NEW ZEALAND AGRICULTURAL COMPANY.

Otago Witness, Issue 2856, 9 December 1908, Page 10

NEW ZEALAND AGRICULTURAL COMPANY.

i (Taoa Our Qwn* Comhspondkmt.) s ' "4" 4 LONDON, -October 25. - Th« report of the directors of -the New Zealand Agricultural- Company i<£ just pub< iished;- it is made up to tn& -year encfcdt 31st March last- in New Zealand anil to 30th June last in London. The directors say that in the course of the year they realised a considerable amount of the deferred purchase, money on sales of land 1 , and distributed among the shareholders a sum of £34,005, -representing 6b per «hare, in respect of surplus assets. The cost attending such realisation and distribution, as well as the other operations of the company, is included in the expenses charged in the profit arid loss account. The credits in that account consist almost entirely of interest on mortgages in New Zealand and on investments, in London. The result; shows a credit- balance of £483, and, after providing for income tax, there is- £245 carried to the balance sheet, making, 'withi £1382 brought forward, a total to th« credit of profit and loss of £1627. The small balance of land unsold at the close of the preceding year lias been disposed of, realising a net amount of £266, and making the total amount realised from sales of la~nd since the formation of the company £212,472. There remained outstanding on 31st March last a sum of £12,78§ on mortgages for deferred purchase money of land and interest. These mortgages nave since been realised, and the proceeds, with the exception of a small amount retained to provide for expenses and contingencies in New Zealand, have, been remitted to England. On the 16th. lost, the directors made a further distribution of 3s pef share to the shareholders on "account of surplus assets. In the opinion, of the board it now only remains to take steps to place the company in liquidation so as- to enable .the balance of the assets to be distributed, and the directors have, accordingly, convened special general meetings to pass and confirm a resolution for the purpose of winding up the company. Mr Morton and Mr Shepherd retire* and do not seek re-election.