FARMERS' UNION TRADING CO.

Evening Post, Volume CIX, Issue 118, 22 May 1925, Page 6

FARMERS' UNION TRADING CO.

(BS TELEGRAPH.—HtESS ASSOCIATION.) _. ' AUCKLAND, 21st May. The finances of the Farmers' Union Trading Company have improved during the year, showing a net profit for the year of £30,201. With further capital paid up, the assets show an improvement of £50,000. In addition to this, old accounts totalling £2;,308 have been collected. Debenture stock has been Teduced by £42,710 and mortgages by £18,409. In" order to clear off the sum of £144,000 of ipast losses the directors propose the following scheme: (1) That A preference shares be written down 6s each to 14s; (2) that B preference shares be written down Us each to 14s; (3) that ordinary shares be written down by 12s each to Ss; (4) that all unissued shares o{ the company in each class of shares be reduced in value in accordance with the new values of issued shares in each class; (5) that, provision be made that the reimbursement of shareholders for the above write down out of future profits bs equally distributed over all classes of shares, with the limitation that preference shareholders shall cease to participate in such distribution when they shall have received amounts equal to their present write down. In aij. dition this year's profits will also be used.