adopted.—Mr Boutcher seconded the motion,—ln reply to Mr Brown, whe asked for further information than the balance-sheet gave as to the amount of the debenture!;, the Chairman said that tho amount was always varying as debentures wore paid off and as money came iii, but the amount was always within the authorised amount. jWith regard to the amount of information given in the accounts, he challenged Mf Brown to procure the accounts of any • similar company which gave more details. —ln reply to Dr Drysdale, who asked for some information about the frozen meat trade, and whether it was a profitable trade to Ihe importers, tho Chairman said the number of carcases of sheep imported from Australia in the last three years was 141,823. Prom New Zealand the number in 1882 was 8,839, and in 1883, 121,621, making a grand total of 272,294, and he had reason to believe that this year the importation would be considerably greater.—With regard to the capacity of the Australian colonies to carry on a larger trade in meat he might state that the last returns showed that in / Australia and New Zealand together there were 76,796,217 sheep, so that with a population of about four millions, there must be a .large annual surplus, and he • hoped,that a good deal of it would find ■ . it 3 way to this country. The trade, he believed, .was paying, but the results .rioi'as 'satisfactory as they might be, —Mr'iiarkworthy, the manager, said he ' believed there would be an importation of between 400,000 and 500,000 carcases of sheep this year. He knew of one ■' 1 shipper who had contraoted to bring oyer >200,000 oarcasos from New Zealand alone this year.-A shareholder observe;!-that .while tho expenditure had been increasing : 'very fast, the profits had cot beon increas- - ing at all, and said he thought that the item of. £172,874 for premises was an ' undue amount.—Th'o Chairman said'the investment. in; premises• included .their stores. They had very fine premises in Melbourne where they were doing a largo and profitable business, and all their . premises .were put down at less than their. . actual value.—The motion was then s put and .carried, and the retiring directors and

auditors were re-oleotod.—On the motion of Mr Norman; seconded by Di< Dryadale, a vote of thanks was given to the Board of Directors.—Mr Mundella, who re- . fumed thanks on behalf of tho Board, ' said the shareholder, who had moved the resolution expressed a desiro that the dividend should bb'2o. per cont. He considered a dividend of; 15 per, cent, was not a bad one, nnd lie thought they ought ; to wait a littlo longor arid put thomse'lvos into a Btill more solid position. .if : good management would bring .them .20 per cent, ho was suro thoy .would get dr.—A . voto of thanks was also paused..textile' managers and staff here and in the colonies, and the meeting then •resolvod itself into a special meeting, at which certain resolutions wero'passed to onablo the directors to open registers of Bharpa in the colonies, ,' :