NEW ZEALAND TRUST AND LOAN COMPANY (LIMITED).

Wellington Independent, Volume XXVI, Issue 3318, 13 October 1871, Page 2

NEW ZEALAND TRUST AND LOAN COMPANY (LIMITED).

The eighth annual general meeting of the shareholders of this company \va3 held at the offices, King William street, on July 26, Sir Charles Clifford in the chair. The report stated that although commercial and pastoral interests in New Zealand had from various other causes continued more or less depressed during the p»3t year, the position of the company had heen well maintained with satisfactory results. The accounts showed that the netfc profits, with the addition of £168 16s lid, brought forward from the previous year, had amounted to £15,515 143 lid. The directors had thus been enabled to make an addition of £5000 to the reserve fund, which was now increased to £35,000. Allowing for this payment, and also for a like sum of £5000, distributed as an interim dividend in January last, there remained a ba'ance of undivided profits of 1£5545 14s lid. The directors, therefore, recommended that £5000 be appropriated for the usual dividend of 5s per share, free ot income tax, making, with the prior dividend, 10 per cent for the year ; and that the remainder, £545 143 lid, should be carried forward to the next acaccount. The chairman said the prospects of the colony were as good as the most sanguine could hope for, and the company was in a very excellent and prosperous condition. The reserve fund was invested in colonial government securities, and stood in a remarkably good position. He had recently had the satisfaction of visiting New Zealand and looking into the company's business affairs, by which he had gained considerable experience, which would doubtless be of use to the board. There hud been a large influx of capital into the colony from Australia and other places, which the depression had prevented from being invested in ordinary colonial speculations. This had taught them that if they wished to keep the best securities they would be obliged to take a rather smaller interest, but he was convinced that though they might take n smaller interest, still the shareholders would not receive reduced dividends. The directors had always looked forward to a time when this might happen, and had been careful \o provide for it, and the event showed that they w. j re justified in so doing. The colony had b^en rightly recognised as in a position to be one of the best fields for investment. Wool and flax were being exported in gradually increased quantities. Her goldfields were the most productive in the world, and there were companies being formed in England to work her valuable coal and iron mines. Tho Gorernment had been able to contract loans on the best termß, and New Zealand securities were favorably looked upon in the London market. The Government had also contracted for the making of a system of railways, and this would tend very strongly to develop the country. No doubt numbers of tho men employed in the making of these lines would remain and settle in the country, and they were the quality of men needed. There had also boen established a line of fine steamers between New Zealand and San Franciuco, which now makes it the nearest of tho Australian colonies, instead of, as it had hitherto been, the moat distant. This ho maintained must certainly be of the greatest advantago to the colony. Tho i - eport was adopted, and tho dividend oi 5s per share declared.