N.Z. LOAN & MERCANTILE AGENCY COMPANY.

Wairarapa Daily Times, Volume VII, Issue 1946, 23 March 1885, Page 2

N.Z. LOAN & MERCANTILE AGENCY COMPANY.

We have to acknowledge the receipt of a copy of the report and balance-sheet of the N.Z, Loan & Mercantile Agency Company laid before the shareholders at the annual meeting held in London on the 6th of February last, From this it appears that the total credit balance from commission and interest amounts, including a balance of £6,531 Is 4d brought forward from the preceding year, amounted to £131,075 0s 3d. The expenses of London and colonial establishments including salaries, advertising, law charges, &c„ amounted to £oo,lßßlßs 7d. After writing off furniture, stationery, and bad and doubtful debts, there was left a clear profit of £72,370 17b. Out of this sum the directors proposed to pay a dividend at the rate of 10 per cent per annum, and a bonuß of 5 per cent, absorbing, with interest on capital paid in advance, £57,513 19b. A further sum of £17,500 was added to the Beserve Fund, which now stands at £250,000, being about equal to three-fourths of the capital paid up. A

balance of 7,251) 18s was carried forward. During the yqnr 10,000 shares have been issued to existing proprietors, ratably as, to the shares held by them, at a premium of 20a, and 10,000 shares have been allotted in Australia at a premium of £2 10a. The premiums thus received have 'been added to the reserve fund. The Company has cash in hand with Londonand colonial bankers, £111.926 4a; bills receivable,' £219,153 9s 2d; business premises, stores and plant, £269,969; investments, £4(5,25G lis 8d; loans on mortgage, £3,649,68112s sd; loans on mortgage, guaranteed per contra £387,459105. The advances on wool and produce on . hand •and to arrive amounted to £829,216 Is 4d. Sundry amounts receivable of £202,107 12s 2d bring the total working capital of the company to £5,705,781 lis.