COMMERCIAL INTELLIGENCE. THE NATIONAL MORTGAGE AND AGENCY CO. OF NEW ZEALAND. (Home News, May 22.)

North Otago Times, Volume XXVIII, Issue 2250, 15 July 1879, Page 2

COMMERCIAL I NTE LLIG ENCE. THE NATIONAL MORTGAGE AND AGENCY CO. OF NEW ZEALAND. (Home News, May 22.)

The annual meeting of the above Company was held at the offices on Apiil 23, Mr W. S. Ovahamein the chair. The Chairman stated that Mr Grenfell, tho regular chairman of the company, wai absent, he was sorry to nay, owing to illhealth, but in the notes of his speech which he had intended to have delivered ho stated that at the last meeting he referred to the purchase by tho company of the businesses of Meser* Russell, Ritchie, and C>. in New Zealand, and of Messrs Kussell, Lo Crtvr, and Co. in London, but he was not then in the positim o f stating the amount to be paid. It would now he seen on the credit side of Vho account that 145,625 appeared under the item of goodwill, and LlOOO had been paid as a bonus to the Loan and Investment Company of Christchurch, that being the •mount paid for tho businesses of the two firms, together with 4500 oharos in this oompany credited with LI paid. They only obtained possession of the business of Messrs Russell, Ritchie, and Co., of New Zealand, on tho Ist of April la3t, to that thp accounts, which were inado up in Now Zealand to Sept. 30, gavo only oix months' working of that business, iind that for the worst aix months of the year, whilst the other accounts represented 12 months' operations. The gross profits for the year amounted to 1*11,402, which, under the circumstances to which he had alluded, he thought would be regarded as very gratifying. The charges in London and at the branches had amounted to L 13 ,274, and the interests on the debentures for 12 months to L9OBB. In the profit and loss account it would be seen that the share capital paid up was L 50.000, and that the company's borrowing powers consequently amounted to L45D.000 ; but in cose it might be thought that they had exceeded their borrowing powers, he wished to call the attention of % le shareholders to tho fact that the further issue of 4500 shares enabled them to borrow to the extent of L 490.000. The property held by the company amounted to L37,71f, and the debts owing to it L 537.126. With regard to the investments, they in colonial securities, and would realise a profit at present prices. It would have beon moro satisfactory to him to have proposed the payment of a highor dividend, they having earned a profit of 10 per cent., but in the present condition of commercial affairs it was deemed more prudent not to do bo, particularly a« it was desirable that a reserve fund should be eitabliohotl. Mr Ritchie was about to proceed to Now Zealand as manager to tho company, and Mr Russell would return to this country, when tho directors would havo tho benefit of his advice and experience. The presiding chairman, having referred to certain matters of account, stated that in reference to the goodwill tho directors had not as yet decided what amount should be annually written off, they waiting until tho result of the full twelve months' working of the purchased business had been ascertained. Tho report was adopted, and a dividend at tho rate of 5 per cent, per annum declared.