N.Z. DRUG COMPANY ANNUAL MEETING. (BY TELEGRAPH-PRESS ASSOCIATION.)

Evening Post, Volume LXXXVII, Issue 71, 25 March 1914, Page 10

N.Z. DRUG COMPANY ANNUAL MEETING. (BY TELEGRAPH-PRESS ASSOCIATION.)

DUNEDIN, 24th March. The annual meeting of shaieholders in Messrs. Kempthorne, Prosser, and Co.'s New Zealand Drug Company was held to-day. Tho annual report stated that the balance from last year was £8529 6s Id, and the net profit for the year, after deducting loss by fire at the Westfield Works (Auckland), was £13.918 9s 3d, making a total of £22.447 15s 4d. An interim dividend was paid last July at the rate of 7 per cent, per annum, and this absorbed £8364 19s sd. leaving a balance of £14,082 15s' lid. The directors recommended the payment of a dividend at the rate of 7 per cent, per annum, absorbing £9087 17s 6d ; provision for the removal of certain buildings and plant at Westfield owing to the erection of new works', £1275; an addition of £625 to the general reserve, which, with the addition of '£4375 from the share premium account, will stand at £45,000; also that £3494 18s 5d be carried forward. In moving the adoption of the report, the chairman of directors (Mr. William Brown) said that the fire at the Westfield Works had caused a loss of £10.616 18s 7d. The • report and balance-sheet were adopted. * The retiring directors (Mr. A. Bath' gate and Dr. Ogston) were re-elected, and the retiring auditors were also re-elected.