TRADERS FINANCE CORPOR ATION

Manawatu Times, Volume LII, Issue 6485, 17 December 1927, Page 11

TRADERS FINANCE CORPOR ATION

ANTICIPATING HEAVY LOSS.

AUCKLAND, Dec. 14.

Shareholders of the Traders’ Finance Corporation, Ltd., at the annual meeting approved the directors’ action in writing off provisionally £12,000 of the year’s net profit of £12,576 owing to trouble with one of the company’s largest accounts. As a result of this decision no dividend will bo paid on ordinary shares for tho past six monthly period. Tho directors proposed to forgo their usual honorarium of £250, but tho meeting resolved that it should be paid to them.

Mr. Robert Burns, chairman ; of directors, in moving the adoption of the annual report and statement of accounts, said unfortunately one of the largest clients of the cbmpany had become involved in financial difficulties, and preliminary investigation indicat-’ ed that when realisation was completed a considerable loss would be made on this account, As litigation seemed unavoidable, ho did not propose to go into details, but when the account was finalised, the whole matter would be laid before shareholders.

BREWERIES— New Zealand (cum) ..... 2 4 6 Staples & Co. .. 1 18 0 1 IS 9 MISCELLANEOUS— British tobacco . .. (ord.) .. -.. ; 1 10 0 Burns Philp & Co 1 IS 0 —. Colonial Sugar ... — 54,13 0 Dental , and Medical .' Supply . . . .. . 0 15 6 Electrolytic Zinc (pref.) . 0 1 12 3 N.Z." Drug .. ,. 3 7 0 16 N.Z. Paper, Mills —■" 6 Well. Queen's ... Theatre .... 1 -0 0 Wilson’s . Cement — 1 ,18 3 Thompson Bros. Ltd., (pref.) . — i o 3