NEW ZEALAND LOAN AND MERCANTILE AGENCY.

New Zealand Mail, Issue 387, 12 July 1879, Page 21

NEW ZEALAND LOAN AND MERCANTILE AGENCY.

(per press agency.) Auckland, July 9. At the annual colonial meeting of the Loan and Mercantile -Agency to-day, Mr. Ford, the chairman, said the state of matters in this country during the last twelve months of course has not been quite so prosperous as could have been desired. This colony, like all the adjacent colonies, has suffered, but probably not more than its share. The late severe winter, followed by an exceptionally dry summer, affected very adversely the two great staples which the country produces—wool and grain. This occurring, too, at a period of depression in the manufacturing industries of the United Kingdom had the effect of lowering the value of the staples, and of course resulted in a considerable amount of suffering. Still I have great pleasure in congratulating the shareholders of the company that it has perhaps suffered as little as any of its competitors ; for it could not be expected that under such a severe trial we could altogether escape. The administration of our affairs during the past half-year required a great amount of caution, which the directors have undoubtedly given. Of course a certain amount of stringency has had to be exercised; but it has been exercised with as much care for the interests of the constituents of the company and the general welfare of the colony as could be expected. Looking at tho indications abroad I see no reason to doubt that this colony is passing through a very severe trial, and is probably about to enter npon a brighter prospect, while a 3 shareholders we will be pleased to learn that the company is advancing, and that there are indications at Home that the manufacturing interests generally are now more prosperous than they have been for a long period. Mr. Murdoch, the managing director, said he saw no reason to doubt that the success which had attended their efforts in the past would continue. Of course a company such as theirs must be always subject to the vicissitudes alluded to by the chairman, but so far they had escaped wonderfully well. Now they seemed to be entering into a season of brighter prospects.