COMPANY AFFAIRS.

Auckland Star, Volume LXVII, Issue 4, 6 January 1937, Page 4

COMPANY AFFAIRS.

DALGETY AND COMPANY. REDUCTION IN LIABILITIES. ' rr • 1 Terminable debenture liabilities had been reduced by large amount! during the year, and since June 30, the end of the financial year, much more had been repaid, stated the Hon. Edmund W. Parker, ] chairman of directors of Dalgety * and Company, at the annual meeting in London. Special funds were remitted from over-' seas for this purpose. The cost of j exchange, charged to general reserve, 1 reduced it by £100,000 to £400.000. The! long-run saving will be considerable, as J the interest payable on debentures re-1 deemed averaged about 5 per cent. Dalgety and Company, Mr. Parker said,j continued to be the largest wool-selling! house in the world. In 1935-36 it sold in! Australia, JCew Zealand and London 1 608,175 bales, against 613,115 bales in the! 1934-35 season. j Shareholders were being asked, con- 1 tmued Mr. Parker, to vote £25,000 to the staff provident fund. Up to 1931 this had been the custom, but during the depression the annual vote had been reduced. In view of the improved results, however, j it had been felt advisable to revert to the earlier figure. UNION BANK. INCREASED DIVIDEND. ' (Received 10 a.m.) LONDON, January 5. The directors of the Union Bank of Australia have announced that they will recommend the payment of a final dividend for the year of 3/ per share in sterling, free of tax, making 5% per cent for the year. La«t year a dividend of 5 per cent was paid, and again this year there wai an interim payment at the same rate. CENTENNIAL COMPANY. SHARE APPLICATIONS. \ . As the Wellington Centennial Exhibition Company must go to allotment by January 25. the Mayor of Wellington, Mr. T. C. A. Hislop, is very anxious that private persons and business concerns intending .to take up shares should do so at once. The capital of the company is £ 150,000, and £75,000 is needed to permit, it to go to allotment. Of this £75,000 rather more than £65,000 is now in hand, and promises already received are sufficient to cover the additional capital required by January 25. However, unexpected delays have occurred in the case; of certain firms with head offices overseas, and it may be a little time vet before i finality is reached in their applications.