ANGLO-COLONIAL NOTES.

Press, Volume LVI, Issue 10264, 6 February 1899, Page 2

ANGLO-COLONIAL NOTES.

[Fbom Ottb Owx Correspondent.] j LONDON. December 23. Oα the 3rd January the fifteenth annual meeting of the New Zealand and River Plate Land Mortgage Company will be held in London. The Directors' report is made up to the twelve months ended 31st October last. In it they state that the net profit, exclusive of the amount brought forward, amounts to £25,016, and compares with £20.722 for the previous year, being an increase of £4294. Only the revenue actually received in cash has been included. By the addition of £1583 brought forward, the balance to the credit of profit and loss account amounts to £26,600. Out of this an interim dividend of ££ per cent, for the half year ended 30th April was paid, amounting to £4455, leaving which the Directors recommend should be applied as follows: — To payment of a dividend at the rate of 6 per cent, per annum, on account of which an interim dividend of 2£ per cent, lias been already distributed, leaving per cent, now available £6219, to reserve £14,889, to be carried forward £1007. The sum of £8655 surplus from sales ot properties taken over in New Zealand, has been transferred by the Directors to resei-ve, and £1184, surplus from galea of investments in London, has also been so transierred. The Directors further recomniend that £271 paid on forfeited shares be now earned to reserve likewise. The addition of these sums, together with £14,889 from the profits of the year, as recommended above, will raise the reserve to £50,000. The resolution that the capital of the Company shoidd be reduced to £1,0Q0,00U, divided into 200,000 shares of £5 each, which was adopted by the Company in. January last, received the sanction oi the Court after the date of the closing of the accounts, and was duly registered on December Ist, from which, date the reduction is effective. Further, the report continues, the Directors have since foneited 500 shares, on which a balance of the call was still unpaid. Therefore, the issued capital now consists of 177,685 shares of £5 each, with £1 paid up thereon. During the year the Directors consulted all the shareholders by circular on the question of the amount of money to be kept invested at the River Plate, and it was decided, by a very large majority, thafc the matter should be left in the hands of the Board. The Directors are thoroughly satisfied with the position and prospects of every part of the business, and, in their opinion, the assets are worth considerably more than •the book value, £583,742, at winch they appear in the balance-sheet. The Directors record with deep regret the death of Mr James McCosh Clark, a member of the Board. The vacancy tints created has been filled by the election of Sir Westby B. Perceval, K.C.M.G.

To-day I saw Mr S. Lowe, of Messrs W. Weddel and Co., and he told m* that the market for Australian butter was very much depressed. "Prices," he said, "which bounded up with long steps, have come down in equally large leaps." For choicest brands of Australian butter at tne end of this week hte top prices arc 104s to 106s; for saltless Australian butter, large quantities of which appear to be arriving, a few shillings more are obtainable. As has been the case with butter from New Zealand, so it is in some instances now with that from Australia, namely, there are complaints of "fishiness" arising with regard to several of tHe choicest brands, which hitherto have been quite free from this objectionable flavour.

"One of the most audacious bits of plunging lately indulged in is the Old Age Pensions Bill of New Zealand," is the remark of a Bristol paper, not too Conservative in its tone.

After the certificates pf certain officers of the P. and 0. Company's s.s. China were suspended and had been returned, because the term of suspension had expired, the Board of Trade has ordered the re-hearing of the whole case before the High Court of Justice _in England. It appears that the Merchant Service Guild took the matter, up, and alleged that the Court of .Enquiry at Aden consisted of "A Brigadier-General, a Naval Commander, and an Indian Marine Commander, none of whom could have any practical knowledge of the onerous duties and responsibilities of a merchant captain of today." The Board of Trade appears to have seen the force of this, and has overridden the Court and the Bombay Government, and ordered a re-hearing. This appears to have taken the 1\ and O. Company by surprise, for its Secretary, writes that they had no knowledge of further proceedings. Meanwhile, appeals are being made to pWssengers of the China to "come forward and help to exonerate men from charges made against them in their absence." Those New Zealanders who were ih the ship when she went ashore would hardly be of assistance, for, by the time they could communicate, the rehearing would have taken place. Officers, as well as men, on the warships in New Zealand ports can send, from Christmas Day, letters to the Old Country for Id, and receive them at the same rate.

"Christian Scientists" aje said here by one of the morning papers, to be finding rivals in the "Heathen Scientists" of New Zealand, "whence comes a strange and well authenticated story of Maori witchcraft." This refers to the case of the North Island girl who fell into a kind of stupor; possible hypnotic" powers are hinted at. During this week a quiet, steady trade has been done in New Zealand mutton, though tho numbers moved have not been large, the CO. and D. Company report. But they say that business was quite up to the average for Christmas week, when heavy deliveries are not looked for. Last week, with Canterbury mutton in rather more demand, values hardened, and sales were made at 3 9-16 d, and for limited numbers 3fd per lb; this week a further advance has been possible, and sales, since Tuesday, have been effected at 3|d per lb, and higher rates yet'seem probable for really good mutton, which, I am told, is very scarce, and for which there has been a fair enquiry lately. "Recent shipments have been lacking in the better class meat, and a good deal has come to hand represented as prime, of very indifferent quality, selling at little over Australian values. Dunedins and Southlands are worth 3£d to 3Jd per lb ; North Island mutton has not altered in value, and is worth from 3d to 3£d per lb." Etfe mutton has sold at 2|d.