NEW ZEALAND DRUG COMPANY

New Zealand Herald, Volume XXXIII, Issue 10084, 20 March 1896, Page 5

NEW ZEALAND DRUG COMPANY

[BT TBI. RQRAPn.— PRESS ASSOCIATION.) Dunbdin, Thursday. At the annual meeting of Messrs. Kempthorne, Proper, and Company's New Zealand Drug Company, the report) recommending a dividend of "i per cent, and carrying forward £13,884 was adopted. The chairman said £'25,000 of debentures

matured on September 15, and to provide the necessary security for the repaymont of these, the Board when they were issued sot aside uncalled capital equal to their value, appointing by deed a trustee to give effect thereto. As all the Company's assets are free (excepting for these debentures) the directors have determined that in the best interests of .the Company these bonds should also be paid off at maturity, and to call the necessary ten shillings per share to do this in the proper time. Then the Company's as sots will be entirely free of encumbrance, and the position of the business will be one of entire independence. On the liabilities side in the balance sheot thero were open accounts to the sum of £35,103 3s Gd. The creditors to whom most of tins raonoy is duo are willing to take the amount in shares, provided the debentures are paid off. Tho roport was adopted, and Mr. Elder and the Hon. F. S. Griimvay, of Melbourne, wore re-electod directors.