NATIONAL MORTGAGE AND AGENCY COMPANY.

Otago Witness, Issue 2978, 12 April 1911, Page 20

NATIONAL MORTGAGE AND AGENCY COMPANY.

A PROSPEROUS YEAR. (From Our Own Correspondent.) LONDON, February 10. Owing to the extremely favourable character of the report of the National Mortgage and Agency Company of New Zealand, very few shareholders considered it necessary to attend the 35th ordinary general meeting, which was held two days ago at Winchester House. Mr Lindsay E. Smith, who presided, stated that as regarded the company's business in the Dominion there could be no doubt that the past year had been a prosperous one, and, so far as the produce of land was concerned. the prosperity generally had been real and sound. That was proved by figures which had been published as to the imports and exports. The. exports exceeded the imports by £5,800,000. as against £3,700,000 at the corresponding period of 1909. Of the £3,000,000 increase of exports, wool accounted for £2,000,000, chiefly the results of the increase in the price realised, the weight of wool exported having risen only 4 per cent. Another fact which pointed to the general prosperity last year in the Dominion was the large excess of deposits over withdrawals in the New Zealand ' Post Office Savings Bank'. Their general manager, however, gave a word of caution that this prosperity might naturally bo liable to some diminution, and that it was, therefore, well to keep in view a possible reaction, and make provision for such a state of affairs should it arise. The board was entirely of the same opinion.

and they thought that the outlook, while by no. means unfavourable, was not perhaps quite so good as it was at that time last year. Wool was rather lower in value, dairy produce continued to expand in a satisfactory manner, but while frozen meat had been a good market it was a question whether prices would hold, having regard! to an increase in the supplies from Australia and South America. Tho figures in the balance sheet showed in most cases only insignificant alterations. The amount of their debentures had risen from £530,300 to £545,800; the amount at the present*tirne had fallen to £528,000. The decrease of £25,000 in sundry creditors was mainlv owing to the diminution of deposits in "New Zealand. The debts owing to the eompanv had again decreased (£72,000), the money representing this decline showing in cash, loans, and investments in London. There had been a steady and satisfactory increase in their reserve 'fund and investments. There was a net increase of about £IOOO in their profits.. The advance in charges was more tnan usual, but it was chiefly owing to the grant of a bonus of 1C per cent to <( the staff. The general manager cabled:— The season is favourable for live stock and dairy produce, and there is likely to be a fair harvest. The wool season is middling. There is a good demand for .-land., and prospects generally are favourable." The Chairman hoped to be able to meet the shareholders next year with a good account of the company's business. He concluded 1 by proposing a resolution for the adoption of the report and the declaration of a dividend for the half-vear ended September 30 last at the rate of 7i per cent, .per annum, with a bonus of Is 6d per share, both tax free, making, with the interim dividend, Hi per cent, for the year. Lord Ebury seconded the motion, whicn was carried. . Viscount Hampden and Mr W. S David - eon were re-elected directors, and the meeting olosed with a vote of thanks to the staff in New Zealand and England.