NEW ZEALAND LOAN AND MER. CANTILE AGENCY COMPANY.

Daily Southern Cross, Volume XXVI, Issue 3931, 29 March 1870, Page 4

NEW ZEALAND LOAN AND MER. CANTILE AGENCY COMPANY.

The following report was presented at the fifth annual meeting of the above company, held on the 11th February last, at London : — "The directors have much pleasure in presenting for the approval of the shareholders the fifth report of the operations of the company, for the year ending 30th September, 1869, in the colony, and 31st December, 1869, in London. The net profit of the year, including £1,281 oa. lid. brought from last yeai, after deducting all expenses, interest, commissions and income-tax, and writing off stationery and furniture accounts, amounts to £13,090 15s. lOd. ; and the diiectors propose that this sum should be apportioned as follows, viz. : — To dividend at 10 per cent, and interest on calls paid in advance, £6,505 15s. Id. ; to reserve fund, £5,000; to be carried forward, £1,585 os. 9d. Total, £13,090 15s. lOd. Of the above sum of £6,505 15s. Id., £3,253 Oa. 7d, was paid in July last by way of interim dividend to 30th June, thus leaving £3,252 14s. 6d. now to be distributed on the share capital of the company. The progress of the company has been marked during the past year by the growing confidence of the public in the security offered to investors, and by a considerable extension of its agency connection. The result in regard to profits would have been more apparent were it not for the increased capital upon which dividend is payable, and the difficulty of procuring first-class investments in the colony at the rates hitherto secured. Notwithstanding the depression which has characterised the wool market for the last two years, and the consequent depreciation in the value of all squatting properties in the colony, the caution exercised by the Colonial Board in lending only on properties with ample margin has resulted in no loss of any kind having been incurred : nor is any anticipated whilst the probability of a higher range of; prices for wool during the current year, and the prospect of the utilisation for export of the fat stock of the colony by some of the many methods of meat j> r 6servation which are being perfected by experience, induce the hope that the time is not far distant when this important interest will at least be reestablished on its former basis of prosperity. The consignments to the company's care during the past year have exceeded 10,000 bales of wool, besides other descriptions of produce, and indicate that the compaay is assuming an important position in connection with the comme-ce of the colony. The extension and success of the gold mines in the North Island of New Zealand, coupled, with a fast-increasing population, are tending towards that island's permanent pacification, and afford the expectation that fresh fields may be found for the safe extension of the company's operations. The formation of a Life Assurance and Annuity Society is in contemplation, which it is proposed shall be affiliated to this company by a working agreement for its management, and the investment of its funds in the colony on mutually beneficial terms. Mr. Vanderbyl having resigned his seat' at the London | Board, the vacancy thus created was temporarily filled up by the election of Mr. James Williamson, one of the largest shareholders of the company, who has been intimately associated'with its management in the colony ' since its establishment there. In accordance < with- clauses 70 and 76 of the articles of association, respectively, Mr. Boufoher and Mr. .Williamson retire, and, being eligible, dffer.'themselveafor re-election. The auditors, ' Messrs^ Boib&rt Tucker and, W. P., Pattijon, also retire, and, being eligible, {igain offe/ ■fcbeiv-serviceSf? > ~