COMPANY AFFAIRS.

Auckland Star, Volume LX, Issue 37, 13 February 1929, Page 4

COMPANY AFFAIRS.

FARMERS' TRADING CO

REDEMPTION OF DEBENTURES

In order to meet £129.000 worth 01 debentures falling due in 1930 an issue ot" B preference shares, and ordinary shai'i's; up to between £80.000 and £100,000 is being made by the Farmers' Trading Company, Limited. The company lias 2715,940 nnUniiPil ordinary shares and 182.033 unissued B preference shares. In accordance with a promise made at a meeting in December, present shareholders are being given tlie first right to the new shares.

The B j.reference shares are 14/ each and bear uiunnlative preference dividend i.f 7 per cent free of income tax and in addition are eligible to share to the extent of b'' each ill any distribution of surplus profits in the future. The ordinary shares are 8/ each and are eligible to share in any distribution of future profits to the extent of 12/ each. In a circular to shareholders the chairman of directors, Mr. James Boddie. says that while there is no guaranteed dividend for the ordinary shares, it is the present intention of the board to recommend a dividend ot" 10 per cent for tile current year.

SOUTHLAND MEAT CO. The forty-seventh report of the directors of the Southland Frozen Meat and Produce Export Co., Ltd.. for the year ended December 31. 1928. is as follows.: — The balance available for appropriation, after making the usual provision for contingencies and repairs, and the payment of an interim dividend of six per cent at the half-year, is £36.!>20. which the directors recommend should be disposed of a≤ follows: —

Further (livi<l.>nd nf G p.-r cent on paid-up capital I'arried forward

ti.STJ ao.iuT

The balance-sheet shows the paid-up ■ iT'ital to be £113..347, with various reserves totalling £100,1X10. Sundry debtors Hud contingent liabilities amount to £50.049, and these items, with £36.920 balance of profit and loss account, make a total of £300,516. Properties, buildings and plant are set down at £120.927, stores and stocks at £16.222. consignments unrealised £.3859. sundry debtors and mortgages £16.256, investments £'.)'J.812. bank balance and deposits £40.60", and cash in hand £834.