Company News NEW ZEALAND AND RIVER PLATE

Press, Volume XCVII, Issue 28536, 15 March 1958, Page 11

Company News NEW ZEALAND AND RIVER PLATE

Balance Of Profits Remitted < The New Zealand and River £late Land Mortgage Company, Ltd., London, has been kble tb remit the balance of Argentine oeso currency profits of earlier years, says the directors’ report for the year ended October 31. These remittances have been effected ’at exchange rates considerably less favourable than those ruling at the time when the profits were earned. Remittances of capital are still prohibited by the Argentine exchange regulations, the repot-t says. The free market rate of exchange fluctuated considerably during the year and there is as yet no indication that the value of the peso. in the free market has achieved stability. The Fate ruling at October 31 was 1100 pesos to £l, against 86.95 pesos at October 31, 1956. Remittances were made during the year at an average rate of 104.95 pesos in respect of the outstanding Currency profits of previous years. The balance-sheet shows British investments valued at £517,882, against £486,452 in the previous year. Investments in Argentina have been reduced from £16,382 to £14.629 and loans on mortgage from to £63.987. Paid capital is £700.000 in £1 shares. After providing £23,204 for the difference in exchange on net currency assets (against £3B in the previous year), there was a net profit of £5445, which compares with £27,755 in 1956. The debit balande is reduced to £104,373. There is again no dividend.