The Mercantile Finance Company.

Star (Christchurch), Issue 6482, 27 February 1889, Page 4

The Mercantile Finance Company.

HALF- YEABLY MEETINGS The half-yearly general meeting of shareholders in this Company was held at the Company's offices, Morten's buildings, yesterday afternoon, at three o'clock. Mr B. Hale, Chairman of Directors, who presided, said he was glad that the Directors had a favourable balance-sheet and report to put before the meeting, as, after providing for all bad and doubtful debts, the Company could pay an interim dividend of 10 per cent for the half-year, and carry forward a substantial amount to the credit of profit and loes.' Mr Hale further said that it would be necessary now for the shareholders to consider the advisability of at once forming the new Company, as suggested at the last meeting, shares in which had already been inquired for. In anticipation of such formation, the Company's securities had been exhaustively examined by Mr Whitefoord, E.M., and Mr H. J. Hall, of Eio carton, who had, been appointed by the Directors for the purpose, whose report waa now on the table and was moßt satisfactory. In answer to a shareholder, Mr Hale said that the bad debts made during the last half year were practically nil, and, in response to another question, said Mr Bowker had intimated hia intention of applying for two thousand shares in the new Company. The balance-sheet and report were duly adopted. After some discussion, it was resolved to form a new Company, to be called The Mercantile Finance and Agency Company of Christchurch, with a capital of .£250,000, and Mr Eussell was authorised to Bee Mr J. Henderson, re acting as broker in the matter. A vote of thanks to the Chairman terminated the proceedings.