KEMPTHORNE, PROSSER AND CO.

Lyttelton Times, Volume CXV, Issue 16508, 25 March 1914, Page 10

KEMPTHORNE, PROSSER AND CO.

[Psr Pres« Association,]

DUNEDIN., March 24.

The annual meeting of shareholders in Kempthorne, Prosser and Co.'s New Zealand Drugs was held to-day. The annual report stated that the balance from last year was £8529 (3s Id, and the net profit for the year after deducting loss by the fire at the Westfield works, Auckland, was £13,918 Ps 3d, making a total of £22,447 15s 4d. An interim dividend paid last July at the rate of 7 per cent per annum absorbed £8364 19s sd, leaving a balance of £14,082 15s lid. The _ directors recommend payment of a dividend at the rate of 7 per cent per annum, absorbing £9087 17s 6d. The directors also recommend that provision should be made for the removal of- certain buildings and plant at Westfield owing to the erection of the new works, at a cost of £1275, and the addition of £625 to the general reserve (which with £4375 from the share premium account will stand at £45,000), and that £3094 18s 5d be carried forward. In moving the adoption of the report the chairman of directors, Mr William Brown, said the fire at the Westfield works caused a loss of £10,616. The report and balance-sheet were adopted. The retiring directors, Mr A. Bathgate and Dr Ogston, were re-elected, and the retiring auditors were also re-elected.