NEW ZEALAND TRUST AND LOAN.

Auckland Star, Volume XVIII, Issue 67, 21 March 1887, Page 2

NEW ZEALAND TRUST AND LOAN.

An extraordinary general meeting of this company was held at the office of the company, Cornhill, yesterday. —Sir Chat. Clifford (chairman) raid that they had only been called together for the purpose of declaring an interim dividend, but he would take this opportunity of telling the shareholders all he knew of the affairs of the company. New Zealand had not escaped the general depression, and the average rate of interest on the loans in the colony wbb lower than in any former year, so that the profits wero somewhat reduced, and therefore he thought that upon this ocoasion they would be justified in reducing the usual dividend of 20 per cent, to 18 per cent., and he did not thick that the shareholders would complain very much of that. IS per cent, after all was not a very poor dividend, but was one that he trusted, under the circumstances, would be considered satisfactory. Although there had been a lowering of the rates of interest in tho colony, still the inspector had telegraphed that there would bo no actual lobs, with the exception of that alluded to at the July meeting, caused by fraudulent information, lie (tho chairman) might, therefore, Bay that tho company had made no losses. He thought that he might go a little out of the usual course by answering in public at that meeting somo private letters and private questions that had been addressed to him by shareholders, who from the redaction of thoir dividend had become a little alarmed, and had asked whether there w;n any likelihood of a call being made on the unpaid liability. There was no danger of that. There was another bugbear in England which bad affected very much the credit of New Zealand, and probably, in some degree, this and other companies connected with that colony. The idea was that the colony was overweighted with debt, and that it could not recover itself. It was true that a large amount had been expended in tho colony on railways, docks, and in the various means of opaniDg the country and fitting it for a much larger population than was at present there. The increaee of population was constantly going on, and what appeared to be a heavy itubt for 000,000 people would be a light ono for double the number, who would take advantage of the works provided fcr tlieiM. Fortunately, Mr Harper was preient (tho head of tho firm of the company's solicitors in New Zealand), and a member of the Colonial Legislature, whom lie would aek to cay a few words on this subject,

nnd on the security of the investment?, In conclusion, he moved the declaration of an interim dividend of 9s per share, frea cf income tax on tho 40,000 shares, payable in London on Fobruary 1, and in the colony aa scon aa the manager might bo able to arrange after receipt of advice —MrDalgety (deputy chairman) seconded the resolution, —Dr. Drysdalo said they might, he thought, look for the population in 20, 30, or 40 yeara to be, perhaps, 5,000,000 or 6,000,000, for <ihe climate wa3 exceedingly good, and the death rate was the lowest in the world, about 12 par 1,000 p?r annum, —Mr Harper alluded to the safe character of the company's securities, which had been tested by,the late depression,, and the absencs of loss generally by thin and other companies doing similar business in New Zealand, and then referred in detail to the idea that Now Zealand had an excessive burden of. debt per head of population. He,complained especially of Mr ITroude's b00k,," Oceana," a» being inaccurate with regard to New Zealand, and that a gontle£Sau of the reputation of Mr Froude should not have taken sufficient trouble to ascertain fcllo facts and statistics in regard to the colony, which had not, as stated, retrograded, but had wonderfully progressed <jvon during the ,lato years of. depression, pfhe resolution for the dividend was approved and a vote of thanks pissed to the chairman,