N.Z. LOAN & MERCANTILE AGENCY COMPANY.

Taranaki Herald, Volume XXXV, Issue 7118, 16 July 1886, Page 4

N.Z. LOAN & MERCANTILE AGENCY COMPANY.

Thh annual local meel : ig of shareholders of tbe New Zealand Loan and ileicnii'a Agency Company (Limited) was held at the offices of the company, Qaeeu-street, Auck'ni ', at dooq 00. Wednesday, July 7, D.'. J. Logaa Campbell in the chair. About twenty shareholders were piesent. The Chairman, after v few introduciory re n»«-Ws, sai'i :—lt: — It is tuie the projls have no, been equal to tbo pvecGfli' i g year ; but looking to the abnormal state of dcf>ressioa under which we have beea abouriag in common with tbe sister colonies— indeed, the world at kr»e — I am sure you will agree with mo that we have great causo for congratulation when we havo been able to arid to our reserve fund a sum of £15,000, an-1 to carry forward n credit balance of undivided profits of so tangible an amount us £14,%5 ; and last, and not least, tbat you have received tbe customary and highly satisfactory dividend and bonus of 15 per cent. With regard to tho prospects of tho company for tho current year, 1 think I am warrouted in sa; og these aro of a most encouraging character. After a long period of unparalleled low prices for wool (which have been so severely felt by our pastoral constituents), the hue sudden and great advance which has taken place in the home market will restore to the squatting interest its former prosperity. Tl c agriculturist, also, has now brighter prospects, as there are indications that grain has at last made an advi ice on , the lute unprofitable price?, and consequent upon this I am pleased to be able to state that a very considerable increase in the area under cultivation has taken place in the Middle Island. There is alao the breaking up of the drought in Austialia, which will give new life in that country, and which will largely increase the retuvjs'of this emporium, both in regard to the quantity of wool passing through its bands and the commission aris" lg from its s; 'c at f\e now greatly enhanced prices. In alluding to the low price at which the company's shares had beei lately quoted in the London market, the Chairman said : " For this there is no reasonable or just cause, for, as has been pointed out in the address of Sir James Fersusson, tho company has no difficulty in placing its debentures to the full extent of its borrowing powers at low rates of interest. The probable causes havo been iheaccidentnl compulsory realisation of several large holdings of deceased proprietors,also the exaggerated accounts as to the depression the colony las been labouring under, and the persistent attacks which a portion oE the English Press has made against the colonies in general, and more especially New Zealar d. Further, we may have to thank some kind friends, not entirely disinterested, u^oa whose domain this company has made heavy inroads, for the unscrnpulor ? manner ia which ihey have spoken of us, even going tho length of affirming tint our whole reserve fund has been swallowed up. The addition to it of £15,000 does not look very much like tl"s. But it would be out oT all reason to expect that, with such a long-continued devastating drought as has been experienced t' oughout Australia, and with four successive bad seasons in New Zealand, combined wilh the unprecedently low values of wool ami grain and other produce, any company doinjr such business as ours could possibly pass through such a period scatliless, and in isolated instances we have been obliged to enter into possession of our securities. The improved state of the market will enable us to realise such properti33, and I am pleased to be able to assure you that we have the fullest confidence in effecting this without appreciable loss to the cooipany. We have recently had to deplore a case of default on t'.je part of our Sydney agent, Mr. Holt, the first caso of the kind* iv our experience, but, as far as is yet known, we are not likely to sustain a greater loss than fiom £1500 to £2000. In conclusion, I can only again state that the companj's business generally continues in a flourishing condition, and that the profits for the current year have at prer \t every indication of being fully up to, if not surpassing the average of previous periods. Dr. Campbell was then relccted as a director and Mr. W. J. Taylor as Colonal Auditor. Mr. J. H. Dno.\ in moving a vote of thanks to the eh lirman, directors, managing directors,, and officers or the company for their services during the past year referred to Mr. Uolt. While ho moved this general vote of thanks to the officers, he supposed that Mr. IlolL ou»ht -to be excluded from ir. They could not to 3 much emphasise their good fortune in escaping with so light a loss aa £1500 or £2000 .The Inspector (Mr F. Batlley) Baid he would have pleasure in conveying to the officers the thanks of the meeting. The meeting then terminated.

A peer of the realm, wbora ia the eldest Bon of one of the most famous lawyers of his day, a privy councillor of the Queen, twice Lord Chancellor of Ireland, and afterwards Lord High Chancellor of England, is now '•knocking about" Melbourne, and was sued the other day in the District (..ourt by a tailor, who obtainerl judgment against him ; n"d the noble lord's effects, consisting chiefly of wearing apparel — not the " suits" upon which the hile Lord St. LeonnrJs used to adjudicate — have been Beized by tho police, and were to be sold unless the judgment was satisfied ia the. meantime. According to a Home correspondent the Coleridge libel case is to be revived. Mr Adams, who it will be remembered was married to Lord Coleridge's daughter, since the Ja3t suit has lately come into accidental possession of two letters written by the Lord Chief Justice oE England to the arbitrators appointed as the result of the first cusp, find entered another suit for libel. Tho worst of it all is that the letters in qupstion make scornful allusion te tho conduct of Mr. Justice Mauiity, who heard the original case, and something liko a judical scandal is expected.

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