NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY.

Oamaru Mail, Volume IV, Issue 1016, 23 July 1879, Page 2

NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY.

The annual meeting of the local shareholders in the abovo company (says theNew Zealand Herald) was held yesterday at- the offices, Queen-street. There was a good attendance of shareholders, and Mr. J. G. Firth was called to the chair.. Amongst those present were—Mr. S.. Browning, C. J. Stone, Mr. A. Iv. Taylor,, his Worship the Mayor (T. Peacock), D. L. Murdoch, B. Tonks, J. Probert, G. P. Pierce, A. Boardman, Rev. J.. Whewell, P. Battley, &c. The Secretary (Mr. Battley) read the advertisement convening the meeting, ancli the minutes of the last meeting, which were confirmed.

The Chairman, in his opening address, said : I do not know that much requires tobe said as to theposition of the company, for it it is already well established. TheannuaL balance-sheet has been for some time in thehands of the shareholders, and might be taken as read. It showed a very favorable state of affairs ; the usual dividend of 15 per cent, per annum having been paid: during the past year. The state of matters; in this country during the last twelve months of course has not been quite soprosperous as could have been desired. I may say that 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- afc 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 of suffering. Still, I have groat pleasure in congratulating tho shareholders of this company that it has, perhaps, suffered as little as any of its-, ; compeers, for it could not be expected ilfcat, ' under such a severe trial as the occurrence, of a season of great- manufacturir-tg depres-. sion we could altogether es,e;<.pe losses, I may say that the administration of ouraffairs during the pas,t year required, a, irreat amount of caution, which tho directors have constantly exercised.. Of course a certain, amount of stringency has had to be exercised, but it has been i exerted with as great consideration for the interests of the constituents of tho company and the general welfare of the colony as could be expected. Looking at. the indications that are abroad, I sea reason to doubt that this colony- wJy.le now passing through a very severe trial, is probably about to enter upon a brighter, future, while shareholders will be pleased to learn that tho company is advancing, and that there are indications at home, that the manufacturing interests generally. ; arc now more prosperous than they have : been for a long period. I do not know that it is necessary for me to make anyother remarks, further than to say that ' the directors, as heretofore, will give every : possible attention to ijhe conduct of tho : affairs of the oompany, and that they will exercise due caution and vigor. It now remains for the meeting to appoint two \ directors—Messrs. Williamson and G. B. Owen being tho gentlemen who retire. They are, however, eligible, and offer themselves for re-election. Mr. Firth then apologised for tho unavoidable absence of the Hon. James Williamson and Dr. Campbell. On the motion of Mr. S. Browning, seconded by Mr. A. K. Taylor, it was! agreed that the two directors retiring should be re-elected. Mr. B. Dunks proposed and Mr. J. Probert seconded a motion that Mr. W. J. Taylor should be re-elected Colonial Auditor. The motion was unanimously agreed to. Mr. Boardman proposed a hearty vote of thanks to the Directors, the General Manager, and the officers of the company.

His Worship the Mayor seconded tJio lflotion, and it was unanimously agreed to. Mr. D. L. Murdoch, Managing Director of the company, returned thanks for the vote, so also did the Chairman of the meeting on behalf of the Directors, and a vote of thanks to the Chairman terminated the proceedings.