COMMERCIAL.

Auckland Star, Volume XLI, Issue 69, 22 March 1910, Page 7

COMMERCIAL.

'NATIONAL MORTGAGE 'AND AGENCY COMPANY OF NEW ZEALAND. The -thirty-fourth ordinary general: meet- J ing of the National Mortgage and -Agency I Company of New Zealand was held on i February oat Winchester House. Mr. j 1 'Lindsay Eric Smith (chairman of directors), I who presided, a— regretting .the retirement of Mr. John Morrison from the board, I said .the— was an Increase of about £—,000 lin the debentures of the Company, against j | which there was a reduction of debts to I ' sundry creditors of f1.55.000 and in bills I payable of £70,000, and an increase of £54,000 !In Investments. They had been accepting • less money on deposits, and had constantly : impressed on their general manager in the Dominion their opinion that the taking of ] deposits beyond a very. moderate amount i was not within the safe limits of their business. Debts owing to the Company showed a , diminution of £260,000; £97,000 of this was ' accounted for by a reduction in the advances I on wool and produce, which in the previous year stood at an abnormal figure. There i •was also a large reduction in current ac- j counts. The twelve months under review | had bean prosperous for New Zealand, and •the Company had shared in the general ! prosperity. There had been Improvements j :in values in almost every direction, and I 'the exports from New Zealand during the ! year had exceeded the imports by upwards lof three and three-quarters millions sterling. j 1 The Dominion was, the directors thought, j : back in the position it held in 1906-7, which 1 was the most prosperous season New Zea- : land had ever known. Other items of j ; produce continued to be exported in large I quantities. In the circumstances the di- ' rectors felt justified in proposing an extra Od a share dividend. This was exceptional, i and they would have no hesitation in re- j turning to the usual 10 per cent should they consider It advisable. The prospects for the coming year were encouraging. , | Exports had increased, and prices—l ' cept for frozen (meatbad risen, and their ' general manager told them that the winter had been a most favourable one for farmers, i and that crops and flocks were flourishing. I Their position the directors believed to bo thoroughly sound, and they could foreseft' nothing to prevent their being able to pre- 1 sent a -good report to the shareholders .the j _e!_t time they met. ' i -■ Yieeount Hampden was elected to the #—rS to fill the vacancy caused by the I "rl—remeut of Mr. J. Morrison. Messrs. B.PeaTce and L. E. Smith were, re-elected I to the directorate. * I