LATEST AUCKLAND NEWS. [BY TELEGRAPH—OWN CORRESPONDENT.

Waikato Times, Volume XXVII, Issue 2184, 8 July 1886, Page 2

LATEST AUCKLAND NEWS. [BY TELEGRAPH—OWN CORRESPONDENT.

The Tongariro. Auckland, WeJnos lay Night. The Tongariro left for London via the Sonth to-day, with 2084 cases of pinn, !)1 bule^ of wool, 2(i,00D lbs of froze u mutton and other cargo.

Loan and Mercantile Company. At the Loan and Mercantile Company's annual meeting to-day Dr. Campbell, chairman, said then 1 . h;id been a steady incieaso in the company's business and its financial .statu.-> was .seenreH. He continued, '" It i>» true the profits have not been equal to the proceeding year, but looking to the abnormal state of the depression under which we ha\eb?«in labouring in common with the sinter colonies (indeed the world at large). lam sine you will agree with me that we ha\e great cause for congratulation when we have bjen able to add to our Reserve Fund the fium of £l."> 00, and to carry fovwaid a credit balance of undivided profits of so tangible an amount as £14,909, and last, but not hast, that yon have received the customary and highly satisfactory dividend and bonus of fifteen per cent. With regard to the prospects of the company for the current year, I think I am wai ranted in saying that these are of the most encouraging character. After a long jwriod of u paralleled depression in the price of wool, which has been t>o severely felt by our pastoral constituents, the late sudden and great advance \> hich has taken place in the Home market will restore to the squatting interest its former prosperity. The agriculturist also ha*, now a brighter prospect, as there are indications that giain has at last made an advance on the late unprofitable prices, and consequent upon this, I am pleased to be able to state that a very considerable increase in the area under cultivation has taken place in the Middle Island. There is also the breaking up of the drought in Australia which will give new life in that country, and which will largely increase the returns of this emporium both in regard to the quantity of woolpassing through its hand*, and the commission arising from its tales at the now greatly enhanced pi ices. I have now to take up the second point which was enlarged upon in the chairman's address in London, the financial status of the colony, and here I am met with rather an anomalous c i re u instance, but one which is after all rusceptable of a simple explanation. I allude to the fact of the low piice ;it which the company's shares have been lately quoted in the London markets. For this there is no reasonable or just cause, for a« has been pointed out in the address of Sir .Tame-. Feigusson, the company has no difficulty in placing its debenfmes to the full e\ti>nt of its boi rowing powers nt low rates of interest. The probable causes ha\e been accidental, the compuNoiy realisation of .seveial large holdings of deceased proprietor, and also e\iiggpiatcd accounts as to the depression the cdony has been labouring under, and the persistent attacks which a poition of the English press has made again«t the colonioft in general, and more especially New Zealand."

Mr J. S. Buckland's ne\t Cambridge cattle, hor**e and pi-oduce sales arc advertised for the 17th. A Government notice relative to the Rabbit Nuisance Act, 1882, appears elsewhere. A choice and useful lot of furniture, <fee, will be oifered for sale at the Hamilton Auction Mart on Saturday next, at 2 p.m. Tenders are invited by the Town Clerk of the Borough of Hamilton for clearing and forming up to tho 12th inst.