The New Zealand Trust awl Loan Company.

Otago Witness, Issue 1765, 19 September 1885, Page 15

The New Zealand Trust awl Loan Company.

The annual general meeting of this company was liejd .011 July 2!t, at the offices, Cornhill ; Sir Charles Clifford in the chair.

The Chairman, in moving that the report bo adopted, said that in s,pite ot bad times, shortness of money, evil reports of all kinds, aud all manner of prophecies, they still could, as heretofore, tell the shareholders that they could give them 20 per cent, for t heir money. Tins, he need not say, was due to the very great care aud attention to their interests by the inspector and trustees who liad the management ot their- affairs in New Zealand, and also from the tact that it was not 01113- the attention they paid to the value of the security of the freeholds upon which they lent money, but also upon the fact that they saw that that freehold land was productive of a sufficient amount to pay the interest of the money which was secured upon it. Another th n<; was tliat they had been able to use almost the whole of their available capital in gaining good interest, and it would ue interesting to them probably if he stated a. ie,w statistics. The loans in tho Colony had risen in the past year from £1,335,332 to £1,473,37(3, showing an increase of JE135.043; tho interest on the loans in the Colony had increased £1(5,4(51 ; the debenture issue had increased £30,390 ; and there was at the present time only a small balance remaining for issue. That meant that they had invested it with good interest tor the shareholders. The result shoved borne addition to the amount of net profits, and the amount of £13,097, which included£ll4l brought from the previous year, w as the largest amount ever shown in one year gob by the company. Now, when they remembered the large amount of capital invested, and the almost unappreciable amount of bad debts, together with t he aeeumulat ed reserve of £210,000, he thought he need not enlarge any further upon the subject. He trusted that what they had done in the past they might do in the future.

Mr Frederick Gonufrinan Dalgety (the deputy chairman) seconded tho resolution. •

The motion for the adoption of the report was put and carried unanimously, aud a dividend of Ids per share, I'reo of income-tax, -was declared on the -10,000 ordinary shares of the company, payable in London, on the firbl pro:;., aud in New Zealand as soon as the. manager might bo able to JL': after receipt of advices.

Mr Fletcher and (Jolonel Sir Thomas Gore-Browne. K.C.JI.G., -were re-elected directors of the company. — Auglo-Ncw Zcalandcr.