COMPANY AFFAIRS.

Auckland Star, Volume LIX, Issue 259, 1 November 1928, Page 4

COMPANY AFFAIRS.

SHARLANO AND COMPANY

DIVIDEND 7 PER CENT

The directors in Skarland and Company, in their report on operations for the year ended August 31, report that. after providing for all bad and doubttul debts, full depreciation of plant, taking stock at saleable prices, and payment or' interim dividend, there remains a balance o£ £10,075 11/8 to be dealt with, including the sum of £4985 7/2 brought forward from last year's account. Appropriation is recommended as follows:— In payment of dividend, 7 per cent for the year, leas interim dividend of 2& per cent, paid May 10 last, £5625; to carry forward to next year's account (providing for income tax), £4450 11/8. Mr. W. Watson, chairman, k the retiring director and offers himself for reelection.

Results in recent years have been as follow:—

Gross Net Reserves. profit. profit. Div. Aug. 31. £ £ £ pt .. 1923 .. *14,753 54.014 8,549 7 1924 .. *13.415 49.329 7,412 7 1925 .. »U,WJ 52.194 11,474 7 1926 .. »16,431 50.887 9,043 7 1927 .. •IS.&So 51.499 9,304 7 1928 . . •16.451 50.171 8,215 7 •Including provision for income tax.

The authorised capital £125,000 ha 6 been issued in full, 37,500 in preference and 87,500 in ordinary shares of £1, all fully paid. Outside liabilities are: Mortgages; £23,000; bank and sundry creditors, £31,167.

Chief assets are: Stocks, £96,054; book debts, £51.721; plant and fixtures, £6832; freehold properties. £42,460; bilk receivable, £4039.

WAIRARAPA FARMERS' CO-OP

SHARE VALUES REDUCED.

At the annual meeting of the Wairarapa Farmers' Co-operative Association shareholders accepted the suggestion of the directors, that in order to eliminate the debit balance of £85,100 in the appropriation account, ordinary shares should be reduced 6/8 in the £.

In the course of a general discussion Mr *.. Whitcombe remarked that it seemed unla V, , that the ordinary shareholders should boar the whole of the brunt of the losses and the preference shareholder*, none. To reduce the shares to 6/8 in the £ seemed to be making them unnecessarily low. He suggested that an undertaking bo given that the shares be written far as ,j he sur l >l,,s °f assets o%er liabilities would warrant Mr. Robertson said that he did not und n e^kin7 Uld * t0 giVe » tract with the preferential shareholder" The ordinary shareholders would share in t well tZ\£ TO ?V ty ° f he as well as the preference shareholders.