New Zealand Loan and Mercantile Agency Company.

Otago Witness, Issue 1688, 29 March 1884, Page 12

New Zealand Loan and Mercantile Agency Company.

Tha eighteenth annual ordinary general meeting of the f-hateholders of this Company was held in London on February 1, at their offices, Queen Victoria atieet. Mr T. llusaell, O.M G., who occupied the chair, taid it pavo the directors great pleasure to be ablo to come to them ascain wiih their customary divideud of 15 per cent., a ding £10,000 to fcho lescrve fund, theicb> increasing it. to £220.000, and carrying forward £0513. N(,r waa there anything in the present position of affma-for they had telegraphic advices frntn thu Colony up to yesterday—which would lead thorn to suppose that they would be less prosperous iv the future than in thu past. It had beeu hi 3 p'e^u-'u svneo he last met them in that room to pay a lengthened visit to the Colony. Ho had lmd the advantage of a residence of 10 months in WewJS-aiaud, aud he took the opportunity of making him.-eif acquainted with the charac.er of the bufrinesd thorn He had theadvantage of froquentcommunicationswitU tho Colonial Board, and of attending lioard mtefc'i.gn, and he was pleased to be able to tell them that all ho learned and all he saw gave him the fullest confidence in the Company's operations ther«. Ihes had a large body of Colonial proprietors, and thuuxh money was always dearer there, 7, 8, or 9 per cent, 5*3 against 3, 4, or 5 heic, tharc3 frequently commanded a°higher price them lh\n hero. The great group of countries known aa the Australasian Colonies wore making rapid strides in we lth and importance, and he believed the tnoafc sanguine among us couH not le-dise what would be the development and growth of those Colonies during the next 20 years. 80,-iJea # th'ir business in New Zealand, his Company dM a large amount of business in Melbourne and Sydney. Last year their sales of wool in Melbourne amounted to 27,5>89 bales, apart from those sold iv this country. In 1882 their wool business, including t*hat which they dealt with in tbia country, amounted to 98,734 bales. This year i.hey had dealt with 10^,868 bales. Their business being so enlarged, they were about to propose an increase in the capital ot the Company. They would call a meeting of the shareholders for the purpose, and give them lull notice of it. They would ask them to increase the capital by £500,00 J. They proposed to issue to the proprietor in this couutry one-half of the new capital, which would be about one shftre to each 12Bhare3 now held, at a small premium, say about £1. 'Ihat would give them a very hand-ome bonus. They proposed to dual with the other portion of the half-million by issuing it in the Australian Colonies. The.v had a laTge proprietary in New Z'aland «ho were of great use to them, hue they had no shareholders in the Australian Colonies, or only a few. The recent, Imperial legislation enabled ttiem to establish Colonial registera of shares. They i>roi>oßed to take' advantage of thih, autl to establish a hare register in .'Celbourne, and peihaps in ajduey, aud to create there a local proprietary, aud issue to them the other half of the new capital," and they propped to issue it at % considerable premium. The directors wero entitled under the articles of association to ons-founh of the new issue ot shares, but this privilege they proposed to forego (hear, hear)—and to give to the shareholders the lull bent fit of the new issue, the directors only taking such portion as they were entitled to as shareholders. In conclusion, ho moved that the report aud accouuts be received aud adopted. Mr Boutcher seconded the motion. In reply to Mr Brown, who asked for further inf ormati n than the balance-sheet gave as trflhe amount of the debentures, tho Chairman said that the amount was always varying as debentures were paid off and as money came in, but the amount was always within the authoribed aniouut. With regard to the amount of information niven in the accountß, he challenged Mr Browo, to produce the accouuts of any similar company which gave more details. In reply to Br Dryadale, who asked for some information about the fioi!tn-m.eat trade, and whether it was a profitable trade to the importers, the Chairman paid the number of carcasses of sheep imported from Australia iv the last three years was 141,823. From New Zealand the number in 18S2 was 8839, and in 1883,121,621, making a grand total of 272,283, and he had reasoa £0 believe that this year tho importation would be coneiderabty greatoi 1. With regard to the capacity of the Australian Colonies to cairy on a large trade in meat, he might state that the last returns showed that iv Australia aud New Zealand together there were 76,796,2 7 t-heop, so that with a population of abiut 4,000,000 there must be a large annual surplus, and lie hope;! thai, a good deal of it would fin.l its vwy tothit. oouutrv. The trade, he bulievod, waa paying, but the results were not as satisfactory aa -th.-y might be. , Mr Lurkworlhy, tho marker, £aid he believed lhero would ho an importation of between 400,000 and OOOjOOO cwrca^ea of theep this year. He knew of o'io shipper who had contracted to bring over 200,000 caic.isf.ett from New Zealand alone this year. A Shareholder observed than while the expenditure fc"d been increasing very fast, the prcfits had not Vv» incie&fliug at all, and baid tint he thought *• ta« ittui of £18.>,874 for premisea was an imduo th:.v " amouiu. ''man faid the investment in premise j 'Cho Cha. "*ores>> They had very fino premises in included their 1- Xl >V were doLig n, large and profitMelbourne, where \». M * premises were put down at able business, and all ths,. I'jbß than their actual value. -Mrrled, and the ro Tho motion waa then put and c "«-«lecfcedi tiring directors and tho auditors were . "" '

On the motion of Mr Norman, seconded by Dr i^ns'la'e, a vote of thanks wa« given to the Boar.l of Director*. ftir Uumlella, who returned thank? on behalf o{ tho Board, saiil Bharuholcler who had moved thp rcHOlnfiori oxpretfied a de-iro fchaC tho dividend should bo 20 por cent. II« conwklerod a. divirlend o( lfi per rent wai not a bad 0110. and hetliou-ht they ought to wait a Uttio logger and put themsolves into a fcUU more sjlid podHio'i. If good i;iatia;.'«" oar, woii'd brii-g them 20 por cont., he was sure th^y would get it. A vote of thanks was also passed ro tho managers and staff here aud in the Colonies, and the meeting then resolved itself into a speci .1 meeting, at whiuh coitain resolutions were pas.-cd to enable the directors to open .registers of shams in the Colonios.