NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY (LIMITED).

Waikato Times, Volume XXVIII, Issue 2298, 2 April 1887, Page 2

NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY (LIMITED).

The twenty-second annual meeting of this company was held on February 4th at the company's offices, Queen Victoria-street, London. The report of the directors recommended the payment of a dividend at the rate of 10 per cent, per annum, and of a bonus of 5 per c»nt., that £5,000, the proportion of premiums on fifth issue shares, be added to the reserve fund, and that the balance G3.025 be carried forward.—The Eight Hon. A. J. Mundella, M.P., who presided, in moving the adoption of tho report and accounts, said, having regard to the exceptional times they had been passing through he thought they had just cause for' congratulation that the directors met tham with so good a balance-sheet, and were able to pay them the maximum dividend of the last few years. The accounts, which were from the beginning of September, ISBS, to the beginning of September, 1886, extended over a time during which the!lowest scale of prices was exhibited which had prevailed during the long period of colonial depression. There was a considerable improvement in the price of wool last September, but it declined again in December. This year he was glad to say the market opened up stronger, and the price was now 10 per cent, higher than at the close of 1885. They received a telegram 6n February 2, dated Melbourne, February 1, saying—" Prospects are much improving; there has been ' abundant rains " They had also a telegram from their Auckland office, dated January 20, saying—"The Australian season is the best known for several years. Large supplies) of wheat for export. New Zealand. —Dry season, making crops light. excellent. Colonial trade improved, with hopeful feeling." During the past year the company had done a much larger business, but with smaller profits than in previous years. The export from the colony had doubled, and from the whole Australian group more than doubled. A new trade had grown up in the last four or live years. It began in 1881, and no one could tell what its development would be. ' In 1882 New Zealand exported 8,83!) carcases, irrespective of a considerable

export of beof. The total wool business in 1885 amounted to 139,000 bales, which was tlio lamest over known before. Iu 188!! it readied 151,434 bales, and it was ({ratifying to know that the constituents of the company .were steadily increasing. Sir E. Stafford seconded the motion, which, after a shovtjejiscussion, was unanimously agreed to. A dividend at tho rate of 10 per cent, per;;annuui and a bonus fif 5 per cent, wi then declared. The retiring directors and the auditors were re-elected, and the proceedings closed with hearty votes of thanks to the directors and the staff.