THE NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY (LIMITED).

Waikato Times, Volume XIV, Issue 1203, 13 March 1880, Page 3

THE NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY (LIMITED).

We have been favored with the report of the above Company to 31st December list, presented to the shareholders at the fifteenth annual general meeting, held on Friday, the 6th ultimo, at the Company's offices, 1 Queen Victoria-street, Mansion House, E.C. By it we find that the net profit for the year 1879, inclusive oi £3,824 4s 2d brought forward from the preceding financial year, after deduction of expenses, interest, commissions and income tax, writing off stationery, and furniture, and making ample provision for all bad and doubtful debts, shows a sum of £53,215 14s 2d, of which the directors recommend the following appropriation, viz.: — To payment of a dividend at the rate of io pel cent, per annum, and interest on calls paid in advance on old shares ...£30,06012 4 „ payment of bonus at 5 per cent. 14,98411 6 „be carried forward ... ... 8,17010 1 £53,215 14 * In July last an ad interim dividend wat paid at the rate of 10 per cent, pei annum, amounting, with interest on calls paid in advance, to £14,358 12s lOd, sc that there is now left for distribution tht sum of £30,686 11s 2d. Owing to the steady influx of debenture money thi limit of the borrowing powers, under tin Articles of Association, has been reached. There has been a satisfactory increase 11. the amount of the guaranteed mortgag. investments in New Zealand which form an important branch of the agency bus. ness of the Company. The consign ments of wool and other produce havi likewise, during the past year, been muci augmented, and, notwithstanding th* lower prices obtained for many colonia products, have proved the source oi large additions to the revenue of the Company.