THE HEW ZEALAND LOAM AND MERCANTILE.

West Coast Times, Issue 10473, 18 January 1897, Page 4

THE HEW ZEALAND LOAM AND MERCANTILE.

(Dunedin Siar's London Correspon

DENT.)

The report of the New Zealand Loan and Mercantile Agency Company does not form cheerful reading for those interested therein. The earnings for the year ended 30th June are stated at £195,000. but this is not quite sufficient to provide for the interest on the prior lien and "A" debentures, and for the charges account in London and the colony. This last item, which amounts to £90,000, strikes one as rather high, and it would be interesting to see the items set forth in details. The balance at the debit of profit and loss amounts to £94,000— an increase of nearly £6,000 as compared with last year, so instead of going forward the company has gone back. The Loan and Merantile has had great difficulties to contend with, and the exceptional losses arising from drought and other things have had to be provided for out of the year's profits, but the result is still very disappointing. The "B " debentures, of course, get nothing, and their cumulative interest is added to the liabilities of tlhe company. Perhaps the most unsatisfactory portion of the report is that referring to the allowance required for the depreciation of certain assets, such as stock, share, and debenture investments, loans on mortgage, etc. Iv their la3t report the directors pointed out that the provision made by the scheme for this purpose was insufficient, and now they observe that the allowance to be made must be even larger than what was thought necessary last year, adding that " from reports and estimates now before the directors it is obvious that a very large sum— larger even than was indicated lasjt year— will have to be provided before these items as appearing in the balance-sheet can approximate to the real value of the assets." This is truly a nice prospect for the shareholdere, who have paid some £574,000 in calls since the reconstruction, and who came into the scheme supposing it to have been Eramed on adequate lines.

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