THE MUTUAL AGENCY COMPANY OF NEW ZEALAND (LIMITED).

Otago Daily Times, Issue 9907, 28 November 1893, Page 5

THE MUTUAL AGENCY COMPANY OF NEW ZEALAND (LIMITED).

The eighth annual meeting of the shareholders of the Mutual Agency Company of New Zealand was held in the company's premises on the 22nd r Mr, Robert Wilson occupied the chair. The directors have much pleasure in recommending a dividend of 4 per cent, for the six months ending September 30, making—with Interim dividend paid in May last—B per cent, for the year. The net profit amounts to £3102 6s Id, after providing for all bad and doubtful debts and probable contingencies. Of this sum they have appropriated £743 12s 9d to writing down premises and plant (£423 8a 9d) and writing off balance of preliminary expenaes (£320 4s), leaving £2589 6s lid, which they recommend should be allocated as follows :— To payment of dividend of 8 per cent, per annum; to payment of bonus (to original shareholders) of 2s 10d per share, being final cash distribution on account of goodwill—making a total of £2000 written off this account; and carrying forward to current year £524 6s 6d. The Chairman, in moving the adoption of the report and balance Bheet, said he had again the pleasure of "congratulating shareholders on the result of the past year's operationa. Oa trurniDg to the balance sheet they would see that the net profit for .the year, after providing foi all bad and doubtful debts and probable contingencies, amounted to £3102 6a Id. This he felt sure they would consider a very satisfactory result, taking into consideration the exceedingly low rates of commission, and the verj keen competition existing in that class of business. He thought there were only two items on the asset 3 side with which they were no! thoroughly conversant, and to which he would briefly refer. The first was the Inchcluths property. That property, as old shareholders would probably remember, was leased some years ago for periodß expiring in 1895, and ai the land was worth considerably more than ths pries at which tenants had the right of pur chase, it would no doubt disappear from thf balance sheet in about 18 months. Th< other was the goodwill that stood, ai the time of the amalgamation, at £9000, anc was reduced by £561 10s, the amount of th( bonus paid to original shareholders last year It was now proposed to still fui ther reduce i by paying the balance of tho cash bonui (£7BO 6b) and writing off £658 4s, making ii all £2000 written off that item. The workinj expenses were somewhat less than for the las period, and if shareholders would only send their business to the company without requirin; to be canvassed a very considerable savin; could be effected under this hSading. During the year 4700 bales of wool' and 72,000 bags o grain, &c, were handled by the company, whicl he thought amply proved that they enjoyed th< confidence of a large section of the farminj community. One of the directors (Mr Jacol Shearing) resigned his seat oa the board, anc Mr Thomas Mackenzie, M.H.R., was elected t< the vacancy. He felt sure that appointmen' would meet with the approval of all connectec with the company. Mr J. A. Anderson seconded, and said h< had much pleasure in rising to second thi .motion for the adoption of the report am balance sheet, and in doing so he would like ti take the opportunity of congratulating share holders on the continued success which ha( been shown in the conduct of the company'i business. That result had, he was pleased t< think, been attained without any great strain ing or canvassing after business, otherwise thi turnover would have been much larger; and, ii fact, the board had during the past year followet amost connervativelineof policy. Thateoursehat been induced in a great measure owing to thi financial troubles that had proved so disastrou, to trade in the sister colonies, and which it wa: thought might, to a certain degree, interfen with the internal trade of this colony. He wai pleased, however, to say that the company'i business had never yet been on a sounder o: more sure basis than it was at the present time and lie had every confidence that that poßiftoi would still be maintained. He should havi very much liked, however, if they had beei enabled at that meeting to declare a bonus ti members en the amount of their business i: addiWon_JaJiheßper cent, dividend. But tha Ti6^id~iD^tbe~^e^^slL4iffi%Mj^iy_2£^ < notice it was proposed to place £1100 oF\a profits to make the final payments inconnectioi with the cost of amalgamation and bonus on ole shares for their goodwill. These moneys woulc not again have to be provided for, so there wai a positive certainty under ordinary circum stances of a large sum being availabli next year for distribution on business don< in addition to the usual dividend. H( therefore wished' to impress upon memberi the necessity in their own interests ol increasing . their business if it wer( possible to do so. They had ample accom modation, and a competent staff that coulc undertake the work at least as well as it coulc be done elsewhere, and there would always b< the satisfaction of knowing that any increased profits that might accrue in that way would b( returnable to shareholders in the shape of bonui at the year's end. The retiring directors, Messrs R. Wilson, F G. Pogaon, and J. B. Reid were re-elected, oi the motion of Mr David Murhay, seconded bi Mr M'Coix Smith. The auditors, Messrs R. H. Leary and Co. were also re-elected. , M, r Henry Ciaek moved a vote of thank to the officers and staff of the company, whicl was carried unanimously. Mr Reid briefly replied, thanking the share holders for the expression of confidence. A vote of thanks to the chair terminated thi meeting. An elderly man named Benjamin Christie while walking up Burns street, Port Chalmers one afternoon last week fell dead.