N.Z. LOAN AND MERCANTILE AGENCY CO.

Press, Volume XLIX, Issue 14564, 15 January 1913, Page 11

N.Z. LOAN AND MERCANTILE AGENCY CO.

SATISFACTORY REPORT

REARRANGEMENT OF CAPITAL

(~r.OM oun own co___sroxDir«-r.) LONDON, December C. ! After paying interest on the prior lien, second and third debenture stocks, and adding £60,000 to reserve accounts, there remains at credit ot protit and loss account of the New Zealand Loan and Mercantile Agency Company, including the balance brought forward from last year, the sum of £20,111 1 available for distribution. This amount the directors recommend should I be artplied as follows: To payment of ! a dividend at tho rate of 7 \ per cent., | less income tax, on the amount paid 'up. on-tho fully and partly paid shares, £10,151; a distribution at the rate of 2k per cent., letw income tax, as additional .interest upon the third debenture stock. £9585, leaving to be carried forward £372. This has been arrived at after writing the sum of £20,000 off the company's premises account, contributing £'5000 to the staff benevolent fund, and paying a.bonus to the staff. The reserve accounts have boon increased to £720,000 by the addition of the sum of £60,000 from profits and by a further amount of £50,000 arising out of surplus realisations ot properties handed over by tho oik! company. During tho first part of 1912 the •weather throughout Austraha was, aavE Ihe annual report issued by the directors, exceptional!! dry, adversely affecting' pastoraT intcresti. but beneficial rains came in June, and subsequent aa-rices have reported further good rains in the States of "c "Commonwealth, with the result that the prospects have improved, tne South Island of New Zealand severe snowstorms were experienced, causes some losses of sheep, but in other parts of tlie Dominion tho weather generally was favourable. The, Australian wool eS .as a result of the dO*™*^;

,* scription> oi colonial produce have met a" satislactory market. Tne scheme of re-arrangement of tn* share and-debenture capital- of the company, which was approved by the shareholders at meetings on April lfith last, received the sanction oi tho tiign Court of Juvticj on November 2oin, and the steps are being taken to -ive effect to its provision. This will necessitate the closing of the transfer books -for a somewhat longer period than usual. .Since the las-t annual general nieetjn" -Mr William C. l)a«t.«, who, from the year 1901, had acted as chairman of tne company, resigned tr.e position owin<' to pressure, of his other business engagements, but he still remain' _ member of the Hoard. Mr Warrington Laing has been appointed to >iicceed Mr Dawes as chairman.