NATIONAL MORTGAGE AND AGENCY COMPANY OF N.Z.

Otago Daily Times, Issue 13874, 11 April 1907, Page 2

NATIONAL MORTGAGE AND AGENCY COMPANY OF N.Z.

ANNUAL MEETING. (From Our Own Correspondent.) LONDON, February 16. The proceedings at tho thirty-first ordinary general meeting of the National Mortgage and Agency Company were very brief. The meeting took placo at Winchester Houeo on Wednesday, when Mr Lindsay " Erio Smith was in the chair. By a previous mail I sent you tho report which had been issued by tho board. In moving its adoption, together with that of l.he aecouute, tho Chairman first made reference to the great loss which tho company had sustained by tho doath of Lord Hampdon, its lato chairman. The figures in the report showed no material difference from those of last year. Tho result showed a difference of some £5000 only, and taking into consideration the £6500 received last year from an unexpectedly satisfactory realisation of an asset which had seemed doubtful, the outcome was eligibly hotter, and ho thought they might fairly, consider that they had had a prosperous year. . There had teen a very considerable expansion in the trade of New Zealand during tho past year, both agricultural and pastoral exports showing a largo increase. Tho prices of wool, hemp, etc., had been high, and the volume .of business passing through the company's hands had ehovrn a good profit in commissions. Tho exports of butter and cheese had also been much larger, and there was every probability of a still further increase this year. The volume of tho frozen meat, industry was also larger, but as Australia was now coming inio tho market they could hardly expect that Now Zealand moat would command the came high prices us it ha<l recently done. The somewhat inflated values of both land and produce had led the board to enjoin caution on tho managers in tho colony, and this might possibly result in some diminution in volume of the company's business. However, there was, on the whole, nothing which should lead them to forecast a bad season, and the directors had every hope that at t.hc next meeting they might bo ablo to .present as et.rong and satisfactory a balance sheet as that submitted on the present occasion. In conclusion, tho chair-, man moved the adoption" of the report and tho payment of a dividend at the rate of 74 per cent per annum, with a bonus of Is per share, making, with the interim dividend, 10 per cent, for the year; the sum of £7520 would, remain to bo carried forward. The motion was seconded by Lord Ebury. Replying to n query by Mr Lawrence, the Chairman said he did not know that it would be ncceesary year by year for them to increase the reserve fund by tho same amount as they had been doing. Ho thought it would, however, bo only prudent to ulaee a reasonable proportion of the profits to reserve fund, but if tho directors could distribute -a little moro by way of bonus in the future they would he glad to do so. Since the date of tho balance sheet, the £80,000 which they at that time had in " loans in London at short notice" had all been .placed in tho company's business. After the motion had boon unanimously adopted, the Chairman paid that in consequence of the regrettable death of Lord Hampdon, Mr Robert Logan, chairman of tho National Bank of Now Zealand) had been elected to tho board. Mr Logan was connected with New Zealand, and his knowledge of tho business of the colony.would be of great advantage to tho company. Mr Logan's appointment was unanimously confirmed. Messrs L. C. Smith and \V. S. Davidson were re-elected directors, and hearty VGtos of thanks brought the proceedings to a close.