Page 1 Advertisements Column 4

Gisborne Times, Volume XXV, Issue 1982, 18 January 1907, Page 1

N.Z. LOAN AND MERCANTILE COMPANY. FIRST DIVIDEND FOR THIRTEEN YEARS. LONDON, Dou. 1. Yesterday at 1, Coleman street, tho ordinary meeting of the New Zealand Loan and Mercantile Agency Company was hold, Mr AV. C. Dawes being in tlio cliair. I have already sent you a copy of tho report issued by tlio directors. In moving its adoption, together with the balance-shcot, tho chairman pointed out that tho latter showed that, aftor paying interest oil ,the prior lion, second and third debenture stock, and adding £52,022 to reserve, bringing it up to £157,000, there remained to the crodit ol' profit and loss account, including tho balanco brought forward from last year, tho sum of £6781. " From that amount tho directors rocommend tho payment of a dividend at the rate of 5 per cent., less iucomo tax, which would absorb £6123, leaving a balance of £358; to be carried forward. He thought the shareholders would consider those figures satisfactory—(appaluso)—and it should be gratifying to tho shareholders that tho directors who had had to come before them year after year with a more or loss depressing story, could at length fairly say that the tido had turned and that unloss anything happen,ed of an extraordinary and unforeseen nature, tho company would now have the hallmark of being a regular dividend-paying concern. (Applause.) The question of dividend' was one to which tlio directors gavd much consideration in all its hearings;,.', and had they not thought there wui every reasonable prospect of the company being able to continue paying dividends, they should not have considered it in their best interests to make the now departure. (“Hear, hear,” and “Bravo!”) They had before them the fact that they had been pursuing a very proper and prudent policy of caution in providing for known and possible losses, applying the pruning-knife freely—and perhaps in some cases in a drastic manner—and thus clearing away tho dead wood. They' had no reason to anticipate that that policy would bo necessary in the future to anything like the same extent. Again, the amount required to pay the dividend was oidy small, and so did not materially interfere with tho important matter of building up a reserve as quickly as possible, a policy with which the board wore fully impressed, and which was especially necessary for the protection of the holders of partly paid shares, on which the liability was'so largo in proportion to tho amount paid up. The company’s managers in New Zealand and Australia had frequently pointed out what a good moral effect tho payment of a dividend would have upon the constituents of the company, for nothing succeeded like success, and the higher the reputation of the company the more likely was its business to increase. Australia had been fortunate in having another very prosperous year, and tho Australian earnings were increased through the larger quantity of wool handled and the high prices realised. Tlio continued prosperity of Now Zealand was a matter for congratulation—(“Hoar, hear,”) —and the chairman was glad to be able to state that Now Zealand had again returned the company a satisfactory surplus. (Applause.) They had also had the pleasure of a visit during the year from Mr. Aitken, a member of tho New Zealand local board. Such opportunities of conferring from time to time with the members of the local boards wore of tho greatest assistance to the directors. Next, the chairman thought it would bo gratifying to remind the mooting of tho equally recuperative powers of the company, as evidenced in the increased values of tho different classes of its debenture stocks and shares. A great change for the better had como about in a comparatively short time, and the prospects for tho future wore very much improved. (Applause.) They kept closo watch over their expenditure, but in these days, with keen competition and smaller margin of profit, increased revenue could only be looked lor by extending their business in directions they thought would be xnofitablo, and breaking fresh ground; and so long as the directors were able to show increased profits to place against any extra expenditure incurred, he felt Sure the shareholders would approve He concluded by moving the adoption of the report, and of the dividend indicated.

The motion was seconded by Mr. Laing. In answer to Dr. Drysdale, the chairman said there were now about 83 million sheep in Australasia. Dr. Drysdale: Very good. A shareholder inquired as to the liability of executors of deceased shareholders: Did the directors still intend to enforce the notice served on September I*2, 1900, requiring him to make provision out of the assets of his father’s estate for the payment of uncalled capital to which the deceased’s shares rendered him liable!' Original shareholders had already sutfored so much in past times. He was anxious to know whether the claim would bo enforced, for it amounted to a perpetual lien on the estate. lie had had to hold some thousands ot pounds as security, in accordance with the notice. The solicitor said the notice had been given simply for the protection of the company. There was nothing to prevent the shareholder soiling his shares. The notice expired in one yoar. The company eonld not exercise any greater powers than it had got. The report was then agreed to, the dividend was declared, and the retiring directors were re-elected. The chairman, in returning thanks, said they had gone through a disappointing time, but there was no reason why the future should not be bright. Votes of thanks closed the proceedings,—N.Z. Herald. WHAT IS LIFE? Scientists for many a long year past have been trying to discover the secret of life—that is to say, the undofinablo something that separates the organic from the inorganic world. The latest alleged discovery in this direction comes from Nantes. There Professor Ledna, of the Medical School, has announced that lie is able to produce “the elementary cells of life.” He has certainly produced something that he styles “living cells,” because under suitable conditions they increase in number when placed together—in short, appear to breed. After long experiments with various fluids, Professor Ledna claims that he has produced cells that grow and form tissue after the manner of vegetables. A well-known botanist is stated to have been deceived by them and to have taken them for the tissues of some hitherto unknown plant. A 1 this has yet to be substantiated, and scientific circles are very sceptitangiblo will have to be produced tangibulo will have to bo produced by Professor Ledna before lie can persuade the world that the veil of Isis has at last been lifted.

WHEN BABY BURNS HIS HAND. When sister cuts her finger. When brother gets a bruise. In short, when anything happens to the children which causes them pain, it is mother’s delight to comfort 1 aiul relieve the little .suffu is. She can niway- 1, this when she has Dr. Sheldon’s Magnetic Liniment in the house. Rubbing a little of it over a sore or wound immediately takes away all pain, and vastly hastens recovery. Keep a bottle in the house always, and you will agree with a thousand other mothers who have said that they could not keep house without it. For sale by A. W. J. Mann, Agent, Chemist. Sykes’s Drench—Always Reliable. Farmers want a reliable drench—one that will not fail when trouble arises. No drench has had such unqualified success as Sykes’s. Over a thousand farmers have written expressing their gratitude for the remarkable cures which it lias effected. One of these is Mr. James Tomatli, the well-known dairyman of Shan--11011, Manawatu. He writes: “I am in the habit of drenching my cows with Sykes’s Drench immediately after calving, and at all times on the appearance of inflammation of any kind. I have seldom known it to fail, and have always recommended it..” THE PERIL OF OUR TIME. In Lung Disease. Dr. Sheldon’s Now Discovery for Coughs, Colds, and Consumption cures lung trouble. Small dose. Pleasant to take.' Every bottle guaranteed. For sale by A. W. J, Ma mi) Agent, Chemist,