New Zealand Land Mortgage Company (Limited.)

Auckland Star, Volume XVII, Issue 78, 27 March 1886, Page 5

New Zealand Land Mortgage Company (Limited.)

The second annual meeting of the abovenarncd company was held on March 16, at tho offices, New Zealand Insurance Co's buildings. Sir Frederick Whitaker (Chairman of Directors), presided, and the other shareholders present were the Hon. Jas. Williamson, Messrs Thos. Peacock, G. B. Owen, S. Browning, D. L. Murdoch, J. L' Wilaon, R. C. Carr, J. M. McLachlan, J. J. Blakey, W. Caron, and Nancarrow. The following report and balancesheet were submitted :-—

The Direotors have much pleasure in submitting to the shareholders their second annual report and belonou-shcet containing statement of aocounts. The net profit for the year ondod 31st October, 1885, inducting £2,813 10a id brought forward from the preoedlng year, amounta to £19,66. 3a 9d. Out ot thia Bum an interim dividend for the halt-year ended SOth April, ISSS. was oaid at the rate of 7 par oeut. per annum, amounting to £1,666 13a Id, leaving a auin of £15,000 10a sd, whioh ihe Directors reoommend ahould bo applied aa follows:—To payment of a dividend at tho rato of 7 per oent. per annum for the half-year ended 31st Ootober, 1885, £7,000; Reserve Fund, £5.000; to bf> oarried forward, £3,000 10s sd. Total, £15.000 10a sd. Tho directors aro gratified a. being able to statu tha. ih > progress and proapeota ot tho Company cnttnuo to no satisfactory. In accordant. _• with the regulations of tho Articles of Association. Sir Edward W. Stafford and Mr Thomaa Hut-Bell retire from ths Board ot Directors, but offer tliemaL'lvea for re-olootiou. The English auditor, Mr C. T. Mooro, also retiree, but la eligible for re election and again offttra hia sorvico... Balance sheet.-Dr.: To share.capital subscribed, £2.000,000; uncalled, £1,800.000 ; issued 200,000 shares ot £10 each (£1 por »..ara paid tin thereon, £2011,000; dobunturea ts-ued, £174,359 10a; bills payable, £i 20,000; sundry amounta payable in England and Now Zealand, £2,905 7-i lOd; i-itorost acorued on debentures, &o, £8,87919 a 3d; balance of profit and loss account, £19,667 3a 9d; loss Interim dividend at the rate of 7 per cent, per annum for d months to April 30,1885, £1,666134 Id; balance, being amount of undivided profit, £.5.000 10a; £821.615 7s Cd. Or. by loans oa mortgage in New Zealand, £676.110 9a 8;1; investment* in Colonial Government and other eeourltics. £95,895 5a 6. ; interest accrued on loans on mortgage ia New Zealand, £7.793 0$ 7d; sundry amounta lecnivable in Knglund and New Zealand, including proportion of debenture expenses account, £6,108 7b 3d; cash in bank, £35,133 la (id: total, £821,615 7s Bd.

Profit and Lobs Account.—Dr.: To expenses in London and New Zealand, including oillcore' salaries, directors' feea, advertising, taxes, rent, printing and atationory. &0., £6,787 lis id; balance tranaferred to balance aheet, £19,667 3s S.l-£K,isl 15a Id. Cr.: By balance from balanco sheet at 31st Ootober, 1881, £9,151 17s Id; less dividend to 31st Oatsber, 1881, at the rats of 7 per cent, per annum declared 30th January, 1885. £6,338 7e-£2,813 10s Id ; balance ot Interest and other accounts, £'33,621 Is Od; transfer foes, £20-£_6,lVl 15 Id.

Messrs S. Browning, G. B. Owen, and J. L. Wilson were then re-elected to the directorate upon the proposition of Mr Thos. Peacock, seconded by Mr J. J. Blakey. It was further resolved, on the motion of Mr J, L. Wilson, seconded by Mr William Caron, that Mr A. Boardman should bo reappointed auditor at a fee of £15. Mr R. C. Carr moved a vote of thanks to the Chairman, directors, and officers for their past services. Ho felt sure they would continue to carry on tho Com] pany's affairs as satisfactorily in the future as they had in the past, The motion was seconded by Mr Joseph Mancarron, and agreed to.