BALANCE SHEET.

Auckland Star, Volume XXVI, Issue 7, 9 January 1895, Page 5

BALANCE SHEET.

Dr. & s d .2 s d To capital .. -• 200,000 0 0 lteserve fund ..125.000 0 0 He-insurance fund.. 110.000 0 0 >' ' 235.000 0 0 Investment fluctuation account, viz. Amount last year 4.819 9 5 Transfer from profit and lo.s account .. .. 3.000 0 0 y 7.819 9 s'' Less written oft' sundry investments for de-pi-eciation .. 3,807 13 2 ' : — 4,011 16 3 Appropriation for unpaid losses .. 38.643 0 0 Sundry creditors .. . 3,bi4 10 6 Balance .... 33,603 15 2 £514,793 1 11 By Investments— / Mortgages and shares.. .. 81,028 17 2 Company's freehold office premises and other properties .. 257,694 18 5 Less appropriation in reduction of Company's freehold properties .. .. .. 10,000 0 0 ... ' 247,654 18 5 United States bonds '.. '.. 11,010 0 0 Capo of.'Good Hope Govern- n munt securities %. .. 10,047 10-6 Debentures .. .. .. -.162 14 9 Loans at .call, short periods, and llxod bank deposits "•.. 49,114 6 8 403.658 7 6! ■ i — Auckland city leasehold .. 56,77 Vl7 7 Less ainlcing fund already accrued, including present appropriation of £5,000 ~ 18,914 6 8 ~; , -..' 37,863 10 11 , . 441,521 18 5 „ Accrued interest and rents .. 2,358 13 3 „ Branch and ageucy balances.. 49,-44 17 0 „ Cash-In bank and In hand at head offices and .branches.. 21.672 13 o £514,798 1 11 H. GILFILLAN. Jun.\. ditor - A. BOAUDMAN . /Aimuors.

In moving the adoption of tho annual report and balance-sheet, the Chairman made the' following- remarks :—" Your directors have again the pleasure of placing before you a report and balance-sheet for the past year, which they feel assured will be accepted as being in every way satisfactory. You have in bhe figures in tho reporb full details, and it now only devolves upon me to make a few explanatory remarks. You will note that the premium income ha 3 slightly decreased. This arises from our having withdrawn from what have proved unprofitable fields, but if our income has suffered in that direction the Company is more than compensated by the decrease in losses. Tho slight shrinkage under the head of interest and rents, I need hardly remark, is attributable to the continued depression under which this colony as well'as the sister Australasian colonies still labour. Shareholders will doubtless endorse the policy of the Board in taking the present favourable opportunity for making further appropriations toward the Investment Fluctuation Account of £3,000, towards the Company's Property Account of £10,000, and to the Leasehold Sinking Fund of £5,000. _In order to make sure thab the company's properties are not standing in the books at more than their true value, your directors in December last obtained reports from experts in bhe differenb places where we hold properties both ab home and abroad, and they are pleased in being able to state that the result, shows that the amount now standing in bhe books ha 3 been fully verified. You will note thab bhe item expenses compares favourably with lasb year, and would have appeared even more favourable but for the reason that the -New Zealand Government called up two years land tax in 1894, which payments are

included in the accounts befort .you. -As the directors understand• that amongst some of our shareholders there ra a feeling or uneasiness respecting our holding in two or three joint) stock companies upon/which there is a liability on the shares,- we think it is due to our shareholders on this occasion to state that, as far as tvco of , these companies are concerned; our total. liability .is trifling. Respecting the third — tho New Zealand" ctnd River Plate Land Mortgage Company—your directors after careful consideration of the value of that Company's assets have arrived at the conclusion that tjhey' are more than sufficient to ;cover all liabilities-Of that Company. In this opinion they are confirmed by bhe reporjj of your Director, Mr Horton, and/ your;- General Manager, Mr Weston; / who whilst .in • London representing your interest at the late annual meeting of the New Zealand and River Plate Land Mortgage Company, bave given,the question of the financial position of that Company their careful consideration. The late avrah-tements thab have been made as to gradual realisation of the assets of the New Zealand and River Plate Land Mortgage Company have, in our opinion, pub that Company, into a much more satisfactory position for its shareholders, and we have now good reason •to believe* that regular dividends will in future be paid, and that we will within a moderate time be able to realise this investment without further loss. Shareholders may concludefrom what I have said that the liability on this investment is practically' nominal, and the arrangements jnsb concluded re-„ spectiug the future, operations of that Company not only- prevent./ any ; further increase of this liability, bub on the con*, trary provide very material/decrease. ■ In conclusion, I can only say bhab shareholders may rest assured that, the' Board will not relax its best efforts to secure to the Company 'in the future a> success equal; tothat : of'-'.the past, and it has pleasure, in testifying to the unwearied exertions of; a mo'sb able staff of officers towards that end.. It is beyond the power of the most gifted to pronounce what the future has in store, bub let /ins hope that the feeling of unrest which has pervaded, all classes during the past ..year, causing capital to remain unemployed, may pass away at an early date and; so lift theprevailing depression from the AUBbi'ali&n colonies as well as from our own doors, and let us always remember and be thankful' thab iE there is any colony in the world that, possesses more recuperative power. than another ib is that of New Zealand."

The adoption of the reporb was seconded by Mr T. Buddie and carried unanimously. .'• ~. •

On the motion of Mr Jos. Raynes, seconded by Mr H. EL Haines, the three retiring directors, Messrs T. Buddie, R. Rose, and Jas. Russell, were re-elected ioc bhe ensuing year.

■ Mr S. T. George bhen moved that the two rehiring auditors, Messrs A. Boardman and H. Ciltillaii, jr., be re elected. In doing so he at the same time wiehed to ex-' press his strong disapproval of the system of electing the auditors of any company for two consecubive teems, which, he said, was* absolutely wrong and unsound in principle. He wished to leave this as a suggestion tothe directors—whether some alteration ict/ tbe Articles of Association could not. be mado which would make it impossible for any auditor or auditors of bhe' Company bocontinuo in office for two years inisuccession.. He thought that to idopb such a rule would instil greater confidence in the Company amongst the outside public. The Chairman, in reply, said the matter would receive the due consideration of the. directors. _'.•;•, , ;; . ; . ; . .■..-.-.« ,-,,.- -•■■/ The motion was seconded by4lr D/ Ross and carried. /, Mf Bull amoved,';.'and li'Mt, •■--, Cj-llnan seconded, "That the thapka .of (>he/shareholders be giVeh to the "officers of the Com«, pany for their work during the paaO year." This Was carried, unanimously. ; Mr Brassoy, in replying to the resolution on behalf of the officers, said he could only assure the meebing bhab the officers would endeavour to do as much in the future as they had done in the past.' V i.