WHERE THE MONEY GOES.

Temuka Leader, Issue 1490, 8 April 1886, Page 4

WHERE THE MONEY GOES.

The following items taken from our exchanges go lo prove [an oft-repeated assertion 'hot the bad times in New - Zealand and other places are really a harvest time for the big loan and Mortgage companies: “The twenty-first annual meeting of the shareholders of the New Zealand Loan and Mercantile Agency 00. (Limited) was held in London on the sth February. Sir James Ferguson, I3art., M. p ., presided. In the report it was stated that the net profit for the year 3885 inclusive

of £7256 18s brought forward from (he preceding year, after deducting expenses interest, commissions, income tax and property lax in Now Zealand, writing off stationery, and making due provision for bad and doubtful debts, amounted to

£65 729 Os 5d which, with £15,000, the proportion of premium on the fifth issue of shares, payable during 1885, made a total of £80,729 Os sd. This sum the directors recommended should bo appropriated as fo lows:—To payment of a dividend at the rate of 10 per cent per annum, and interest on capital paid in advance on old shares, £33,876 9s; to payment of bonus at 5 per cent, £16,887 10s ; to reserve fund (proportion of premium on 20,000 fifth issue shares, payable in 1885), £15,000 ; to be carried forward, £l4 965 Is sd. At a recent meeting of the railway League in Christchurch, Mr Matson suggested that the banka should be waited upon for subscriptions. No people, he said, would receive greater advantages from the East and West Coast Railway than the banks. He had noticed that at

the general meeting of the New Zealand Trust and Loan Company in London Sir Charles Clifford had said that, despite the wave of trade depression which was passing over the whole woild, despite the lower price of wheat and the sadden drop in wool, the Company would soil pay its usual dividend of 20 per cent per annum. The writer of that information concluded with " Oh, let us he joyful ” ; but if he (Mr Matson) were bishop of Christchurch he would add to the-Litany “Profit all octopus coran ioies and all sorts and conditions of drvil-fi.sh, good Lord deliver ii j. ” —I a tighter, in reply to Mr Howland. Mr Matson said he 'would have great pleasure in going with the President to interview the hanks, in order that they might have the pleasure of subscribing or refusing to rnherriUp,