COMPANY AFFAIRS.

Auckland Star, Volume LXIII, Issue 303, 22 December 1932, Page 4

COMPANY AFFAIRS.

SAN,FORD AND CO

REDUCTION OF CAPITAL. £1 SHARES NOW 7/6. A largely-attended extraordinary general meeting of Sanford, Limited, wholesale and retail fish merchants, held yesterday afternoon, unanimously endorsed the directors' recommendation that the capital of the company should be reduced from £123,000, divided into 105,000 ordinary shares of £1 each, and 20.000 preference shares of £1 each, to £59,375. The reduction is to be effected by cancelling paidup capital which has been lost or is unrepresented by available assets to the extent of 12/6 a share on each of the ordinary shares, and by reducing the nominal amount of the ordinary shares from £1 to 7/6 each. Preference shares will remain unaltered. A resolution was carried that a special meeting be called early in the year to discuss the affairs and policy of the company. NEW ZEALAND AND RIVER PLATE. LESS PROFIT LAST YEAR. Cabled advice has been received by the local attorney. (Mr. It. G. Milligan) of the New Zealand and River Plate Land Mortgage Company, Ltd., that the net profit for the year ended October 31, 1932, was £102,625, including £43,983 brought into the accounts.

At the annual meeting to be held in London on January 17 the directors will recommend that a final dividend of 3 I A per cent be declared, making a total of 7 per cent for the year (less income tax at 5/ in the pound, absorbing £49,000), that £5000 be carried to reserve, leaving £48,625 to be carried forward. Following is a comparison of the company's results for the last three years:— 1030. 1981. 1032. £ £ £ Brought forward 45,910 45,124 43,983 Net profits 72,214 01,800 58,042 118,124 106,983 102,625 To reserve 10,000 — 5.000 Dividend 9 9 7 Amount 03.000 03,000 40,000 Carried forward.. 45,124 43,983 48,025 The reduction of dividend from 9 to 7 per cent for the year is the first alteration made in the distribution since 1928. Prior to that year 8% per cent was paid in 1927, 8 per cent in 1926, 7V4 per cent in 1925, and 7 per ccnt in 1923 and 1924. In 1931 the reserve fund was reduced to £2,335,000 by the transfer of £165,000 to t!ie exchange provision account. The capital of the company is £700,000.

KAURI TIMBER COMPANY,

OUTLOOK MORE HOPEFUL

In his annual address to shareholders of the Kauri Timber Company in Melbourne last week the chairman of directors, Mr. John Bishop, said that the outlook of the company was gradually becoming more hopeful. As stated in the "Star" on December 12, the company made a loss last year of £26.002, and there is a total debit in the profit and loss account of £36,148. No dividend is payable for the year. Mr. Bishop said that some £17,000 of the loss was due to the writing down and adjustment of stocks to present-day values, so that the actual loss attributable to trade was approximately £9000. The fact that the realisable values of stock had fallen much below the cost of production made it imperative to adjust the values to meet the present-day market conditions. It was not anticipated that any further writing down of stock would be necessary, as a steady realisation was taking place at approximately book values or better. During the year, by depreciation and sales, stocks bad been reduced bv £62.828. Mr. Bishop said that the directors were continuing the policy of keeping the company in a sound financial position, feeling sure that bv so doing it would be best able to withstand any adverse contingencies likely to arise. NEW REGISTRATIONS.

The following new registrations have been made:— . Branches Flat Prospecting Co., Ltd. Capital: £1600, into 1600 shares of £1 each. Subscribers: Auckland—R. A. McLean, W. N. Leatham, A. G. Hirst, G. W. Richardson, A. C. Ducat, J. E. Kay W. p. C. Hay, 5 shares each. Objects: Goldmining, etc., and incidental. . Aitkens veterinary Supplies, Ltd. Capital: £875, into 875 shares of £1 each. Subscribers: Auckland—C. A. Aikin 32;j, J. McLean 325, o. W. S. Macklow 22.-). Objects: Merchants and dealers in veterinary preparations, etc.. and incidental. A. R. White and Co., Ltd. Office: Karangahape Road, Auckland. Capital: £200, into 200 shares of £1 each. Subscribers: Auckland —A. R. White 100, H. L. White 100. Objects: General and produce merchants, agents, etc., and incidental. Increase of Capital. Roneo Office Equipment Co., Ltd. Capital increased to £2430 by creation 1315 shares additional of £1 each.

Reduction of Capital.

A. B. Donald, Ltd. Capital reduced to £41,250 into 75,000 shares of 11/ each. Order Supreme Court.