TRUSTEES, EXECUTORS CO.

Dominion, Volume 31, Issue 204, 26 May 1938, Page 14

TRUSTEES, EXECUTORS CO.

Capitalisation Of Reserves

Dominion Special Service.

Dunedin, May 25.

A net profit of £3803/10/- is reported in the balance-sheet of the Trustees, Executors and Agency Company of New Zealand, Ltd., for the year ended March 31. Profit compares with £2809 in 1937 and £3278 in 1936. The dividend has been maintained at 8 per cent., with a final distribution of 4 per cent.

The directors consider that it is now desirable to capitalise a portion of the company’s reserves, and a call of £1 a .share has -been made and a bonus dividend of a like amount declared out of reserves, to be applied in payment of such call. The effect of this will be to make the shares in the company paid up to £3. The present capital of the company is 10,000 shares of £5 each, less £3 a share uncalled, making £20,000, while the reserve account stands at £lO,OOO. The directors report that the profit and loss account shows a net profit for the year of £3803/10/5, to which has to be added the balance of £11,254/18/- from last year, a total at credit of £15,058/8/5. The interim dividend of 4 per cent, for the half-year ended September 30, 1937, was paid amounting to £BOO, leaving a balance to be dealt with of £14,258/8/5. From this balance the directors recommend the following appropriations to be made: —Dividend of 4 per cent., making 8 per cent, for the year, £800; to be written off freehold property account, £250; to be written off office furniture account, £250, leaving a balance to be carried forward (subject to income tax for the year just ended) of £12,958 8/5.