COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 57, 9 March 1931, Page 4

COMPANY AFFAIRS.

GISBORNE SHEEPFARMERS. POSITION OF DEBENTURES. (By Telegraph.—Own Correspondent.) GISBORNE, Saturday. In 1921 the Gisborne Sheepfarmera Company issued £300,000 worth of debentures, with a term of 10 years, interest at IY2 per cent per annum, free of taxation. These debentures in the ordinary course would fall due for redemption in August, but the holders were called together to consider the following alternatives to redemption:—

That the trustee for the debenture holders be authorised to consent to a lease of the Kaiti freezing works from the Gisborne Sheepfarmers' 1 Frozen Meat and Mercantile Co., Ltd., to the Gisborne Refrigerating Co., Ltd., the subsidiary company formed some time ago to carry 011 the freezing for both the Gisborne Sheepfarmers' and Nelsons' (N.Z.), Ltd.

That the sale of the lightering plant of the company to the Gisborne Lightering Stevedoring Co., Ltd., be consented to.

That the interest rate payable on debentures be reduced from 7Yt per cent to 6% per cent per annum, with the removal of the obligation now resting on the company for the payment of debenture and other taxation on this interest.

And that the term of the debentures be extended by 10 years.

These proposals were agreed to with certain minor alterations. The company was freed from liability from taxation 011 condition that it pays the trustees for the debenture holders £1500 per annum for a sinking fund to go toward meeting the debt 011 maturity. The lease of the works was agreed to subject to the proviso that the debenture holders have the right to terminate the lease at the end of 10 years, and that the shares in the Gisborne Refrigerating Company held by the parent company should be assigned to the debenture holders. The sale of the lightering plant was made subject, to the parent company assigning to the debenture holders as collateral all its shares in the lightering company, and subject also to payment to debenture holders of £2000 cash.

Mr. H. Willis, representing the New Zealand Insurance Co., Ltd., as trustees for the debenture holders, presided at the meeting.

AMALGAMATED WIRELESS. LOWER DIVIDEND RATE. The directors of Amalgamated Wireless (Australasia), Limited, have declared an interim dividend at the rate of (3 per cent per annum for the half-year ended December 31, 1930. The dividend will be paid on March 25. Last year the company paid a dividend of 10 per cent per annum. DUNLQP RUBBER COMPANY. INTERIM DIVIDEND PASSED. The secretary of the Dunlop Perdriau Rubber Company has advised the secretary of the New Zealand Stock Exchange Association that an interim dividend of 5 per cent will be paid on preference shares for the half-year ended December 31, 1930. There will be no interim distribution on ordinary shares. The preference dividend is payable on March 31. WESTPORT COAL OUTPUT. The output from the mine of the Westpont Coal Company for February amounted .to 21,636 tons, a -decrease of 13.330 tons on the output for the corresponding period last year. NEW REGISTRATIONS.

The following recent registrations have appeared in the "Mercantile Gazette";—

Public Companies. Woodville Amusements, Ltd. Capital: £3500, in 3000 preference shares of £1 each and 500 ordinary shares of £1 each. Subscribers: Woodville—J. Sullivan 250, W. A. Lyon 250, J. Elder 250, C. Munns 200, S. Turnbull 250, E. M. Tyerman 100, A. Milne 250, F. W. Ebbett 250, R. H. Morgan 250, 0. W. Squires 100; I. Desmond 50. Wellingto'h—Kemball Theatres, Ltd., 495, ,T. H. Miles 1, A. C. Davis 1. W. J. Mason 1, W. R. Kemball, jun, 1, W. R. Kemball 1. ,Objects: To carry on business of motion picture, theatrical and music hall proprietors and general incidental. Awatuna Extended Gold Dredging Co. (no liability). Capital: £15,000, in 150,000 shares of 2/ each. Subscribers: Oliai—W. J. A.'McGregor. Wellington—lv. D. Duncan, T. J. Thurnian, J. G. Hareourt, B. H. H. Edkins. Christchurch—H. Bicknell. Auckland—A. S. White, 500 each. Objects: To purchase, take over, and acquire mining rights and privileges and general incidental.

Private Companies. Otaki Amusements, Ltd. Office: Courtenay Chambers, Wellington. Capital: £2000, in 2000 shares of £1 each. Subscribers: Wellington—Kemball Theatres, Ltd., 1995, A. C. Davis 1, W. R. Kemball 1. J. H. Miles 1, W. P. Kemball, jun., 1, W. J. Mason 1. Objects: To carry on business of motion pictures, theatrical and music hall proprietors N and general incidantal. A. H. Miles and Co., Ltd.,/ Wellington. Capital; £10,000, in 10,000 shares of £1 each. Subscribers: Palmerston North— F. J. Nathan 1, H. E. Pacey 1. Wellington—C. J. Nathan 1, T. M. Pacey 1, Joseph Nathan and Co., Ltd., 9996. 'Objects: To carry on business of manufacturers and importers of and dealers in sports goods and accessories at present carried on under the style of A. H. Miles and Co., and general incidental.

Industrial Films (N.Z.), Ltd., Christchurch. Capital: £500, in 500 shares of £1 each. Subscribers! P. W. Reeves 240, T. S. Harris 240, R. de G. Robilliard 20. Objects: To carry on the business of sound and cinematograph film producers in'all its branches.

Winter and Phelan, Ltd. Capital: £300, in 300 shares of £1 each. Subscribers: Auckland—,T. T. Winter 100, E. J. Phelan 100, J. H. Hunter 100. Objects: Land agents, etc., and incidental. Increase of Capital. Dawson Printing Co., Ltd. Capital increased to £7000, by creation of 1000 cumulative preference shares of £1 each, 8 per cent. Bridgens and Co., Ltd. Capital increased from £12,000 by addition thereto of £8000. in 6000 shares of £1 each ordinary and 2000 preference shares of £1 each. Marky Films, Ltd. Capital increased to £ 13,000 by creation of 3000 new shares of £1 each. j '