N.Z. & RIVER PLATE LAND MORTGAGE COMPANY.

Otago Daily Times, Issue 13835, 23 February 1907, Page 2

N.Z. & RIVER PLATE LAND MORTGAGE COMPANY.

. ANNUAL MEFiTIN'C!. (From Our Own Correspondent.) LONDON, January 11. On Tuesday, «t Salisbury House, K.C.. t)m annual mooting of (lio Now Zealand and Kivor Plato Land Mnifga<:o Company was hold. Mr A. M. Mitchisou presided. lii moviii'f tho adoption of Hie report, fogeilior with that of the balance shoot, 1 ho chairman absorvod that tho progress of tho, company during lite past, year had boon uneventful, though, on tho whole, not unsatisfactory. Tho, prosnorily of the River Pluto afforded no good toason for relaxing the care and caution which were so vitally essential in the conduct of a mortgage business. On tho contrary, it was when land values wore high and the owners indulged in the hope that t.hey were going higher that it became more than ever necessary for a mortgage company to rely on tho test of what revenue tho properties could lie made to produce, and not to bo led away by tho exalted prices that neighbouring properties might, have fetched.

11l these circumstances, and with money, freely offering through ot.her channels, tlio chairman thought that the company had done well to maintain its loans at over £500,000; and that they had done so safely was evidenced to a great extent- by tlio fact that, at tlio date of tlio accounts, - thero was not a penny of interest in arrears. Although tlio amount, on mortgage at tlio River. Plate was nearly the same as in tlio previous year, thero had boon considerable .changes in individual Joans, about, £160,000 had boon repaid, new advances having been made to about the ■same amount. For t-lie period under review tlio gross River Plato revenue was about £45,702, which showed a decrease of ili'lO, wliilo tho charges were £500 higher. This increase in the charges.was due to a temporary expenditure iii connection with tho visit of the liuenos Ayves manager to Kngland. Tho. balance of commission and cxchangc accounts, on tlio debit side of tlic_ profit and - loss account, was less than in. 1905, and, on tho other side, there was a reduction in New Zealand interest. Tlio final result was a net profit of £31,212, which, though £942 below that of tho preceding year, was £1000 larger than iti 1904. Sinco tlio end of the'financial year several first-class loajis had boon effected at tho River Plate, and they might, liopo that, in the curront twelve months, the profits would l)o a littlo in advance of those of 1905. Their "investments in Now Zealand" remained at about tho same figure. This was iiv consequence of tho desire to retain tlio lino in the balance sheet. - They still had property in their hands in Now paigwawKhi«o«giaßanio»Bi^rn»mT<«WpnßroiMig

Zealand, but. owing to the figures obtained ill realisation being in excess of book values, tho figures would have been reduced. The hoard did not think it. very satisfactory-, to have assets represented by' a line of dots, so they had invested vjmi was approximately tlio amount realised ■ for X ( >«- Zealand sales during tho year in Auckland Harbour Hoard bonds, yielding 4J'per cent. They woro a first-class security. They thought it dcsirablo to retain a. small amount of New Zealand investments in the books.: and altogether lie was quito sure the course adopted was in the best interests'of -the company. In tho opinion of tho directors, continued the chairman, tlio assols in tho balanco sheet- were worth at lcivit 20s in tho £, and in some instances ovon more, so that tlio reserve was a true and solid one. It was by tho policy of .sustaining and increasing the reserve that tlio company had attained . its present safo posifion, and, so long as this policy was maintained, he thought that, thoy migli}- look to tlio future without anxiety. Ho concluded hy moving a resolution for the adoption of the report, the payment of a final dividend of 3J per cent, (making ■7 per ecnt. for tho year), and tho addition of £13,000 to tho reserve fund, raising it to £228,000, loaving £2308 to be carried forward. Mr H. J. Oibbs seconded the motion, which was agreed to unanimously. Mr Louis Nathan .having been re-elected to the board, hearty votes of thanks brought tho proceedings to a close.

WOLFE'S. SCHNAPPS—A tonip that has stood the test of years.

W. G. Miller, Glasgow; A.'B. Spott, Govan; J. Bradley, Glasgow, A. Battersby. Glasgow; J. A. Buchanan, Glasgow; D. Calderwood, Dreghorn; W. Bryden, Glasgow; G. Buchanan,

Glasgow; If. Holms, Bonnybridge; F. Brown, Ruihergleir, J. Campbell, Glasgow; G. M. Bonar, Rutherglen; R. Scobbio, Hamilton; John Ballantyne, Bridget™; \7. Penman, jun., Kelly.