COMMERCIAL.

Waikato Times, Volume XXVII, Issue 2186, 13 July 1886, Page 2

COMMERCIAL.

Waxhato Times Office, Monday. NKW ZK ALAND LOAN AND MKRCANTELE A(JKNCY COMPANY. A r the annual local meeting of tlio shareholders of tin** company, held at Auckland, Tho Chairman said :— " Gentlemen,- - Youhave been called together to-day in accordance with the requiiomouts of the, Articles of Association, our chief business beincf to proude for the due election of tho local Board of Directors, for you are aware that the Annual report and balance-sheets issued from the head office in London. These for tlio past year, together with the report of tho proceedings of the Annual meeting in Febiuary, have already been furnished to :dl the colonial shareholders, and it is unnecessary for mo to ♦.alco up your Hme in having them now read. You will have noted the salient point* in the chairman's address are— tho steady increase in tho company's business, and its financial status at home. In the fii\-.t point you will find statistical returns given", which I do not require to repeat, proving tho increased volume of business. It is true the profits have not boon equal to the preceding year ; but looking to tho abnormal state of depression under which we have been labouring in common with the sister colonies (indeed, the world at large), I am sure you will apree with me that we have great cause for congratulation when we have been able to add to our reserve fund a sum of £15,000, and to carry forward a credit balance of undivided profits of *o tangible an amount as £14,965 ; aud last and not least that you 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 warranted in saying these are of a moat encouraging character. After a long period of unparalleled low prices for 1 wtfol (which have, been so severely felt by our pastoral constituents), the late sudden and groat advance which has taken place ' in the Home, market' will restore- to the squatting interest its former prosperity. The *fqicv>lturiat, also, has now brighter prospects, as there are indications .. that .' grain , has at * made an ' advance on the late unfavourable*/ 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 I that country, and* which will largely increase the returns of this emporium both in regard to the quantity of wo^l passing • through its hands, and the , commission arising from its sale at the now greatly enhanced prices. I have now to take up the *econd point, which was enlarged upon in 1 the Chairman's address in London— the financial status of the company ' X and here I am met with rather an anamoloiis circumstance, but one which is, after all, of simple explanation. I allude to the fact of the low' price at which the company's shares have been lately quoted at in the London market. For this there is no reasonable or just cause, for, as has been 'pointed out in the address of Sir James Fergusson, the company has no difficulty in placing its debentures to the full extent of its borrowing powers at low ratas of interest. The probable causes have been the accidental compulsory realisation of several large holdings of deceased proprietors, also the exaggerated accounts i as to the , depression the colony has been labouring under, and the persistent attacks which a portion of the English press has nf&te against the colonies in general, .and more especially New Zealand. Further we may have to thank some kind friends, not entirely disinterested, upon whose domain this Company has made heavy inroads, for the unscrupulous manner in which they -ha.ye spoken of us, even going the length of affirming our whole reserve fund has been shallowed up. The addition to it of £15,000 doe-i not look very much like this. But it would be out of all reason to expect that with such a long continued devastating drought as has been experienced throughout Australia, and with four successive bad .seasons in New Zealand, combined with the unprecedentedly low value of wool and grain, and other produce, that any company doing such business as ours could possibly pass through such a period scatheless, aud in isolated instances we have been obliged to enter into possession of our securities. The improved state of the market will enable us to realize such properties, and I am pleased to be able to assure you that we have the 'fullest confidence in effecting this without appreciable loss to the Company. We have recently had to deplore a case 'of default on the part of- our Sydney agent, Mr Holt, the first case of the kind in our experience, but as far as is yet known we are not likely to sustain a greater ]»ss than from £1,500 to £2,000. In conclusion, I can only again state that the company's business generally continues in a flourishing condition, and that the profits for the current year have at prasent erery indication of being fully up to, if not surpassing, the average of previous periods.— Mr A. K. Taylor proposed the re-election of the retiring director, Dr. Campbell.— Sir Win. Fox, in seconding the motion, said that it w,ould be absurd for him to make any rejnarks as to Dr. Campbells fitness for the position. He had very much pleasure in seconding his nomination, as during a course of 30 years he had been intimately acquainted with him.— The motion was then put and agreed to. — Mr J. L. Wilson proposed that Mr William Innes Taylor should be elected colonial auditor for the ensuing year. — The motion was seconded by Mr Probert and agreed to.— Mr J. H. Upton moved that the thanks of tho shareholders should be giv-en to directors, officers and agents of the company. He said that he had great pleasure in proposing this motion. He had no doubt that with such a large ground to work upon, and such a large capital tq operate with, it was easy to make money, but at the some time the facilities for losing were quite as easy. In view of the recent depression in New Zealand fand elsewhere — severe enough, although Auckland h|id been prosperous— it was matter- of congratulation •• to the shareholders that the directors should have been able to present such a satisfactory balance-sheet. He was glad that they were able to say,, with respfcet to one of their officers, that the company had lost so little by his operations. He referred to Mr Holt. While he. moved this general vote of thanks to the officers, he thought that Mr Holt ought to be excluded from it. They could not too much emphasise their good fortune in escaping with so slight a loss as £1,500 or £2,000.— Mr W. S. Wilson seconded the motion, and it was unanimously passed. —The Chairman acknowledged the compliment on behalf of the directors.— Mr F. Battley (Inspector) said that it devolved upon him to express to the shareholders the thanks of the officers for the recognition that had been made of their services. He might remark that periods of depressed prices, accompanied by unfavourable seasons, were trying times. His duties requiredhim to visit the company's various offices, and he thought he might say that the officers had shown in their work as keen an anxiety and as great an assiduity as if that work had been directly for themselves. Perhaps they had been even more auxious to protept the Company's business than men of business would be where the interest was entirely their own. Therefore it would be gratifying to them to find that their exertions were appreciated by the shareholders, and he would have much pleasure in conveying to them the thanks of the Company, i

LON'DOX MARKETS. [k rcu r i:h's r blkc; ka ms. ] Lonuon', July i).— The total quantity of wheat afloat foi the United Kingdom is 2,180,000 quarter, being 130,000 more than reported Li-t week. —New Zealand fro/en mutton i.s quoted fiom od to n\d' per lb at Smitbfield.— At to-day's wool auctions the catalogue submitted comprised 14,000 bales, the winoiia lots offered meeting with a firm and active demand. — Australian tallow, fair average quality, has advanced o'd ler cwt. ]$<>ef tallow is now quoted at 24s lid, and mutton at 25.-s fld per cwt.

[PRESS ASSOCIATION.] Lonhoy, Juiv 10 —The wheat market is Uncivilised. The weather is fine. Two carhops from New Zealand thnt aie off the const have been sold at 21)s Tel and 2)s (id respectively. — The wool market keeps its firmne-m, and prices are fully maintained. Th<; market is .stronger. 297,000 bales have Wen catalogued ; (i.VJO bales have been withdrawn, most of which has since been placed piiv.itcly the arrival of the next Hpnes number o\er 200,000 bales.— Colonial tocks Bhow a genei.il decline. — In an article on financial matters, the Standard says the money market is victimised by •secret salps, and it expressp.s reprret at the amount of mortgaging that is being done.

ADELAIDE MARKETS. Aeelaidk, July 10,— Shipping wheat steady at 4s lOd to 5s per bushel.