NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY (LIMITED).

Daily Southern Cross, Volume XXIII, Issue 3118, 15 July 1867, Page 5

NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY (LIMITED).

Thi »nnnal local meeting* of the proprietors of the above Company was held at the Company's office, Bank of New Zealand, on Saturday. There were present, Mr. T. Bouell, Mr. D. L. Murdoch, Mr. C. J. Taylor, Mr. S. Browning, Mr. C. J. Stone, Mr. J. T. Mackelvie, Mr. R. Hidings . Mr. T. Kuisell, one of the colonial directors, occupied the chair. Mr. Murdoch, Managing Director, having re»d the advertisement calling the meeting, The Chairman said their duties were not very onerous under the articles of the association. The principal communication between th« shareholders and Directors took place in London, where tho accounts for England and New Zealand together presented. These had been adopted by the meeting •held- in February last, and transmitted to them. Their principal duty that day was to elect Directors under the 71st clause, but they would first have -to determine the number of which the colonial board was to consist. They would then proceed to elect the Directors that were determined upon. He might say, in reference to that subject, that the London Board was composed of five members, including the managing director. There was a kind of understanding that the colonial Board should consist of the same number, namely, fire members, including the Managing Director.' Mr. Jas. Williamson, who had been absent from the colony, had become disqualified by his absence, and Mr. Murdoch, the Managing Director, had been nominated in his place. The five colonial Directors were eligible for re-election. After they had elected the Directors, they would have to elect an auditor under the 90th and 92nd clause*. The auditor might be appointed by that meeting, and the remuneration fixed, or that might be left to a future meeting. The duties for the auditor at present, he might say, were very few and very simple, and it might be as well to wait another year before fixing the remuneration. The following report was then laid on the table, dfcnd agreed to be held as read ; — " BIFOBT " Presented to the Shareho'ders at the Second General Meeting, held in London on the 4th of February, 1867. " The Directors, in presenting their second annual report, congratulate the shareholders on the success which has been attained. " The annexed balance-sheet comprises all transactions at the London Office up to the 3 1st December, 1866, and in New Zealand to the 30th September, 1866. " After the payment of all expenses, interest on deposits, on debentures, and on guaranteed mortgages, there is left a sum of £4,215 Is. Bd. at the credit of profit and loss account, which, added to the sum of £2,010 divided as an interim dividend at eight per cent, for the first six months.shows a total of £6,225 Is. 8cL — equal to about twelve-and-a-half Ser cent, per annum on the paid-up capital of the ompany. " £ he Directors propose, for the approval of the shareholders, that a dividend at the rate of 12 per cent, per annum for the half-year be now declared, which will make the distribution for the whole year equal to 10 per cent., or £5,025; and that the balance of £1,200 Is. Bd. be carried forward to a new account. C'lhe Directors are happy to state that the amendments of the Articles of Association passed by the general body of shareholders in July last have given entire satisfaction to the colonial shareholders; and that the business of the Company is now being prosecuted with vigour in the colony, under the control of a highly influential Board, " The high rates of interest which have prevailed daring the last twelve months have interfered to Bflme extent with the issue" of debentures ; but the Directors have evexy reason to expect, from the altered state of the money market, that considerable progress will be made in that branch of the Company's business during the current year. !* The desirability of reducing the liability upon the Company's sbqreg, by increasing their number and decreasing their nominal value, has been pressed upon the Directors, and has had their most attentive consideration ; but the difficulties in the way of such a step are great, tfl the unanimous consent of the ; debenture-holders of the Company would have to •be obtained. As the only practicable step open to them, the pirectors propose for the consideration of the shareholders that they should have the opportunity afforded them of paying up any portion of the unpaid liability Upon their shares, and that auch prepayments should bear interest at the highest rate allowed by the Company for money deposited with them for long periods, It is necessary, however, to remark that shares upon which the liability has been reduced by such payments would not be readily negotiable in case of need, and that therefore it would only be advisable for shareholders who propose to make a permanent investment in the Company to avail themselves of the opportunity offered them. "In accordance with clame 70 of the Articles of Association, Mr. Emanuel Boutcher retires from the Direction, but, jbeiDg eligible, offers himself for redle'ption. * * f'THe auditors, Messrs. Robert Tucker and W. P. Pattison, also retire ; but, being eligible, again offer their services. " Robert Porter, " Chairman."

The OffinnUK proposed tha.fc the colonial board M Director! «hould conrist of five members. motion «v seconded by M*. G.B. OwiN, and agreed to. Mr. 0. Ta.?lob proposed that the five direg* tora now in office, namely, Mewn. Hendenon, Owen, Wateriton, Mnrdooh, and Buuell, be reelected. ... Mr. BsowiUNa leoondea «nt motion, wtucn was owned.

- The next lusinesi was the appointment of an auditor. Mr. Browning proposed, and Mr. C. J. Stonb seconded, the election of Mr. C. J. Taylor, which was agreed to, the remuneration not to be fixed at prevent. The Chairman said he might state generally, with reference to the Company, that the Directors hoped, at subsequent meetings, to be able to give much fa>ler accounts of their doings than they could now do. He might say, however, that they had invested considerable suns on first-class securities. They had, in making these investments, looked more to the security than to a high ruts of interest. They had also, by judicious investments in the South, seouredfa large consignment of wool to the Company in Lon« don. It was an object with them to* secure these consignments of wool to the Company in London. The Company had to offer to the consignor of wool special advantages ; first the security which he would feel in having a responsible and influential company in London to represent him, and to have charge of his funds, and also the guarantee that the charges on realization would be on the lowest possible scale. They hoped through that source, and their ordinary operations, to secure a good business to the Company, be useful to New Zealand by introducing capital on moderate terms, and obtain for the shareholders a good dividend on the shares. Mr. Taylor proposed that a rote of thanks be jiven to the colonial Directors for the trouble they had taken in commencing the Company's business in New Zealand. He knew 'well that, when he was at home, the Director! there were particularly interested in the branch of business spoken of by the Chairman, and he hoped it would be properly developed. Mr. Ridings seconded the motion. The Chairman returned thanks for the Directors, and said they would do their best in the direction indicated by Mr. Taylor— of investments in wool, paiticnlarly in cases where they could obtain consignments of wool, in addition to the investment of money. The meeting then adjourned.

PBOnT AND LOSS ACCOUN m Db. Commission, exchange, *nd interest paid •Sxpenaes ... ... <>. ••• income tax .>. ••• <•• •■• )iyidend paid in July ... .. balance, being net profits ... ... £6,225 1 8 jew divident pud as above 2,010 0 0 £ I. d. 3,353 1 8 2,753 16 7 97 3 4 2,010 0 0 4,215 1 8 412,429 3 8 Cb. ialance from lastyear iommission, interest, &c £ a. d. 492 7 1 11,936 16 2 12,429 3 3

BiiANOt-SHKtP of the New Zealand Loan and Mercantile Agency Company (Limited), to Sep. tember 30, 1866, for New Zealand, and to December 31, 1866, for London. Db. £ ■• d. £i «• d. To Capital, viz. : 19,900 snares, £2 10s. paid 49,750 0 0 MD B h,re, ? £5 git... 500 0 0 Q Debenture! issued, deposits, guaran> teed mortgages, dec 115,763 16 11 Income tax due 104 6 0 Net profit for the year, after deducting all expenses, and interest qn deposits, loans, de.< bentnres, and mortgages 6,225 1 8 Leu dividend at 8 per cent, per annum, paid in July 2,010 0 0 3 -J 4,215 1 8 £170,333 4 7 Ce. £ ■• d - By Cash, loan*, and investments ... 170,118 12 8 Stationery on hand in London and Zealand., - 214 U U £170,333 4 7 Examined and found correct. A « ffltots -