SCOTTISH AND NEW ZEALAND INVESTMBNT COMPANY (LIMITED).

Otago Witness, Issue 2083, 25 January 1894, Page 24

SCOTTISH AND NEW ZEALAND INVESTMBNT COMPANY (LIMITED).

The eighteenth ordinary general meeting of the shareholders of the Scottish and New Zealand Investment Company (Limited) was held on November 18 at Edinbuigh. The report recommended a dividend of 2* per cent., which would absorb £2500 and leave a balance of £545 13s 7d to be carried forward to next account. The chairman, Mr Robert Lockhart, in moving the adoption of the report, said they had met under somewhat improved conditions. Last year was an_ improvement on several previous years, and this year was an improvement on last, their income this year being £408 7s lOd above the last, and but for the fact that wool and wheat were both on a lower level as regarded price the result would Jiave been still more favourable to the company. During the year their debeuture debt had been reduced by £13,098 10s lid On 30th June last year it stood at £240,01!) 13s, and at- 30th June this year it stood at £226,921 3s lid. It had since been still further reduced, and it now stood at £212,000. The advising board had already accumulated £10,000 in New Zealand for use against next May term, and as their requirements were under £20,000 as against £50,000 last May they felt very comfortable with regaid to the coming year. While they had last year £2640 of interest outstanding, this year they had only £2176, showing that tne interest had been much better paid this year, and since the balance had been made up another £1127 12s 6d had been paid, leaving only a balance of £1049 of interest outstanding, which to his mind was exceedingly satisfactory. In the revenue account the rents from properties on hand amounted to £2667 as against £2406 last year; and the revenue from properties worked by the company amounted to £328y as against £3128 last year, the increased revenue from these two items being £421. On the expenditure account a considerable saving had been effected in several items. It was rather amusing to see how the false prophets had been disappointed. Capital and population were to be driven out of the land, and all sorts of evil was to happen, but instead of being worse they were actually better off. If they kept going on in their present lines he had not the slightest fear of their ultimate result. That they would drop money on some of the properties there could not be a doubt, but he was satisfied that their losses would be more than made up on the good properties, and besides they had still a good reserve to fall back upon. It was a very striking fact that while nearly all other Australian colonies were in a state of bankruptcy New Zealand alone stood out in the enviable position of not only being able to pay its way but of having a Budget surplus on the year of nearly £500,000. Dr Smith, in seconding the adoption of the report, said that although the prospects in New Zealand were undoubtedly brightening, yet the golden hopes with which companies such as theirs set out of realising •10 and 15 per cent, must be conclusively laid aside. It appeared to him that the policy of such a company was very clear. They ought as speedily as possible to get rid of all unprofitable securities, and to nurse any improving securities with the view