REDUCTION OF CAPITAL

New Zealand Herald, Volume LXIX, Issue 21258, 11 August 1932, Page 5

REDUCTION OF CAPITAL

SANFORD, LTD., PROPOSAL

LOSS OF £9631 LAST YEAR

NO PROVISION FOR DIVIDENDS

A net loss of £9631, after providing for depreciation, is revealed in the 28th annual report of Sanford, Limited, for the year ended May 31, compared with a net profit of £2185 in the previous year, Tho amount brought forward from last yertr was £ll4, which reduces the loss to £9517. However, an item of £l4B, described as "excess of income tax, 193031," increases the amount to the debit of the appropriation account to £9665. No provision is niado for the payment of dividends, either on preference or ordinary shares. The company paid dividends of 7 per cent for inanv years. That rate was paid on preference shares last year. However, in 1930 a reduction to 2!, per cent on ordinary shares was made, and no dividend was paid on ordinary shares last year. Tho report contains no reference to tho results of tho year's operations. llio retiring directors, Messrs. A. F. .Tagger and C. V. Houghton, offer themselves for re-election. In addition Mr. W. A. Cumniing has been nominated. The annual meeting will take place on August 19. Hie following motion will bo moved at an extraordinary meeting on the same day:—"That tho capital of the company bo reduced from £125,000 (divided into 105,000 shares of £1 each, in this resolution called ordinary shares, and 20.000 preference shares of £1 each) to £59,375, divided into 105,000 shares of 7s 6d each, and 20,000 preference shares of £1 each, and that such reduction bo effected by cancelling paid-up capital which has been lost or is unrepresented by available assets to tho extent of 12s 6d a sharo on each of the ordinary shares, and by reducing the nominal amount of tho ordinary shares from £1 to 7s 6d each." Tho balance-sheet shows assets amounting to £156,340, against £153,576 last year. Following aro tho principal items, with last year's figures in parentheses:— Freeman's Bay works, £58,657 (£60,384); properties, £19,517 (£18,826); trawlers, £28,375 (£30,313); rnort gages and investments, £23,502 (£23,724); sundry debtors, £6890 (£7794); stocks, £6364 (£8477). Tho liabilities include paid-up capital, £125,000 (£125,000); National Bank of New Zealand, £15,883 (£14,025); sundry creditors, £9927 (£8362). following is a comparison of the company's results for tho past three years:— - , . , , 1929-30 1930-31 1931-32 Brought forward .. £1,207 i'&tf, £ll4 .Net profit .. .. 3.61J-1 2.185 9.631* ~ , £1.871 £3,031 £9,517 Dividends— Pref., 7 p.c. .. 1.400 1,400 Ord., p.c. ... 21 Amount . . . . 2,625 F,xceS3 inc. tsx . . Written off investm'ts. Carried forward . . £B4O £ll4 £9.CGSt * Loss. + Debit. PIG-RECORDING CLUB SUCCESSFUL FEED TRIALS YEAR'S ACTIVITIES REVIEWED [from oun OWN correspondent] HAMILTON. Wednesday Tho useful work being carried out by tho Waikato rig-Recording Club in showing farmers how to produce porkers of tho right type and at the minimum of cost and time is described in the report to be submitted by the chairman of tho club, Mr. E. E. Hale, of Hamilton, at tho annual meeting to be held to-morrow. Mr. Hale states that in the last year 127 sow records and 27 feed trials had been completed, while 15 winter fend trials with meat meal, meat and bone meal, whey paste, and mineral powder were in progress. Considering tho adverse climatic and economic conditions tjhat were being experienced the results had been satisfactory. Three shipments of feed trial porkers, numbering 50 carcases, had been sent to England, and the reports received wero most encouraging and definitely demonstrated that trie porkers were of tho type demanded by the Homo trade. There was no doubt that the information collected by tho club since recording was commenced three years ago was going to bo a very important factor in the future progress of the pig industry in New Zealand. Continuing, Mr. Hale says the feed trials conducted by club emphasised the great value of meat meal as a supplement to cither skim milk or whey. Mm Hale expresses appreciation of tho-action of the New Zealand Meat Producers' Board in renewing its grant .of £450 to tho club. / . ______ GOLD AND SILVER QUOTATIONS IN LONDON (Received August 10. 8.5 p.m.) LONDON, Aug. 9 Gold is quoted to-day at £5 18s 7d an oz., compared with £5 19s yesterday. Silver is quoted at 17 13-16 d an oz. spot and 17 7-8 d forward, compared with 17Jld and 17 9-16 d yesterday. The quotation for -silver at per standard oz. is 17 13-16 d and nt-pcx fine o/.. 19 13-16 d, compared with 17 3-16 d and 18 9-16(1 on August 4. RUAKURA PEDIGREE STOCK FAIR PRICES AT SALE [from our own correspondent] HAMILTON, Wednesday There was a large attendance of buyers nt tho snlo of pedigreo dairy stock an<l phis conducted by tho Fanners' Co-operative Auctioneering Company, Ltd., 011 behalf ol the Department of Agriculture, at the lluakura Slate Farm to-day. The weather was fine. Tho stock were in good condition and although tho prices wero not as good as those which ruled »t last year'B sale, they were considered to bo satisfactory, in view of the economic conditions. Eleven Shorthorn bulls were Bold, the average price being 12 l-3gns. Mr, J. iWcfiowmi, Waiuku, paid tho best price, 23gns, for the bull Dominion Concern of Ruakura. An average of 16 l-3gns was obtained for the 13 JersPV bulls sold. Tho best price paid was 48gns. which was offered by_ Mr. K. R. Liclifield, Tirau, for Dominion Grandee. There was on excellent demand for Ayrshire bulls, the 10 offered being disposed of at an average price of 12 4-sgns. The prices rnnged from 7gns to 2Ggns, Mr. D. D. WilHon, Frankton. paying tho lastnamed figure for Dominion Druco. Tho three Guernsey bulls offered wero sold to Mr. W. Montgomery, To Aroha, for 18gus, 22gns and 19gns respectively. Prices realised for pigs were below thoso realised last year, when values soared ns high as 21]gns. Berlcehires ranged up to Bpns and averaged 4}gns. One Largo White pow was sold to Wesley College. Paorata, for 13! pus, but tho range of prices other thnn this did not exceed Cjgns, and averaged djgns. P. AND O. DEFERRED STOCK LONDON, Aug. 0 P. and O. deferred stock is quoted at 18s compared with 18s 3d yesterday.