COMPANY NEWS

Press, Volume LXXXIII, Issue 25270, 23 August 1947, Page 5

COMPANY NEWS

K.D.V. Boxes Dividend.—K.D.V. Boxes is recommending a dividend of 6 per cent, for the year, payable on October 8, against 7 per cent, last year.—(P.S.S.) Milburn Lime Dividend.—The directors of Milburn Lime and Cement. Ltd., recommend a final dividend of 7d a share for the six months ended July 31. making a total distribution of 5 per cent, for the year. The dividend is payable on September 29.—(P.A.) Whittome. Stevenson’s Earnings.—An increase in net profit of £2433 to £5501 is shown in the accounts of Whittome. Stevenson and Company, Ltd., for the year ended June 30. The result is struck after setting aside £BOOO for taxation, against £9500 in the previous year. Dividend for the year is raised to 7*/ a per cent, (final 5 per cent..), against 6 per cent, previously. The dividend absorbs £2306, and the directors intend to transfer £2OOO tn. general reserve, leaving £1195 to increase the carry-forward to £4676. Gross profit was £28,503, an increase of £596. Interest on Government stock yielded £34. A sum of £334 was allowed for depreciation, . against £329. The directors report ample stocks for the forthcoming year’s requirements. Capel Court, Ltd.—A dividend of 31 per cent, is recommended for the year,, against 3 per cent last vear, payable September 1 (ex Avgust 28). Wilcox Mofflin Issue.—Wilcox Mofflin, Ltd., Australian skin merchants, will make a new issue of 100,000 shares of Ils each at par. The issue will be on the basis of one for every five shares held. The shares will rank for dividend from October 16 next. Present paid capital is £275,000* in 500,000 shares of Ils fully paid Dunlcp Rubber Australia, Ltd.—The board announces that net profit tor the year ended June 30 last, subject to final audit, amounted to £509.830. It will recommend to shareholders navment of a final dividend of 5 per cent, for the half-year on the cumulative preference shares, making 10 per cent, for the year, and a final dividend of 4j per cent, on the ord inary shares, making 8 per cent, 'or the year. If approved the dividend will be paid on September 30. The register of members and transfer books will be closed from September 6 to 20, both days inclusive. Advice to this effect has been received by the Stock Excharir-e Association of New Zealand. Net profit the previous year was £404,623, and ordinary dividend was 5 per cent. COMPANIES REGISTERED The following company registrations appear in this week’s "Mercantile Gazette”:— Greer and Gee, Ltd. Registered as a private company August 7. Office: 137 Hereford street, Christchurch. Capital: £5OOO in shares of £1 each. Subscribers —Christchurch: S. R. Gee 2500, L. B. Greer 2500. Cbjects: motor-car dealers and incidental.

Coffey (M. M.) and Sons, Ltd., registered as a private company August 8 Office: Main North road, Temuka." Capital £9OOO in shares of £1 each. Subscribers— Temuka: M. M., E. E., and K. J. Coffey 3000 each. Objects: Farmers, stock breeders, and incidental.

Emms and Le Gros, Ltd Registered as a private company August 11. Office: 161 Hereford street, Christchurch. Capital: £l5OO in shares of £1 each. Subscribers— Christchurch: D E. Le Gros 750, H. B. Emms 750. Objects: printers, stationers, and incidental.

RIGHTS OF PREFERENCE SHAREHOLDERS

LITIGATION IN TARANAKI Objections by preference shareholders to the cancellation of £79,069 of dividend arrears by Newton King, Ltd., were discussed in the Supreme Court at New Plymouth, last week. The firm wishes to e nine years’ arrears, totalling £86,143, by distributing one year’s dividend aggregating £9074. The firm’s proposal involves also an adjustment of preference share dividends payable from May 1, J 947. These would have a minimum rate of 5 per cent., but in the event of the dividend on ordinary shares being in excess of 4 per cent, preference shares would bear a dividend not. exceeding 6 per cent. The decision to cancel the arrears was made at special meetings of shareholders at New Plymouth on May 29, 1947, but a condition was that it should be subject to confirmation by the Supreme Court. It is this confirmation that the firm seeks in a petition to the Court. Because of the considerable volume of material to be examined by the preference shareholders before they can present their case to the Court the hearing was adjourned by Mr Justice Cornish to the November sessions at New Plymouth. It was agreed that the interests of neither side would be prejudiced by the adjournment.

It was mentioned during the proceedings that 47 preference shareholders opposed the proposal at the shareholders* meeting, either personally or by proxy. Of these, about half are opposing the company’s petition, including certain preference shareholders in the Auckland district.

A.M.P. Society.—Due to health reasons, Sir Samuel Hordern has resigned from the principal board of the A.M.P. Society. of which he has been chairman for the last 15 years. Mr Cecil H. Hoskins has been elected chairman, and Sir Frederick H. Tout becomes deputy chairman. Mr Thomas A. J. Playfair, M.L.C., has been appointed a director. Mr Lyell B. Robinson has been appointed to the society’s United Kingdom branch board to fill a vacancy caused by the retirement of Lord Pentland.