NORTH BRITISH AND NEW ZEALAND INVESTMENT.

Star (Christchurch), Issue 7701, 8 July 1903, Page 2

NORTH BRITISH AND NEW ZEALAND INVESTMENT.

The report of the liquidator of thei North British and New Zealand Investment ComJiany trtatea thai^Hi.'Wsuli of tie xealisation ol the ft«set# has been as follow* :— « Cash in bank,, on hand and drafti (as in balance.sheet, 1 £17,067),. actually realittd, fi17,057 5 loans in New Zealand (as in bal-ance-sheet, £11,875), actually rfcalised, £11,875; properties in New Zealand (as in! balance-sheet, £94S) t . actually realiwd £874; offlpi furniture in New Zealand (as ih>Uaianoe^»eet, £10), actually walked .£2l} inter«rt accmd on inv«*tn»nt« (as .in •balanoe-'sheet. £288), actually realined £288 • reserve fund investments (as in bal-ance-sheet, £5426), actually realised £5421 4

total (as in balance-sheet, £35,603), actually realised £35,538. To which must be added income received during liquidation, £257, making' a total of £35,796, out of which has been paid the debts due at date | of liquidation £232, the amounts paid by shareholders in anticipation of calls £2728, ) the expenses of liquidation £61^ leaving for distribution among the shareholders £32,220. Two pounds per share on each £10 share, being the amount paid up, has, been returned, £25,830, leaving, after repayment of the capital, £6390, which has been distributed among the shareholders as a bonus of 9s 10i}d per share. The company was formed in 1886 for the purpose of lending money on mortgage in. New Zealand* For the first five years the dividends paid were at the rate of 6 per cent, for' the next five years 6 per cent, and for the last four years, when it was practically being wound up, 4 per cent. The reason for bringing the company's operations to an end was the great fall in the rates to b 9 obtained for lending money in the colony. When the company started operations the rate was from 7 per cent to 7£ per cent, whereas it fell to from 4£ per cent to 5 per cent, at which rate, after paying taxes in New Zealand and expenses of management, it was impossible to carry on the company's business at an adequate profit.