N.Z. BREWERIES, LTD.

Press, Volume LXV, Issue 19665, 8 July 1929, Page 10

N.Z. BREWERIES, LTD.

DETAILS OF REARRANGEMENT OF CAPITALISATION. i At the annual meeting of shareholders of 1 New Zealand Breweries, Ltd., to be held at Wellington on the 17th inst., the following resolution will be submitted; That with a view of rearranging the capitalisation of the company on a baeis which will be fair and equitable to the interests of the shareholders and debenture stockholder* oi the company and m order to provide for future poesibiiuies, the following recommendation oi the directors be approved and adopted: (a) That capital of the oompanv be increased to £2,000,000 by the creation "of 1,51*0,000 shares oi £1 each, (b; That the sum of £250,000 6e distributed out oi the reserve funds of the company by way of bonub to the shareholders in the form of an allotment of one fully paid up share for every two shares held by such shareholders; and (c) That the debenture stockholders of the company be granted the option until January 10th, 1930, of exchanging as *rom April Ist, 1930, their debenture stock for fully paid up shares in the company in the proportion of two pounds of debenture stock for one fully paid up share. It the above resolution is carried, the shareholders will be asked to pass the following resolution to give effect to it: (1) That the capital oi the company be into £2,000,000 by the creation oi 1,500,000 ehaiea of £1 each. (2) That it is desirable to capitalise a sum of £250,000 (being part of the undivided profits or other moneys standing to the credit ot the company's reserve funds) and accordingly that a> special capital bonus of £250,000 be declared as at the 31st day of ilarch, 1930, and that such bonus be applied on behalf of the persons, who on the 31st day of March, 1930, are the registered holders of the 500,000 shares of the company, in payment in full for 250,000 shares of the company oi £1 each, and that such 250,000 shares credited as fully paid be accordingly allotted to such persons respectively in the proportion oi one of such shares for every two of the said 500,000 shares then held by such persons respectively, and the directors are hereby authorised to allot such shares accordingly, and to deal with fractional shares which cannot be directly allotted to such holders in such manner as they may determine, and that if necessary a proper contract shall be filed in accordance with section 97 of the Companies Act, 1908, and the directors may appoint any person to sign such contract on behalf of the persona entitled to the benefit thereof. (3) That the holders of the debenture stock issued by the company now current be granted the option of exchanging as from the Ist day of April, 1930, the debenture stock held by them respectively for fully paid up shares of £1 each in the company in the proportion of two pounds of such debenture stock for one of such fully paid up shares, such option to bo exercised by the respective debenture stock holders in writing' addressed to the directors of the company in Wellington on or before the 10th day of January, 1930 (4) That one fully paid up share of £1 in the company be allotted on the Ist day of April, 1930, to each debenture stock holder, who shall on or before the 10th day of January, 1930, exercise the option for conversion granted to him or her by the company, in satisfaction and discharge of every £2 of debenture stock surrendered by him or her to the company on the Ist day of April, 1930, for cancellation and in exchange for such shares in terms of such option, and in the event of any such debenture stock holder being entitled upon such exchange to a fractional share, then such fractional share shall be dealt with by the directors of the company for the bene<Bt of such debenture stock holder in such manner as they may determine. (5) That for the purpose of the filing by the company of a contract in terms of section 97 of the Companies Act, 1908. in order to evidence the title of the several debenture stock holders to the fully paid up shares to be issued to them respectively in exchange for their respective debenture stock the directors of the company mav appoint any nerson to »>ign such contract on b-half of the several dMynture stock holders entitled to such shares as aforesaid.

LIPTON'S LOSSES. £1,839,920 TO BE WRITTEN OFF. The big sum of £1,839,920 is to bo written off the goodwill and assets of Lipton, Limited, under a reorganisation scheme now put forward (states the London "Daily Mail"). Afl much as £1,315,620 of this is to be written off goodwill, leaving that item at £IOO,OOO. To provide for these losses each £1 preference share is to be written down to 12s, part of which will be converted into ordinary stares, and each £1 ordinary share is to be written down to Is. Arrears of preference dividend amounting to £340,000 are to be cancelled. Lipton, Limited, was formed in 1898 to take over Sir Thomas Lipton's business. Of the original capita) of £2,000,000 a third was -taken by Sir Thomas as part of the purchase price and two-thirde was issued to the public. For the year 1919-20 the profits reached £378,229, and up to six years ago 12J per cent, dividends were being paid on the ordinary shares. Then there was a drop to 10 per cent., and for the past five years no dividend has been paid. During the past year or two drastic changes have been made in the management, in which Sir Thomas Lipton has ceased to take an active part, although he holds the appointment of honorary life president. For the nine months ended January sth a profit of £1566 is reported, against a loss of £88,538 for the preceding twelve months. REILLY'S (DUNEDIN) MARKET REPORT. Eeilly's report that all is quiet on the Dunedin market. Deesert pears 6s to 10s, cookers 3s tp 7s; Jonathans, Delicious. Sturmers, 7s to 12s 6d; other dessert, 4s to 7s; inferior over-ripe fruit should not be consigned to this market. Cooking apples, choice 6s 6d to 7s 6d, small, spotted, inferior, difficult to sell; tomatoes, choice wrapped, Is 6d; walnuts, prime Akaroa's, Is; bacon pigs, slightly easier, best obtainable; pumpkins, large, 7e to 8s; small unripe, unsaleable; same apples, vegetable marrows; eggs, guaranteed Is Bd, preserved Is sd; cabbages. 4s 6d: cauliflowers, 6s to 7s 6d: lettuce, Is 6d to 4s; mutton birds, 10s dozen; onions, choice, tables 8s 6d, picklers ss. 8

ROYAL INSURANCE CO. The report of the Royal Insurance Company, Limited, for 1928, shows that in the fire department the net premiums amounted to £6,852,618, and the losses to £3,115,632. After charging commission and expenses of the management and fire brigade contributions, the profit of £818,065 has been carried to profit and loss, from which the sum of £200,000 has been transferred as additional reserve to the fire fund, which now amounts to £7,111.224. The personal accident premiums were £223,989, and the payments under claims £114,942. After charging commission and the expenses of management the profit of £6153 has been carried to profit and loss, and the fund carried forward amounts to JE214,467. The employers' liability premiums were £392,733, and the payments under claims £207,046. After charging commission and expenses of management the profit of £68,932 has been carried to profit and loss account, and the fund carried forward amounts to £491,730. The premiums in the general insurance account were £5,077.483, and the claims paid and outstanding £2,938,220. After charging commission and expenses of management, the profit of £126,546 has been carried to profit and loss account, from which the sum of £300.000 has been transferred to additional reserve to the general insurance fund, which now amounts to £4.355.961. In the marine department the 1927 account has been closed and the profit of £85,308 carried to profit and loss. The net premium for the year 1928 amounted to_ £1.175,883, the claims and expenses to £501,092, and the balance carried forward, including the additional reserve, amounts to £1,674,791.