NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY

Daily Telegraph (Napier), Issue 3023, 4 March 1881, Page 3

NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY

(Limited.) Report to be presented to the SHAREholders at the sixteenth annual general meeting to be held on Friday, the 4th day oe February, 1881.

The directors in submitting for the approval of the shareholders the sixteenth annual report of the company, with balancesheet comprising statement of accounts made tip in New Zealand to 30th Septembei', and in London to Slsfc December, 1880, beg to call their attention to the following results. The net profit for the year 1880, inclusive of £8,170 10s 2d brought forward from the preceding financial year, after deducting expenses, interest, commission, and income tax, writing off stationery and furniture, and making due provision for all bad and doubtful debts, exhibits a sum of £63,168 15s 9d which the Directors recommend should be applied as follows, viz.: — £ a. d. To payment of a dividend at the rate of 10 per cent per annum, and Interest on Calls paid in advance on old shares 31,376 9 0 „ Payment of bonus at 5 per cent 15,637 10 0 „ Reserve fund 10,000 0 0 „be carried forward ~, 6,154 16 9 £63,168 15 9 In July last an ad interim dividend was paid at the rate of 10 per cent, per annum, amounting, with interest on calls paid in advance, to £15,688 4s 6d so that there now remains for distribution the sum of £47,480 lis 3d.

The dividend and bonus now proposed are equal to the maximum of previous years, and the addition of £10,000 to the reserve fund will raise that fund to £170,000. The relaxation in the monetary pressure throughout the Australian colonies, of which evidence was afforded two months ago, has, m the interval, been further developed. This has naturally led to a reduction in the colonial rates of interest, which, although it has diminished somewhat certain sources of the revenue of tho company, Las tended to strengthen the position of its constituents. The higher value of wool and the large increase in cereal and other produce consignments during the past year, have also exerted a most favorable influence on the pastoral and agricultural interests of the colonies, and -while the company here has been in a position to issue debentures and to receive moneys for investment under guaranteed mortgages in New Zealand at lower rates than those previously current, the increased value of the consignments directed to its care has augmented the amount of commissions earned on their disposal. BALANCE-SHEET To 80th September, 1880, for New Zealand, akd 31st December, 1880, for London. Dr. £ s. d. £ s. d To Capital, viz. :— £2 10s per share on 120,000 shares .. 300,000 0 0 Calls paidinadvance 14,255 0 0 314,245 0 0 „ Reserve fund 100,000 0 0 „ Debentures issued and fixed deposits 2,599,328 0 0 „ Guaranteed mortgages .. .. 280,122 0 0 „ Bills received for collection, current accounts and debentureinterest accrued, etc 480,373 12 9 „ Bills payable 162,905 10 9 „ Sundry amounts payable In the colonies 827,684 0 5 „ Profit for the year after deducting all expenses, interest on debentures, deposits, and mortgages, and writing off stationery, etc. .. 63,168 15 9 Less interim dividend paid in July .. 15,688 4 0 ___ 47,480 11 3 £4,372,038 15 2 Cr. £ b. d. £ b. d. By cash on hand with London and Colonial Bankers 35.993 10 7 „ Acceptances on account of produce 128,145 12 2 „ Investments, viz.— Colonial Government and other securities .. 337,361 11 0 Share investments 18,179 10 0 355,541 1 0 „ Loans on Mortgage .. .. 2,580,972 2 7 „ Loans on mortgage guaranteed per contra 280,122 0 0 „ Bills receivable 211,221 13 2 „ Wool and produce advances, current accounts, etc 587,053 12 9 „ Company's premises, stores and plant 73,471 13 8 „ Sundry amounts receivable in the colonies 119,511 9 3 £4,372,038 15 2 PROFIT AND LOSS ACCOUNT. Dr. 1880. £ B. d. Feb. 7. To dividend at the rate of 10 per cent, per annum for 6 months to3lst December, 1879, aud interest on calls paid in advance ~ .. 15,701 19 6 ~ Bonus at 5 per cent .. 14,984 11 8 „ Carried forward .. .. 8,170 10 2

£33,857 1 4 July 8. To interim dividend at the rate of 10 per centum per annum to 30th June, (with interest on calls paid in advance) .. 15,688 4 6 Dec, 31. " Balance of charges account 43.GG9 4 1 " Balance of furniture account 703 16 0 " Balance of account for stationery, telegrams, and printing reports, monthly circulars, &c 6,072 4 8 „ Income tax 1,200 8 0 „ Balance.. £63,168 15 9 Less interim di videnrt paid as above .. £15,638 4 6 47,480 11 3 £114,814 8 6 Cr. 1879* £ s. d. Dec. 31. By Balance at this date .. 38,857 1 4 £38,857 1 4 1880. £ " s*,"a! Feb. 7. By balance brought forward 8,170 10 2 Dec. 31. ~ Balance of commission and interest accounts .. .. 106,643 18 4

£144,814 8 6 1 Queen Victoria Street, Mansion House, E.C. 13th January, 1881.