THE NEW ZEALAND LOAN AND MERCANTILE AGENCY CO.(LIMITED.)

Southland Times, Issue 3342, 7 March 1879, Page 2

THE NEW ZEALAND LOAN AND MERCANTILE AGENCY CO.(LIMITED.)

;, - SECRETARY:,. i 5 Henry MoncreifE Paoal,' Esq. .\ . . The Annual Report of the above Company 1 was presented to the Shareholders at the Four-4-j»^y.4-.V» ' A «niTi>l G-enerjOKM!eetiii£j HelcL-on the 7th. of February, 18* 9, and ran as follows : — j The Directors in submitting to the Shareholders, for their approval and adoption, the Fourteenth Annual Beport of the, Company, j with Balance-sheet containing Statement of Accounts made up in, IS; ew^ Zealand to 30th September, and- in.' London to 31sfc December, ' ,21878, beg to invite their attention, to the follow- , *insi%sufe ' • " "The Net Profit for the year 1878, inclusive of £3,548 2s 9d brought forward from the preceding year, after deducting all Expenses, Interest, Commissions and Income Tax, "writing off Stati-~ onery and Furniture, and making ample provi-, sion for all Bad and Doubtful Debts, shows £ sum of £58,091 Cs Id which the Directors recommend should be applied as follows : — To payment of a Dividend at the rate of 10 " per cent, per annum, , and Interest 'on Calls paid in advance on old Shares £22,873 0 2 „ Payment of Bonus at 5 per cent 11,39 i 1 9 „ Reserve Fund ... 20,000 0 0' „ be.caried forward ... 3,824 4 2 £58,091 6 1 In July last an ad interim Dividend was paid at the rate of 10 per, cent per annum, amounting with interest on "Calls paid in 1 advance s to £10,514 7s 4d. r so that .there is now left for' distribution the sum of £23,752 14s 7d. In accordance with the Resolutions passed at an Extraordinary General Meeting of the Shareho^ers held on the Bth February, 1878, the issue , of 40,000 Shares of £25 each then authorised has been carried into effect. k The premium on emission at ten shillings per share, amounting to £20,000. the Directors now propose should be i added to the Reserve Fund, which, with the £20,000 recommended to be added from the profits of the past year, will increase that Fund £40,000, thereby raising it to a total of £1<;0,000. Notwithstanding ,the commercial disasters and financial difficulties consequent on the suspension of the . City of Glasgow Bank, and other provincial Banking Institutions in the last quarter of the year 1878, it is with satisfaction that the Directors have- to inform- the Shareholders that the Company has in no way been involved in the recent failures. There has been a satisfactory increase of Debenture-Capital during the past year, .for which> safe and desirable outlets continue to be found in the Australasian Colonies "and New Zealand. Throughout the former evil effects of the cumulative droughts, of the years - 1877 and 1878 have passed away, and in the latter, while larger areas' are brought under cultivation, increased* facilities are rapidly being afforded for the occupation of "the 'country and for the speedy transit of Wool and Grain to the various ports for shipment. During! the past year the consignments of these and other Colonial products' to the Company have been much developed, and it now occupies for the fiisfc time, the highest position amongst Importers of Colonial Wool. The extension of the Company's business has necessitated considerable additions' to the staff .bothyin London and the Colonies.'. The-Direc-to'-p, accordingly, cons.cler that the time has now • arrived for ,the establishment of a Guarantee and Provide jt Fund, for the purpose not only of insuring the ,fidelity of "the Company's officials, bur, by the ' accumulation and investment of guarantee premiums nvhieh have hitherto been i paid to, various -Associations on their behalf, of making < provision for the payment of suitable pensions, bn~ retirement, to those who, after a satisfactory term, of service, might be precluded from remaining on the staff. In order to form a nucleus for Such a Fund the Directors. invite the co-operation of the Shareholders '''by their authorising a snm of £3000 to be placed for this purpose at the disposal of fche Directors. ' In conformity with the -provisions of the Aiticles of Association, Sir, James Fergussou and Mr Bo'utchei retire from.the Boai-d of Directors, but'offer themselves for re-election. The Directors regret to report that Mr, Robert Fletcher, who, at the last Annual' Meeting, was elected successor to the "late Mr W. P. Pattison, as Auditor, 'was "obliged to resign his appointment, on account of ill-heilth, shortly before the - close of the past financial- year. .Messrs R. Fletcher and Co., public accountants, of whose .firm he was the senior member, having in consequence specially examined the accounts of the Company, their successors, Messrs'' R. Mackay . .ancl... Co,. have verified the Balance , Sheet, 'to ' which is arjpenaecrthe Cerrifi.cate of Mr Charles John Taylor,\vho'pefib'rme 1 d i 'the requisite duties as sole Auditor. •In accordance with the Regulations- of the Article/* of Association, Mr Taylor retires, but being eligible for re-election, again offers his services, and in order to comply -with the provisions thereof, tie appointment pf/ a second/- Auditor to

fill the Vacancy caused by the resignation of Mr Fletcher will' take place at this meeting. 1, Queen Victoria Street, Mansion House, E.C. 16th January, 1879.