MR THOMAS RUSSELL ON NEW ZEALAND'S RESOURCES.

Auckland Star, Volume XII, Issue 3338, 7 April 1881, Page 3

MR THOMAS RUSS ELL ON NEW ZEALAND'S RESOURCES.

The annual ordinary general meeting of tho shareholders of tho Now Zealand Loan and Mercantile Agency Company was held on February 4th at tho ollicec of the Company, Queen Victoria-street, Mansion House; Mr Thomas Uusbcll, C.M.G., in the chair. Tho Chairman, in moving the adoption of tho repmt, congratulated tho shareholders thut tho directors were not only üblo to give thoiu thoir usual dividend, but thut they had resumed their contributors to tlic reservo fund which had beou annunlly made from tho comLueucomcut without any break until lust year, when, the colony being iv a state of depression, it was deemed prudent to withhold it. Iv the minds of some persons, not of thoso who knew the country, there were doubts as to the futuro of New Zealaud, and unfavourable inferences were drawn from the amount ot the public debt compared with tho number of Uic population. But he maintained that such comparisons wore most unfair unless they took into account tho resources and capabilities of tho country. In New Zealand, with an area equal to that of the United Kingdom, they had a soil which was nulurallv rich, and a climate no genial that they never experienced either the severity of un English winter, or tho scorching heat of an Australian summer. Iv 1769 there were only 000,000 acres of land under cultivation. In 1879 it hud increased to four million acres, the iiicreaso bciuß all attributable to the tnaklug of roads and railroads, or rather bits of roads and railro*ds, for they wore yet mostly unfinished. When they were finished tho population would no doubt increase, and tlie quantity of land brought under cultivation increase also ; and as tho soil wbb richer than that of California, and the distanco shorter, tho cultivators of grain in Now Zealand could no doubt competo successfully with thoso of California, and grain as well as wool would form a Btaplo articlo of exportj —Tho motion was seconded by Mr Butcher aud carried withont discussion, as was another resolntion that a dividend at tho rale of 10 per cont. per annum tor the halfyear, and a bonus at 5 per cent, for tbo year, be paid.—The rotiring directors were re-elected, as vrero aUo tho auditors, aud the meeting closed with votes of thanks to the home aud colonial directcm, and to the managers, secretary, and ollices both in Eogmnd and the colonies, and to tho chairman.