N.Z. AND A. LAND COMPANY.

Otago Witness, Issue 2808, 8 January 1908, Page 11

N .Z. AND A. LAND COMPANY.

; MEETING IN EDINBURGH. CF*o.m Ott* Own Correspondent.) ~~ \ " ""-LONDON, November 22. On Tuesday ii>. -this week the * annual meetings oft ths JSf^w Zealand and Australian* Laitd Company, was held in Edinburgh.;- MrTR. Stewart .-was in the chair. In moving the ' adoption of the report, trie Chairman said that\ several cable messages 'received recently \ indicated that a general rainfall had .tak^n. place .in New South ' Wales.- This was very welcome, although ' not sufiioient . to provide for a dry summer, and latest cable messages indicated that rain was gtill wanted. ; On the debit side of tije revenue and expenditure account there" some increase vi the general cost of working the properties, but this was, of course, incidental to/ tl\e larger holding they now had in Australia. - It was owing to \ the increased profit in wool and stock and the absence' -of eiw seriously adverse weather conditions in Australia during the year • under /review tb*t tl£e directors were able' to subjfiit such a (gratifying statement. 'Referring to a letter ibj the, Australian meager, in which Tie . emphasised the necessity for a auffieiei t to meet dnCught -losses, .the Chi irxnan. feaid_he considered that the only ea egiiard? for the cojnpany was the mamten ince orT _a contingency fund sufficiently ■ arge to hoover tjfe risks they ran. •He wa« "sure, tfierefor^, that the shareholders would approve the carrying of / £95,000 I;o this furjS/f - 1 In coi ulusibnjime/ Chairman referred to the' losa 3 which? the shareholders, had sustained i« 1881 and/LBB3, when it was found necessarj' to writer down the capital, and

expressed the hope that at no distant date the directors might be in a position to «übmit to the shareholders an arrangement whereby some of this loss might be replaced out of reserves. He then moved the adoption of the report and a resolution to the effect that the meeting^ sanction tha payment of the following dividends: — (1) On the "A " preference stock, 4- per cent, under deduction of income tax, half payable on the 10th prox. and -half on June 10, 1908; (2) on the ordinary stock, 7 per cent, together with a bonus of 5 per cent., -both free of income tax, one half of each to be payable on 10th prox and the other [ half on June 10, 1908. The motion was seconded by Mr Andrew Forrester and carried unanimously. On the motion of Mr Charles Ritchie, seconded by Mr Drysdale, the election of Mr Ernest A. Davidson and Mr S. M. M'Gowan as directors of the company was I confirmed, and Mr Robert Stewart and Mr F. Shaw Stewart were re-elected to the board. The auditors were reappointed, and the meeting-terminated with a vote of thanks to -the chairman.