New Zealand Native Land Settlement Company (Limited).

Auckland Star, Volume XVII, Issue 286, 4 December 1886, Page 5

New Zealand Native Land Settlement Company (Limited).

The fifth annual meeting of tho above Company was hold on Nov. 10, the Hon. Dr, Pollen presiding. The directors' report statod that " the year, as closed ou the 30th September last, has not been n favourable one for the Co;npany ; its business being to sell land, tho severe and long-protracted depression prevalent througi'ut the Colony has hud its natural effect in reducing values and limiting operations. Some sales'v.-ere effected in the month of November, but with these exceptions it may be eaid that during the-year there were nn buyors to be found for tho Cjnipauy's properties, and no demand for land ci her in the East Coaft District, or, indeed, in any other part of the colony. By tho Native Land AdminittniUon act which comes into complete operation on tho firet of January next, all direct dealing with natives for the acquisition of land for any purpose is" prohibited. Under fhesa circumstances, your Directors are giving careful attention to the closing up abeolutolyof alliueomplete transactions wish the native clients of the Company, with the view <o secure recovery of money due for advances and charwos either directly now, or when that cannot ba accomplished, through the operation of the Native Comnrns-ibuers Dopartment in tho ' future. The expends of ' lrjanngetncnt haya beei; reduced, and Further saving?,' 'it is' hoped, will be effected by arrangements proposed to be made at the close of the current year 1886. A proposrl to give shareholders an opportunity to buy lands at tho Company's sales upon bertain conditions was submitted by Mr Barraclough to the last general meeting and favourably received. Your directors have given attention to this proposition with a view to carrying it into operation, but have been obliged to abandon it upon being advised Ihat it could be legally aij fected only with the formal consent of every shareholder of the company. The statements of accounts estimated the value of the lands at £238,420 ; fyoia which after paying tho two - thirds profits to values a balance of £29,643 \vm estimated as ouihg to tho Company. Tho average comprised 137.72S acres title completed, avd 152,G4S acres tho titlos of which are being converted into title? under tho Land Transfer Act

Afftr some questions by Mr McMillan had been answered by tho Chairman, the report was adopted. On tno motion of Dr. Campbell, seconded by Mr Aickin, the retiring directors — Messrs Buddie, Morrin, and Stafford—were unanimously re-elected, and Messrs C. Davis and F. J. Skelton wore also elected auditors,

Northern Boot and Shoe Company. The yearly meeting of the shareholders in the .Northern Boot and Shoe Manufaotuiing Company was held on Wednesday, December 2, in the Company's offices. The directors report was a 9 follows: — " Yo . i.. iv ctors, in Eiibmifcting to you the result of tho Company's business for the year ending October 30, ISS6, regret that they cannot do so with tho same amount of satisfaction that they did the more favourable balanco-sheet of last year. However, we are able to show that the difference in the year's results has been caused by circuraatauces that were not subject to our control. There has been a decrease of sales equal to 15J per cent, as compared with the sales for ISSS. We have never before our customer* co much quality and value in our own manufactures as this year; but then both English and foreign houses have been piacinjrtheirgoods in this market lower than heretofore, and the lower prices of these goods, together with our own depressed times, have caused them to find a more ready snle than the colonial-made article. This is the universal experience of the trade. Then wo have had the unfortunate eight weeka' strike just at the commencement of what should have been our busy season (up to this point our sales weie over £1,000 increase for the corresponding period of previous years), and this has further affected us by advanced wages, and also caused the displacement of several valuable orders, We htwe written tho usual 10 par cent off Plant and Machinery Account for depreciation, and one other important cause which prevents us showing a larger amount than £655 net profit for the year is the heavy item for bad debts. Still, we think it will be gratifying to the aharuhuidoi-M to note the sum of £1,230 Mi 3d to credit of profit and loas, ouo of which sum your directors recommend the payment to irhareholders of a dividend at tnu rate of 7 per cent, por annum, and the sum of £105 (beinp £35 less thao was paid lact yoar) to bo allotted to the directors for services rendered to the Company, leaving a balance of £535 Is lid to be carried forward to next year."