LOAN AND INVESTMENT COMPANY.

Star (Christchurch), Issue 2684, 2 November 1876, Page 3

LOAN AND INVESTMENT COMPANY.

*. Tho annual mooting of fcho shareholders of 'fcho Loan and Investment Company of Now Zealand was hold afc Mr Ohms. Clark's room, Horeford street, at 3 o'clock yesterday afternoon. Thore was agood attondanoo, and fcho chair was oooupied by Mr John Inglis, Ohairman of dirootors. Tho Ohairman read fcho following roporfc s— Tho Directors havo to roport thafc in acoordanco with olauso 86 ot tho artioles, this annual mooting baa hoon oallod to prosont a report and balanooHheot, to oleofc dirootors in room ot throo mombors retiring by arrangement, aoaorrttng to olauso 72, nnd to oleofc auditors. In iprosonfclug this flrat roport the Direotors dosiro to remind rlmtoliolriora tbat although tho company has boon formod for 12 months, tho capital at their disposal for investment has boon vory small, taking tlio average of tlio period, whilo tho expenses havo boon nt fcho full for tho wholo timo, and exceptionally groat for somo months past, in consequence of the mission of Mr Graham to England requiring tho employment of additional assistance in tho offleo horo. Mr ttheppard hns kindly granted tbo Bonrd a portion of his tune during Mr Graham's absonca, that tho work of tlio oflloo may bo oarried on. Culls hnvo beoa mado to tho extent of Hi 10s por sharo, oxtonding over a Eeriod of nine months, and up to tho prosont timo avo yielded £2t,63l ss. It la only rocently that tho Board has beon able to avail itMOlf o( deposits, whioh, howovor, now amount io £13,148. Tho securities on whioh tho funds of tho company havo boon lent nre of a very higb ol.isa, and tho flret oaro of tho Dirootors is that thoro shall bo ample margin in tbo valuo of proponi.iv. Tho total intorosfc on loans during tno year hns amounted to £2279 10s, while tho investments at tbo prosont moment nro yielding afc tho ralo of £3075 10a por annun, Whon tho company was originally formod it was intoudod to invito foreign capital, with a viow to making a largor pr»ilt than wo oould posßlbly do by using our own money. Tho Dirootors immodiatoly took tho matter iv hand, and plaood themselves in communication witli frionds in London. Thoy woro advisod to sond a commissioner to London to conduct negotiations towards tho extension of tbo businoss thero, nnd after tho most caTotnl consideration, Mr F. C. Graham, in whom tlio Dirootors havo the niost porft-ol) oonfldonoe, was despatched on this mitsion, nud ho is now bnsily ongaged in its proHooution. Ifc would nofc bo dosirablo at tho prcnonr. stage fco stafco precisely what has boen done, mfliao it thafc up to this date the hows he sends is hop«fnl. 'Iho Balanceshoot now to bo rond has boon duly audited, and is, tho dirootors think, fully as favourable as oould be expeoted witb the capital available during tho year. £yen with our present resources tho on suing year will show a favourable result, and with the addition ot English capital the director* look forward to very Srofltablo returns. Tbe dirootors have thought ifc esirable to writo, oil tho wholo nf the preliminary expenses, which inoludo tM 17s lld written off fur-

nituro aooount (an Item not usually dlsohargod altogether the first yoar), as well aa ordinary charges, so ns to matte as far as possible a olefin balanoo. Tho remuneration ot dlrootors may bo doterminod by this mooting, bufc the directors 'do not proposo that auy amount shohld be votod this yoar. I will now road tho balanoo-shoofc. The balanoe-sheeb oontainod the details of tho flguros embodied in tho roport. The Ohairman said that Mr Graham was very busy at Homo on bohalf of tho Oompany, and fchafc fcho latest; nowa rooeivod from him was of a vory hopeful oharaoter. The balanoo, ho thought thoy would ogroe with him, wos of as favourablo a nafcuro as could bo expeoted, oonaidcring tho amount of capital at fchoir command. In answer to a question, the Ohairman said fchey hoped to raise ono or fcwo hundred thousand pounds in fche old oountry, whioh would bo profitably invested. Mosers John Inglis, Charles Wesley Tumor, and Peter Cunningham wore ro-oleoted directors, and Mossrs David Craig and J. D. M'Phorson woro ro-eloofcod auditors. Votes of thanks to fcho Board of Direotors and to fcho Ohairman oloaod the proooedings.