COMPANY AFFAIRS.

Auckland Star, Volume LXVI, Issue 129, 3 June 1935, Page 4

COMPANY AFFAIRS.

"SUN" NEWSPAPER. AGREEMENT FOR SALE. Details of the provisional agreements with New Zealand Newspapers, Ltd and the Christchurch "Press" Co., Ltd., for the sale of the goodwill ot the oun newspaper are set out in a circular issued to shareholders of "Sun" Newspapers* • Ltd., by the directors. The terms arc as follow: — "15,000 shares of £1 each in New Zealand Newspapers, Ltd. /,.'•.. *3000 shares of £5 each in. the Christchurch ''Press'' Co., Ltd. "£SOOO in cash from New Zealand Newspapers, Ltd., which is given m the hope that it will assist in the generous treatment of employees of "Sun" Newspapers, Ltd. "The purchase out of the proceeds of the realisation of assets 2000 additional shares of £5 each in the Christchurch "Press" Co., Ltd., at a premium of 50 ' per cent." The circular states that the realisation of the property, plant, and other assets of the company is estimated by Mr. C. W. . Earle, president of the Newspaper Proprietors' Association, to yield at least £47,780. The directors are recommending the offer for acceptance by shareholders. A meeting of shareholders has been called for June 24, when special resolu- j tions concerning the sale and winding-up , proceedings will' be proposed. It is provided that the liquidator "distribute; among the members of the company in; specie the shares to be received under tlie agreements, fractions of shires to be dealt with in such way as he may think fit ■ by way of aggregation and sale or other- ■ wise." Dealing with the proposed cash pay- • ment of £5000 to assist employees, a resolution provides that the liquidator be "authorised to pay to the heads of , departments three months' salary in lieu oF notice and to' all other employees, if of 10 years' service or more, eight weeks' salary or wages, and if of less than 10 years' service, four weeks' salary or wages." . • On the requisition of certain share- . holders the company recently called a meeting for June 5. It will be proposed ■ at this meeting to adjourn consideration - of the business until June 24. PERPETUAL TRUSTEES. FINAL DIVIDEND 1/. - (By Telegraph.—Own Correspondent.) DUNEDIN, Saturday. The report of the Perpetual Trustees, •Estate and Agency Company of New Zea- • land, Limited, for the year ended April 30, .shows a set'profit of £6033, against £6320 .in the previous year. The amount brought •forward from the previous year was • £3382, from which has since been paid •income tax for that year,.an interim divi- • dend for the half-year ended October 31, 1934, the company's contribution to the | staff benefit, fund, and a contribution to the Mayor's relief fund, leaving a balance of £732. AVith .the year's profit, the amount available is £6765. The directors recommend the following I appropriations:—Payment of a final dividend of 1/ a share for the half-year ended April 30, 1935, £1250; writing off premises, £258; writing off office furniture and fittings, £193; staff benefit, contribution, £500; transfer to investments fluctuation account, £1250; carry forward to next year (subject to income tax), £3314. The dividend for the year-is at the rate of 11 1-9 per cent, equal to the distribution in 1932 and 1033. Last year, payment of a jubilee bonus increased the rate to 16 2-3 per cent. ' GORDON AND GOTCH, LTD: .' NO CHANGE IN DIVIDEND. The directors of Gordon. and Gotcli •'(Australasia), Limited, have declared the • usual half-yearly preference dividend of 4 per cent, and a half-yearly ordinary dividend unchanged at 5 per cent, both payable on June 18. - OAMARU WOOLLEN CO. OFFER TO PURCHASE. A Southern report states that it is understood a syndicate has, ottered to purchase the, whole of the shares of the 'Oomaru Woollen Factory Co., Ltd. .The i purchase price is not stated, but it is "believed that a return of 13/6 on the £1 'shares of the company would be payable on realisation of the assets should the 'negotiations result in a sale. The last dividend'paid by the company, which is 'not listed .on the Stock Exchange, was 4 per cent, .in 1929. NATIONAL TIMBER CO. A BRIGHTER OUTLOOK. Presiding at the annual meeting of shareholders in the National Timber Co., held'yesterday, the chairmen of directors, Mr G J. Browne, said the company a profit had doubled in the past year, and twice the previous dividend had been paid He expected that the present volume of trade, would be maintained, and conditions generally were brighter. A good deal of money had been 6pent in reconditioning the plant and properties, and much of this expenditure would not be recurring. 'J-i Several shareholders expressed satisraction with the progress of the company and the improvement in ite finances. _ The report and balance-sheet, which were published in the "Star" on May 15, were adopted. The retiring directors, Messrs. H. T. Smythe and J. P. Wright, were re-elected. PARKER, LAMB COMPANY. REORGANISING BUSINESS. Speaking at the annual meeting yesterday of the Parker, Lamb Timber Co., Ltd., the chairman of directors, Mr. J. A. Lamb, said the company had experienced another unfortunate year, and conditions ■were still adverse in the kauri timber trade in Auckland. The directors had under consideration a scheme for the of the finances and business of the company, of which shareholders would be further advised later. The report ami balance-sheet, which appeared in the "Star" on May 24, were adopted. The retiring directors,. Messrs. F. M. Nairn and J. E. Guthrie, were re-elected. TRUSTEES AND AGENCY. (By Telegraph.—Own Correspondent.) DUNEDIN, Friday. A net profit £563 higher at £2391 is shown in the accounts of the Trustees, Executors and Agency Company, Limited, for the year ended March 31. With £7886 brought forward, £10,277 is available. An interim dividend of 2% per cent, for the half-year ended September 30 was paid, absorbing £500 and leaving a balance of £9777. ~,,',■ The directors recommend the following appropriations:—A final dividend of ,3% per cent, making 6 per cent unchanged, for the year, £700; to write off freehold property account, £172; and off office furniture and stationery account, £160. The balance to be carried forward, subject' to income tax for the year is £8745. j TOBACCO COMPANY'S DIVIDEND. (By Telegraph.—Press Association.) WELLINGTON, this day. - A cable received by the Stock Exchange .Association says that the directors of -the British, Tobacco Company (Australia), . -Md., have declared a quarterly, dividend "••";£*,."» per cent, payable on June 29.