THE LOAN AND MERCANTILE'S REPORT.

Auckland Star, Issue 311, 31 December 1900, Page 2

THE LOAN AND MERCANTILE'S REPORT.

So far as not earnings arc concerned, the N.Z. Loan and Mercantile Agency Company has fared rather well during the past twelve months, its tnkings amounting 1o ;C2R2.:>00, as against £211.000 in the preceding1 year. This result the directors, in their latest report, attribute in a great measure to the high values ruling for wool during a port of the period under review, and to the larger volume of business handled. At present, however, the position of the Company is too much involved for any such increase in profits .to make itself felt at all among the shareholders. The disastrous experiences of 1893 have still left their mark upon its: finances, and the most that the Board is able to do this year is to meet the usual interest.on the prior lien and second debenture stocks, to provide for the first time the 4 per cent, interest falling duo next Jami; ary on the third debentures, and to appropriate the remaining £52,000 to reserve. The outlook for the current year, too, is not of the most favourable character. Wool has been steadily declining in value lately, until it has now reached a very low point, "and as the severe drought still prevails over a considerable area of Australia, large losses of sheep will probably have to be provided for."