RIVER PLATE MEAT

Dominion, Volume 21, Issue 290, 7 September 1928, Page 14

RIVER PLATE MEAT

The River Plate British and Continental Meat Co., Ltd., has entered into an agreement with Messrs. Armour and Co., Ltd., whereby Armour and Co. guarantee to the company the amount (.9150,000) annually required for the interest and sinking fund on its 7 per cent, first debentures aud 8 per cent, preferred charge stock. The agreement is for a period of five years commencing August 1, 1928, and is subject, inter alia, to a continuance of the Shipping Conference. The agreement provides for the operation of the works and the commercial management of the River Plate Company by Armour and Co. Byway of consideration Armour and Co. receive half participation in the profits of the company earned each year over and above the amount of their guarantee. In the last report of the River Plate Company for the half year ended December 31, the directors stated that they had hoped that negotiations for a termination of the unsatisfactory conditions in the South American meat trade would have been concluded before the issue of the report, but negotiations were then still tn progress. That report showed that after payment of debenture trustees’ fees, interest on debenture stock, and redeemable preferred charge stock, and directors’ remuneration, there was a debit balance of £19,533. In addition to the stocks referred to, the company has a share capital of £750,000 in ordinary shares of £1 each and 18,750 deferred shares of. 2s. 6d. i