COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 196, 20 August 1931, Page 4

COMPANY AFFAIRS.

CANTERBURY FROZEN MEAT

DIVIDEND DEFERRED

The directors of the Canterbury Frozen Meat Co. have notified shareholders that, in view of the uncertain market prospects for the company's products, the consideration of a dividend on ordinary shares has been deferred until the end of the financial year. An interim dividend of 3 per cent on preference shares has been declared. GREY AND MENZIES. Mr. A. B. Roberton, chairman of directors, presided at the annual meeting of shareholders in Grey and Menzies, Ltd., yesterday afternoon. The report and balance-sheet (previously published) was adopted. These included the payment of a dividend of 7 per cent on the preference and 4 per cent on the ordinary shares. Messrs. R. R. Menzies and T. B. Clay were re-elected directors. MASON, STRUTHERS' YEAR. Directors of Mason, Stmthers and Co., Ltd., Christenurch, report for the year ended June 30, a loss of £8689 15/11 on the year's operations. This is to "the present financial depression and the consequent reduced purchasing power of the public, resulting in considerable r<jr duction in sales as compared with lasi year's returns. As forecasted lost ye-ir, stocks have been reduced by nearly onefourth with a corresponding fall in thu company's liabilities. The amouirt owinp: to depositors and sundry creditors is £27,092 4/7, compared with £53,523 3 2 last year, a reduction of approximately 50 per cent. As the balance in the profit and loss account has been reduced to £2822 2/2, "the directors regret that they cannot recommend a dividend tins year, because with the uncertain future it appears necessary in the shareholdere' interests to maintain their strong financial position." . L , Liabilities include paid-up capital £110.000, deposits £400, sundry creditors reserve for taxes, bad debts and interest £4014, staff superannuation reserve £4340. reserve account £33,000, balance to profit and loss £2522. Assets include freehold and leasehold properties (less mortgages thereon) £50,379, stocks £9!),235, plant and furniture, £AWx, sundry debtors, £24,659.