COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 94, 22 April 1931, Page 4

COMPANY AFFAIRS.

JOSEPH NATHAN AND CO. DIVIDEND 10 PER CENT. The ordinary general meeting of this company was held in London on March 18. Mr. Alec Nathan (the chairman) said: The balance-sheet indicates a satisfactory liquid and financial state. The net profit for the year enables us to place a larger amount to reserve, and to recommend an ordinary dividend of 10 per cent, and will still leave us with a carry forward slightly larger than last year's. The effect of the earthquake in New Zealand will probably mean a loss of £5000, but this company's position is not seriously affected by movements in the exchange rates with Australia or New Zealand. The character and scope of our business have changed so that our business to-day is so widely spread, in character as well as geographically, that adverse events in one country or in one department are usually counterbalanced by more favourable conditions in some other section or country. Although it is but six years since we introduced our first pharmaceutical preparation to the medical profession, such articles now represent a substantial proportion of our business. In the butter and cheese markets, our associated company has installed the most modern machines to meet the rapidly increasing trade demand for a pure butter wrapped and branded in VzVo and lib packets. Another new development is the manufacture of a packet cheese without rind or waste, packed in cartons. Our other departments have maintained their turnover, and generally we regard the position of the business as being healthy and ready for any upward turn in trading possibilities here or abroad. BANK OF NEW ZEALAND. AUSTRALIAN BUSINESS. Abstract of average liabilities and assets of the undermentioned bank in its Austra. lian business for the quarter ended March 31, 1931, prepared in accordance with the Commonwealth Bank Act, compares with abstracts of the previous quarter, and of the corresponding quarter of 1930, as follows:— BANK OF NEW EALAND. Quarter ended Mar. 31. Dec. 31. Mar. 31. 1930. 1930. 1931. LIABILITIES. £ £ £ Bills 11,784 6,758 13,021 Deposits Bearing int. .. 518,041 751,702 7. r !8,26!) Nnn-int 385,217 413,894 428,613 Total 915,042 1,172,354 1,150.503 ASSETS. Coin 170,199 8,513 8,532 Bullion — 772 1,340 •Aust. notes ... 57,462 262,141 217,581 Govt, sees 5,121.941 5,018,069 5,257,000 Landed property 56,344 110,020 110,04S Due from banks 1,139,171 894.224 1,080,240 Bills of banks .. 14,536 12.509 13,521 All other assets 2,370,063 2,885,544 2,601,215 Total assets 8,968,716 9,192,092 9,293,477 * And cash with Commonwealth Bank. SUGAR OF MILK COMPANY. CRITICAL POSITION. The directors of the New Zealand Sugar of Milk and Casein Company, Led., have issued a circular letter to shareholders, calling a meeting of preference shareholders. The letter states:— " The directors regret that the prospects of the company have not improved since they reported to you in their circular of October 20, 1930. A critical position has

now arisen, and makes it necessary to call the preference shareholders together. The bank overdraft stands at £40,000, and the bank refuses further accommodation. The overdraft is secured by debentures over all the assets, including the uncalled capital, and by the personal guarantee of Sir Ernest Debenham to the extent of £30,000. Sir Ernest Debenham is liable for uncalled capital, £11,250. lie has also advanced £5000 by way of loan. He refuses to .nake further advances, and has cabled suggesting that the capital be increased by £10,000 in preference shares, 5000 to be subscribed by preference shareholders and 5000 to be allotted to him in satisfaction of his loan. Whether preference shareholders desire to do this is for them to say.'' The letter then discusses the alternatives. " This is not a meeting of the company," the letter adds, " but a meeting called to lay the position in detail belore preference shareholders, with a view to ascertaining whether any sucli sliaie.-o.ileis desire to subscribe for 5000 further preference shares on the lines suggested in Sir Ernest Debenham's cable. If it is clear that further finance can be obtained in this way, the necessary steps to create and issue the shares would then be taken." MAY CARRY ON. SOUTHERN CROSS GLASS CO. An extraordinary meeting of share" holders of the Southern Cross Class Company of New Zealand, Ltd., was held at Ashburton on Saturday evening for the purpose of discussing the question of winding up the affairs of the company. Mr. L. L. Cordery (chairman) presided, and there was a large and representative attendance of shareholders from all parts of the Dominion. After detailing the exceptional difficulties with which the company had been faced in recent months, Mr. Cordery said the directors had no wish to wind up the company, but the position was so grave that honesty to shareholders and creditors compelled them to call this meeting, in order to give the shareholders every information and leave it to them to decide whether to liquidate or find new capital to carry on with when the economic conditions improved. Meetings of shareholders had been held in other centres, and judging from the opinion which had been expressed at those meetings, he said, there was a strong desire on the part of shareholders that the business should be carried on. Therefore, in order to ascertain their views, he desired to move the following resolution:— "The directors having stated their intention of numerically strengthening the board by the election of the Hon. A. S. Malcolm and Messrs. S. Ritchie and E. P. H. Burbury thereto, this meeting resolves that the whole of the affairs be referred to the directors with full power to act on behalf of shareholders." The resolution was carried unanimously. NEW AUCKLAND COMPANY. The following public company has been registered in Auckland:— West Coast Gold Development Company. Ltd., gold prospectors, miners, etc. Capital: £2500, in £1 shares. Subscribers: Harold Eaton Goodwin, Noel Harry Eugene Hockin, Robert Ballard Wilson, William Burns Souter, Albert Nelson Duder, Kathleen Alexandra Martclli and Beth Armstrong, one share each. The principal object is to acquire and take over from the West Coast Gold Concessions, Ltd.. the gold mining claim, water rights, boring plant, mining concessions and undertaking of that company at the mouth of the Forks River, Wesfland.