COMPANY AFFAIRS.

Auckland Star, Volume LVIII, Issue 109, 11 May 1927, Page 4

COMPANY AFFAIRS.

DENTAL AND MEDICAL. I A REDUCED PROFIT. » SnM"*?^ 01 <*e Dental and Medical Supply Co., Ltd., who have just issued the 8 twenty-mnth annual report, regret that 1 i y ?SFJ t SS din * "hows a net profit of r only £352. This reduction, which was ex--8 pected, has been brought about by the big B drop of 27*4 per cent in the price of Anaj toform pin-teeth. As it is thought in some quarters that there will be a further reduction in the price of pin-teeth, due doubtless to German competition in Great 1 Britain, the directors recommend that no dividend be paid. The net profit last year was £3470, and in 1925-26 it was £2908. The dividend paid in both these years was 6 per cent. The chief items from the present bal-ance-sheet are as follow:— Liabilities.—Paid-up capital, £57,798; reserves, £9265; National Bank, £25,320; sundry creditors, £875. Assets.—Stock-in-trade, £34,177; book debts, £14,856; landed property and premises, £33,295; foreign houses, £8650; furniture and fixtures, £2000. ROYAL BANK MERGER. The shareholders of the Royal Bank of Australia, at a special meeting in Melbourne, voted overwhelmingly in favour of the transfer of the business of the bank to the English, Scottish, and Australian Bank. A confirmatory meeting is to be held next Monday, and directly the solicitors agree that details are in order, the purchase money of £750,000 cash and the share consideration of 125,000 shares in the E.S. and A. Bank will be handed to the e liquidators of the Royal Bank. s At the special meeting an interesting ] discussion arose in connection with the f special allowance of £20,000 to be made to e compensate the directors and the general e manager of the Royal Bank for loss of j office. A suggestion was made that half the e sum be allotted among members of the B staff of the Royal Bank. It was explained

j that after the sale was arranged an offer I of an allowance to directors came volun- . tarily from the London board of the E.S. and A. Bank, and the directors were told j that it was usual to make an allowance , of the kind. With respect to the general j manager, the allowance to him of £10,000 cash, a year's salary, and a pension of £500, was only reasonable compensation, at his time of life, for loss of office. The members of the staff were to be taken over with every right carefully safeguarded, and with a wider opportunity for advancement in the employ 6f a larger institution. \ NEW COMPANIES REGISTERED. 1 The following new companies have j been registered:— Macky's Brickworks, Ltd. (private). ; Capital: £3000 in £.1 shares. Objects: To * carry on the business of manufacturers > of, and dealers in, bricks, tiles, pipes, por- * celain, pottery and ceramic wares of all . kinds. . ' Morgon and Docherty, Ltd. (private). .' Capital: £5000 in £1 shares. Objects: To > adopt and carry into effect an agreement 1 to purchase or acquire from Morgon and 1 Docherty, lands, sand, shingle, clay 1 rights, buildings, machinery and plant, and carry on the business.