"Company's Resources Were Not Dissipated”

Press, Volume C, Issue 29477, 1 April 1961, Page 15

"Company's Resources Were Not Dissipated”

The board of directors of Mason Struthers and Company, Ltd., "takes strong exception" to the statement that the liquid resources of the company have been dissipated in the recent capital reconstruction. The Mason, Struthers statement was issued yesterday by the chairman (Mr Vernon C. Mathews) in reply to references to his company made in a recent circular to shareholders in Dominion Builders’ Supplies (Christchurch), Ltd. by the chairman of that company (Mr G. W. Fairweather). The Dominion Builders’ circular referred to proposals which were made last year for the acquisition of a majority holding of the share capital of Mason. Struthers. It said: “These proposals . . were negated when the reconstruction of that company included the dissipation of the liquid resources by making the shares fully paid up. ■ Aneta Written Up _ “My board objects to this interpretation of the facts" said Mr Mathews. “The basis of the reorganisation of the napatal of Mason, Struthers, as fully set out in the circulars and notices issued at the tune, was the writing up of our company’s land and buildings to Government valuation and the distribution of the consequent capital re-

serve by way of bonus shares, including the removal of the unpaid liability on the partly paid shares,” he said. “The liquid resources of Mason, Struthers remain untouched. The statement that they have been ’dissipated’ is therefore inaccurate and unwarranted,” Mr Mathews concluded. Customs Receipts Customs receipts in Christchurch for the 1960-61 financial year amounted to £11,458,696, an increase of £330,634 on the previous year's figure. The total receipts comprised customs and excise dutv. £6 884,138 (£6,538.484 last year), petrol tax. £2,128353 £2.042.587), sales tax, £2,391.178 (8M98.443) duty on £7622 (£2884). light dues £15,846 (£16.722). Xd miscelreceipts, £23.559 £28.9*2). Receipts for March, at £1,068,111, were also £134.911 up on the figure for March last year. March receipts comprised customs and excise duty £597.209 (£529,782), petrol tax, £183,812 (£193.928). sales tax, £281.556 (£206342). duty on tyres, minus £266 (£256). light dues, £lOlB (£1503). and miscellaneous receipts. £4723 DUNEDIN Customs returns for March at the port of Otago were:—Customs £185,Ml (£223325 last sales tax. £82,647 (£71681); tyres, £43 (£49); petrol, £93.056 (£96,370); miscellaneous. £141.912 (£130437); total. £505,576 (£521682). Revenue for the year ending March 31 1961. with figures for the year 1960 in parenthesis were: Customs, £2530657 !£lJ®y-762): tyres, £2131 petn ?- A1.<n3.0#3 (£1,037307): miscellaneous. £1334.721 (£1.425.440); total £5360,616 (£6364,062). Swza one . for - SevensSwan Brewery Company, Ltd., Perth, has announced a one-for-ssven bonus issue of 5s ordinary shares and a lift in the interim ordinary dividend from 5 per cent, to 7J per cent