DOMINION BREWERIES

New Zealand Herald, Volume LXX, Issue 21555, 28 July 1933, Page 5

DOMINION BREWERIES

DIFFICULTIES OF TRADING CAPITAL REDUCTION PLAN CONSIDERATION ADJOURNED There was an attendance of about 50 shareholders at tho annual meeting of Dominion Breweries, Limited, which was held yesterday, Mr. H. It. Roimers, chairman of directors, presiding. A resolution providing for a reduction of capital from £250,000 in shares of £1 each to £IOO,OOO divided into 100,000 shares of 12s Gd each was submitted to a special meeting, which was adjourned for a month. Referring to tho loss of £14,002 for tho year, Mr. Reimcrs said a considerable amount consisted of/lebit balances brought forward, and tho directors thought it advisable to extinguish these accounts altogether. There was a debit balance in tho appropriation account of £BjGG. "Tho turnover for tho year shows a substantial increase over tho preceding year and April, May, Juno and July of this year show an increaso of about 20 per cent over tho same months of last year," said Mr. lloimers. "However, the cost of obtaining any increaso in turnovor is heavy whilo tho margin of prolit, owing to excessive taxation, is not sufficiently large to counteract this increased cost. It is evident that with a return to anything liko normal trading conditions the company will reap the full benefit from the increase in turnover." Mr. H. J. Kollihcr, managing director, said the hotel trado and brewing industry had to contend during the year with abnormal conditions, over which the directors had no control. Tho present unsatisfactory results were duo to loss of the community's purchasing power, tho tremendous direct and indirect taxation sulfered by the trade and tho difficulties involved in establishing a largo business. Had the company, during its three years of existence, experienced anything like normal trading conditions, thero was every reason to assume that results would have been highly satisfactory. "If thero is the slightest improvement in general conditions and tho relief the trado is justly entitled to, the future results will bo entirely different," said Mr. Kelliher. "It is our misfortune that we had to meet great difficulties during tho early stages of our existence." Messrs. G. Jackson and J. P. Mollo.y were elected to the directorate. Tho retiring directors wero Messrs. Molloy and Reimers. A special resolution submitted to shareholders was as follows:—"That the capital be reduced from £250,000 divided into 250,000 shares of £1 each to £IOO,OOO divided into 100,000 shares of 12s Gd each by cancelling 90,000 of tho existing shares of £1 each which have not been taken or agreed to bo taken by any person; by cancelling paid-up capital which has been lost or is unrepresented by available assets to the extent of 7s Od per share upon eaci'i of 78,207 shares which hnve been issued and aro now outstanding; by reducing the jiominal amount of all the shares in tho company's capital from £1 per share to 12s Gd per share." After some discussion tho meeting was adjourned for a month, pending a report to shareholders o>i tho capital reduction proposals.

NEW ZEALAND FRUIT APPLES IN LONDON GOOD PRICES REALISED LONDON, July 20 Tho New Zealand Prime Minister and Minister of Industries and Commerce, Messrs. G. W. Forbes and R. Masters, with tho High Commissioner, Sir Thomas Wilford, wero present at Spitalfields to-day at tho first auction sale of New Zealand apples and pears for several weeks. Within half an hour 9000 cases, including 3300 of New Zealand fruit, were sold. The auctioneer at. a subsequent luncheon claimed that the prices had justified tho policy of coldstoring New Zealand's fruit during the past few weeks of had prices. Prices quoted were: —New Zealand Granny Smiths, 10s (3d to 15s a case; Doughertys, 10s to lis 9d; Stunners, 9s to 9s Oil; Tasman, 9s Od; Rome Beauty, 9s. Winter Nelis pears, lis to 15s a case; trays, 3s Od to 4s. FOREIGN EXCHANGES DOLLAR RATHER FIRMER (Received July 27, 0.5 p.m.) British Wireless UUGBY, July 20 Tho following rates en foreign exchanges are current, compared with the cabled quotations on July 25 and par:— July '26 July 25 Par Montreal, dol. .. 4.915 4.005 4.806 New York, dol. . 4.015 4.075 4.800 Paris, fr. .. 85 11-32 85 15-32 121.21 Brussels, belga .. 23.925 23.9K5 35.00 Geneva, fr. .. 17.205 17.285 25.52 Amsterdam, fl. .. 8.275 5.255 12.10 Milan, lire .. 03 11-32 03 0-10 02.10 Berlin, r.m. .. 13.995 14.02 20,13 Stockholm, kr. .. 19.375 19.375 18.159 Copenhagen, kr. . 22.40 22.40 18.159 Oxlo, kr. .. 19.90 19.90 18.159 Vienna, nth. .. 301 301 31.585 I'niKue, kr. .. 112.75 1 122 101.25 JleldinKfoiß, mark 220.50 220.50 129.23 Madrid, pea. .. 39 31-32 40 1-32 25.221 fjlnlion, ohcu. .. 110 110 110 At hulls, tlr. .. 587.50 587.50 375.00 Blioharwit, l«i. •• 605 505 813.0 jtio(idJaneiro,mil. 45d 4Jd 5 899(1 Biinnos Aires, dol. 42d 42(1 47.019 d Montevideo, dol, 34dt 3idt 51d Bombay, rupeo . 18 5-04 dlB 5-04 d 18d Hlmnidial, dot. ~ 16 1-1.0(1 15id IforndiuiiK, dol, . 10 15-lod 17 3-10 d Yokohama, yen , 14 20-32 dl 4 29-32 d 24.58 d Bntttvln, (I. .. Bellit'aoc, din. . 245 245 270.31 (Nominal. NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by tho Now Zealand Imnks, aro as under:Buyiriu Hellinu United Stlltell . , , . 4.75 4.55 Canada . , , . 4.1)8 4.78 Tho cost in New Zealand currency ol tho pound sterling and of Iho principal foreign units, on the latest quotations, is as follows: — Present l'riee Par sd h d T/ondon. pound .. .. 24 11.58 20 000 Australia, pound . .. 20 0.00 20 0.00 New York dollar . . f> 5.80 4 1 .31 Montreal, dollar . . 5 2.00 4 31 I'nris, fiann . . . 0 H. 51 0 1..1 Berlini mark .. .. 1 0 ''•'/, ConcnnsKen, krone . . 1 I'B I Yokohama, yen .. .. 1 Tbeso valuations represent the cuircnt rateH. at which hanks sell drafts payable on demand. CUSTOMS EXCHANGE RATES Hates of exchaimo ruling at tho announced dntos of departure of the vessels named aro shown in tho following table. Tliev are subject to confirmation hy tho Customs Department when the exact time of departure is learned on arrival of tho vessels in New Zealand, finally declared rates being marked*: Canadian Constructor. Canada, dol. 4.5] Golden Count. Arnunnn. dollars .. 431 Brisbane Maru. Japan, yen , . 16 l .'.'l Wnikawa. America, dollars . . .. J./Jl Pinko. Amcripa, dollars • 4-'' CsnuJiuu U»«lilunder, Cuniula, dol. 4.oi>