THE NEW ZEALAND LAND MORTGAGE COMPANY.

New Zealand Herald, Volume XXV, Issue 9001, 14 March 1888, Page 5

THE NEW ZEALAND LAND MORTGAGE COMPANY.

The fourth annual meeting of the shareholders in the above company was held in the company's office yesterday afternoon, Sir F. Whitaker in tho chair. The Chairman said the principal duty generally devolving on a chairman was the moving the adoption of the report and balance-sheet, but he was exempted from this on tho present occasion, it having already been done at the meeting of shareholders in London. That report and balance-sheet was in their hands, and also a full account of what took place at the London meeting. [This has alceady appeared in the Herald.] You will find in the report of Mr. Russell's speech that it is stated that nearly all our securities were of a freehold nature, with land transfer titles. There are in roality only throe leasehold securities, and these were of a first-rate character, the interest on which was always promptly paid. Mr. Russell, in his speech, wont fully into the transactions of the company. It is quite true we have had bad times to pass through, but in every case the directors had been ■ most careful in the selection of investments, and had always secured a large margin ; if possible, they were now still more particular. The times had been very trying in this colony, but had not been exceptional to New Zealand, as depression had been felt all over the world. He hoped they had reached the bottom, and there were many indications of improvement. Tho depression had lasted a little longer than usual, but he had no doubt they would soon revive, and that there would be better times than over. During the year there had been a fall in the market value of shares in England, but there had been no reason whatever for this —less indeed in regard to this company than any other that lie knew. Ho mentioned this to prevent any shareholders being induced to sacrifice their shares for less than their true valne. Many had parted with them at a great loss, and now they had resumed their old value, and he believed they would go very much higher. Their principal business on the present occasion was the election of new directors in room of Messrs. Clark, Buddie, and Williamson, who were retiring. Mr. Porter moved the re-election of the retiring directors, which was seconded by Mr. G. P. Pierce, and agreed to. Mr. A. Boardman was appointed auditor. Mr. Porter said that some of the shareholders were under the impression that fresh capital was being raised. The Chairman remarked that there was no such intention, but that the confusion had arisen in confounding the company with the New Zealand Loan and Mercantile Agency Company.