NEW ZEALAND AGRICULTURAL.

Auckland Star, Volume XXXII, Issue 21, 25 January 1901, Page 2

NEW ZEALAND AGRICULTURAL.

The ordinary general meeting of the New Zealand Agricultural Company was held yesterday at Winchester House. Mr.* John G. Griffiths, who presided, said they had before them on that occasion the results of two years' working. The assets and liabilities had been dealt wityh on practically the same lines as the assets and liabilities of the old company, with the exception that naturally the price paid for the land was materially less than the price paid by the old company owing to the loss of capital. With regard to the past year, he had to draw their attention to the fact that the profit and loss account was not so satisfactory as in the past two or three years, but he had anticipated that that would be the case on previous occasions, the main reason being the restriction in the operations of the company owing to the sales of land which had been made. The net result was that they had a balance of profit of £5705, against which the Board had thought it right to write off the whole of the expenses of the .incorporation of the company, and had provided for the interest on the debenture stock. The amount of debenture stock had been materially reduced since the termination of the 'financial year. The Board were obliged to use profits to reduce the debenture debt until . one-half had "been wiped off. The report was adopted.