N.Z. LOAN AND MERCANTILE AGENCY COMPANY.

Wanganui Chronicle, Volume XXXVII, Issue 11846, 18 July 1893, Page 3

N.Z. LOAN AND MERCANTILE AGENCY COMPANY.

[Bt Electbio Telegraph - < 'orYiuoHT. i (Per Press Association.) London, July 14. The petition to wind up the New Zeaand Loan and Mercantile Agency Company will he heard on the 21st inst. The following report and balance-sheet of the above Company were presented to the shareholders at the twenty-eighth annual general meeting, held on the 3rd day of February last : — The directors, in submitting to the share-holders for approval and adoption the twenty-eighth annual report of the Company, with balance-sheet and state. ment of accounts made up in the colonies to 30th September, and in London to 31st December, 1892, beg to call their attention to the following results : The net profit for the year 1892, inclusive of £8820 153 3d brought forward from tho preceding juar, exhibits, after deduction of ex ponses, interest, commissions, Income tax, New Zealand land and income tax, writing off stationary, and ranking provision for bad and donbttul debts, a sum of J569.3G5 0s 9d, of which the directors recommend the following appropriation, viz ; — To payment of a dividend at 10 per cent, per annum, and interest on capital paid in advance on old shares, •£41,216 4s : payment of interest at 5 per cent, per annum on capital paid in advance on sixth issue shares, .£22,500 ; to be carried forward, .£5648 16s 9d : .£69,365 0= Rd. On Bth July last an at? interim dividend was paid at the rate of 10 per cent, per annum, amounting, with interest on capital paid in advance on old and sixth issue share 3, to £31,858 2s, so that there now remains for distribution the sum of £31,858 2s. In all the Australian colonies during the past year business has suffered from the unsettled condition of the labour market and from the financial difficulties of cortain institutions in Sydney and Mel. bourne, attributable for tho most part to undue speculation in town and suburban property. This Company iB not concerned in such transactions, but the distrust thereby caused and the lower prices obtainable for wool and cereals have determined the directors to make larger provision than usual for possible contingencies. They do not, therefore, pioposo on the present occision to make any addition to the reserve fund of tho Company, which stands at £330,000. New Zealand has enjoyed an immunity from the financial difficulties by which the leading Australian colonies have be9n beset, and continues to exhibit satisfactory progress in her exports of pastoral and agricultural produce. During the last six months the directors formulaUd a scheme for the issue of £550,000 4 par cent, debenture stock and for the conversion and consolidation of the various outstanding debenture stock of the Company into one uniform 4 per cent, debenture stock. Although this operation was carried out only during the closing months ot the year 1892, not only was the above issue of debenture capital successfully accomplished, but the scheme of conversion has Bince been largely adopted and is proceeding satisfactorily. This conversion is a highly important episode in the history ot the Company, and as it progresses it will not only strengthen the position of the Company but conduce to greater economy in its administration. The directors regret to announce the resignation, inconsequence of his acceptance of office as Cabinet Minister, of their colleague, the Kight Hon. A. J. Mundella, who had been a member of the Board for many years. In accordance with the provisions of the .articles of Associations, Sir George Russell and Sir E. W. Stafford retire from the Board of Directors, bat offer themselves for reelection. The auditors, Mr C. T. Moore and Mr W. B Peat, likewise retire, but being oligible for re election, again offer their services. Balance-sheet of the New Zealand Loan and Mercantile Aeency Company (Limited), to 30th September, 1892, for the colonies, and to 31st December, 1892, for London. Capitol, tiz :— Dr. £ s. d. £2 10s per Bharc on 160,000 shnves... 400,0000 0 0 Capital paid m ailTauce 402,642 10 0 £862,042 10 0 Eesorvefund 330,000 0 0 Debentures and debenture stock... 3,135,005 19 2 Guaranteed mortgages 251,129 3 0 Bills received for collection, current nnd loan accounts and debenture interests accrued, ic. ... 1,084,0J0 4 10 Bills pajaWo 771,007 13 6 Sundry amounts in transit, payable in tho colonies 415,272 12 8 Profit for the year, after deduction of expenses, interest on debentures, debenture stock and guaranteed mortgages, and writing off stationery, 4c 69,305 0 9 Less interim dividend and interest on capital paid in advanco on old and sixth issue shares to 30th June, paid Bth Jl « H^Jl 37,506 18 0 £6,889,605 1 11 Cb. £ s. d. Cash with London and Colonial bankers 130,999 1 8 Bills receivable 370,-180 7 5 c °st':. i >reu " ses :.. storDs> D :: a »*,*» 2 8 Stock and share investments ... 18,709 11 0 Loans on mortgages and secured loans 3,680,629 11 0 Loans on mortgage guaranteed, per contra 251,129 3 0 Advances on wool nnd produce on hand and to arrive, current accounts.dcbenturestockexpenses, etc. 1,903,42812 11 Sundry amounts in transit, recoivable in the colonies 179,429 12 j! £6,889,605 1 11