TRADERS’ FINANCE CORPN.

Dominion, Volume 29, Issue 71, 17 December 1935, Page 12

TRADERS’ FINANCE CORPN.

Overdraft Criticised A proposal that the directors’ honorarium be increased from £4OO to £5OO was criticised by a shareholder at the annual meeting of the Traders’ Finance Corporation, Limited, at Auckland on Friday, but when the motion was put it was carried without dissent. When the chairman, Mr. J. B. Macfarlane, suggested that the directors’ honorarium be increased, a shareholder. Mr. W. N. Leatha-m, said he considered 1 there were too many directors. He -also criticised the bank overdraft of £54,000 on the grounds that it was really a mortgage to the bank, and the company was working on borrowed money. Mr. Macfarlane replied that the fact that the bank had granted the overdraft was a sign of the company’s prosperity. There was no question of the unpaid share capital being called up. He also explained the large increase in the holdings in subsidiary companies as being due to the formation of the Traders’ Finance Corporation (Wholesale), Limited. This had been necessary under the new Companies Act. and was balanced by an increase in funds on deposit. ’There was no reason why the company should not continue to pay regular small dividends. Another director, Mr. E. A. Craig, also defended the work of the board. The company had had disastrous experiences, but not in the past four or five years, he said. The balance-sheet was better than before. Waitaki Farmers’ Freezing Co. The annual meeting of shareholders of the Waitaki Farmers’ Freezing Co., Ltd., was held at Oamaru last Friday, Mr. J. E. Austin (chairman of directors) presidU 'l'n moving the adoption of the annual report and balance-sheet Mr. Autsin said the company had had another excellent year, the works receiving a very satisfactory measure of support from graziers of the district generally as well as from shareholders of the company. 'The stock dealt with totalled 3 <9.298, consisting of 53,229 sheep and 326,069 lambs, nearly all of which was shipped at Oamaru. He acknowledged the good service of the allotment committee in providing them with steamers when required. On no occasion were they held up through lack of ships. It was not a good fattening season lor lambs, and, while the numbers were satisfactory, the average weight was somewhat jess than usual. Early drafts of lambs realised good prices, but the market fell away somewhat about March. Arrangements had been made for rather more’than the usual repairs and renewals during the coming year, the policy of the directors being to keep the works thoroughly up to date. The report and balance-sheet were adopted. It was unanimously agreed to pay a dividend of 5 per cent, on the paid-up capital. _ The retiring directors, Messrs. E. .1. Meredith, R. Nlilligan, and R. J. E. Smith, were re-elected to the board. The remuneration of the directors was fixed at £4OO for ordinary services and £5OO for special services, as last year. London Eggs Market Steady The Department of Agriculture has received the following cablegram, dated December 14, from the . High Commissioner for New Zealand, London : — , Eggs: Market steady. Home supplies larger. English, National pack, 18/- to 21/6; English, ordinary pack, 1S Z 6 to 20/-; Danish. 12/- to 17/6; Australian, 10/6 to 13/6; New ZealandMiddlesex shipment in good condition cleared at from 10/9 to 13/6.