THE NEW ZEALAND LOAN AND MERCANTILE AGENCY COM PANT (LIMITED).

Waikato Times, Volume XIV, Issue 1213, 8 April 1880, Page 3

THE NEW ZEALAND LOAN AND MERCANTILE AGENCY COM PANT (LIMITED).

Th*" fifteenth ftnmial ordinary general meeting of the shareholders of this company w»s held on February 6, Mr A. J. Mundella, M.P., in the chair. The report of the directors stated that the net profit for the year, inclusive of £3,824 4s 2d brought forward from the preceding financial year, was £53,215 14s 2d, of which the directors recommended the following appropriation, viz. : — To payment of a dividend aj; the rate of 10 per «ent. per annum', and interest on calls paid in advance on old shares, £30,060 12s 4d ; payment of bonus at 5 per cent., £14,984 11# ,8d ; .and that the balance, £8,170 '10s 2d, be carried forward. In July last an ad interim dividend was paid jVt the rate of iQ per gent, per annum, amounting, with interest on calls paid in advance, to £14,358 12s lOd, so that there was now left for distribution the, sum of £30,686 Us 2d." The Chairman said the past year had been a very trying year for the eqlony oftSfew Zealand. The harvest of 1878 was ,a j deficient one, and tl}@ winter wab one of unexampled severity, which produced a great mortality among the sheep* and also a depreciation to some extent in the duality of th 6 wool. Concurrently ., with this deficiency of ihe,, the stapis/ produce ' of. .the colony, the price ofwdol and grain ruled exceedingly low, trliidi'irartrf" itseifrraffiewtitiCT'pTO*duce 4episBg.ion in, and loss ■, to, the,, colo4y,f.aii4>th?s, he wa* sorry tp.flsy, w^a aggr-asisjj«4iby, tfrs concurrent commerciaJi , depression and ,4istrust which resulted from the stringeucv of the money market, which was tne reflection Qi the state of

our financial affairs at home. He was glad, however, to say, that while the fast year had not left them entirely unscathed with regard to loss, their -Business: had oeen growing and profitable. The number, of bales of wool consigned to the company in 1874 was 24,493 and in the past year 83,966. This company was now in fact the largest wool-importers, not only from the colonies, but from the whole world. The same, characteristic which after all' was their great itaple; applied to every other branch of their business. The number of their constituents increased year by year, and during the past year the increase had been very great. He was glad to meet them with a balancesheet whioh showed an aggregate of gross profits as large as those of the proceeding year, which were the lagest in the history of the company* tt was not times of prosperity that tried an institution like that, but times of adversity; and although he did not speak of .last year .as being altogether a period of, adversity, yet it was a year which was trying to the whole of the Australian colonies. In conclusion, he moved that the report and accounts be , received and adopted. Mr Abraham seconded the motion. The time, he said, he, thought had arrived when the Company? might with advantage to itself extend fts operations, and for that purpose should increase its capital. For himself he, should be glad to double his holding The motion was then put and carried unani-* mously, and a dividend at the rate of ten pel? cent, for the half-year ending December 31st, 1879, with a bonus of five per cent, free of income tax, was afterwards declared, The meeting was then made special for the purpose of considering,: and, if thought fit, of carrying resolution* altering the articles ..6f fssociatiofrin^er-;: tain respects. The£resoiutions Mere all? agreed to, the principal alteratiofis thejf effected being togjprea, vose in reSpect ofc each shore, lnstead lpfjfor, every full niim-t berottenshaiesrtoiriorease thefquspifi- 1- : cation of the j^rectors frpnt WO shares td*500, and to provide that the restriction as to the. amoTlntjto be raised or borrowed/ by the dlrecto^ sT*all not apply "1» advances mtfde by "bankers. The, proceedings closed wiftf a vote of thapks to Mr Mundella for hie conduct in the chair,

A Unitede, Press Association message, received by. vi on Saturday ; afternoon, says :— "l^s^npt^rpbable^liat any definite information will be available as to' the results o^ the financial y|ar/#hich ended on "Wednesday, 31,8t ultimo, "for a weejc or ten days. All appearances are in favor^of my anticipations being verified, that- the defioit; wjll* be about a million, perhaps nettle under than over. i find that the Colonial Treasurer has only been obliged to use £100,000 of the £'250,000 deficiency bills which he obtained power, by Order-in- Council, to issue if necessary. As it is practically ceitain that itbe ; revenue will not reaoh, by some £300,000, the Treasurer's estimate, the deficiency for the nine months is estimated at abo^t £800,000, and this would have been increased to £1,100,000 but for the reductions in the expenditure involving the additional £50,000 deficiency bills. As, however, this haa ( not been needed, and even £50,000 of the' extra bills (above the £800,000 authorised by Parliament) not used, it follows that the deficiency cannot he quite one million, and therefore that somewhere about £100,000 must have been saved in expenditure by the present Government since they oame into office. It is evident, however, that next year £300,000 additional wijl have to be provided for by taxation, over and above the property tax of Id in the pound and the increased Customs duties., unless mat ters greatly improve and the expenditure be much further reduced." The new P^«!a Ca^h Si^st^m. qo\v b.eing- initiated by G, a,n,d 'Ci will certainly prove a benefit to the .public. It has been a great success in Sydney and Melbourne, and when strictly carried out the customer who buys at, an establishment where the goods arc marked low to ensure a rapid sale must Be a great gainer. G: and C. sell their drapery, millinary, and clothing at such prices for cash as gives the buyer the advantages of a shareholder in a co-operative society, without the risk of being . called upon to bear a pqrtipjioith,e lews should the year's business prove unsatisfactory. Garlick and Cranwell will aim to retain the confidence which the public have hitherto shown them, and are determined to give the pure cash system a fair trial ; whether they gain or lose the first year. Country buyers on remitting cash with order will be supplied with goods at co-operative prices ; just the same as though they made a personal selection. Furnishing goods, such as carpets, floor cloths, bedsteads, bedding, and general house furniture, the largest portion of which is turned out at our ow n factory, will be marked at the lowest remunerative prices, and a discount of five per cent, will be allowed to those who pay at the time of purchase. G» 8t C. having realised the entire value of their stock during their late cash sale, the present stock is nkw and chkavly bought. An inspection is invited.— Garlick. and C raxwkm., City Hall Furnishing Arcade, Queenstreet, Auckland.