DIRECTORS' FEES

New Zealand Herald, Volume LXXII, Issue 22241, 16 October 1935, Page 9

DIRECTORS' FEES

DISCLOSURE BY COMPANIES VICTORIAN CONTROVERSY I POSITION IN NEW ZEALAND Revision of tho Companies Act in Victoria is now under consideration, nnrl a good deal of interest is being taken in the likely amendments. In the latest issue of the Accountant, an English journal, a writer criticised tho form of a typical Victorian balancesheet, and claimed that the accounts "lacked tho refinement of draftsmanship." A controversial issuo has also beon raised as the result of a statement that tho disclosure of certain salaries would be contrary to the Act, which was made by Mr. W. A. Watt, chairman of directors of the DunlopPerdriau Rubber Company, Limited, at the annual meeting in Melbourne. Apparently tho salaries referred to were paid to directors holding salaried position.*. Originally there were five directors of the company, but the number was increased to eigfit in 1027, when tho Dunlop Company of England purchased shares in tho Australian company. In 1929 there was a further increase to 15, on tho amalgamation, of the Dunlop and Pordriau companies. Five of the 15* members of the amalgamated hoard joined the directorate with service agreements and became whole-time executives of the organisation. The Victorian Companies Act makes no prevision with regard to the disclosure of directors' fees, although it is pointed out that no section of the Act would be contravened by making such disclosure. It is claimed that the Act should be amended to provide that all remuneration received by directors, whether as executives or otherwise, should bo disclosed. In New Zealand, in a case where directors receive salaries in addition to fees, a company would have to disclose in the accounts the amounts paid as directors' fees (in total), but not necessarily tho amounts paid as salaries. This is a now provision under the 1933 Act, and it is regarded as an extremely useful one. DEMAND FOR WOOL GOOD SALE IN SYDNEY BEST FLEECE 5 PER CENT HIGHER (Received October 15, 9.15 p.m.) SYDNEY. Oct. 15 At the Sydnoy wool sales to-day 12,800 bales were offered and 12,370 were sold. Also 1605 bales were sold privately. All sections operated freely and good to best fleeco and best broken sorts showed an advance of 5 per cent on tho previous day's rates. All othor descriptions were firm at late rates. Greasy Merino sold to 22Jd, constituting a fresh record for the season.

BRADFORD TOPS FIRMNESS OF MARKET LONDON. Oct. 14 The Bradford tops market is firm. There is a moderate amount of now business for delivery in December and onward. THE CITY MARKETS LEMONS ALMOST UNSALEABLE NEW POTATOES CHEAPER Lemons were almost unsaleable again at the City Markets yesterday. Island and hothouse tomatoes met with a good demand, but tree tomatoes and grapes were slow of sale. Pear prices were slightly higher than those ruling last week, and the demand for fruit generally was fair. The Waipahi arrived yesterday afternoon with a shipment of Fiji bananas, cucumbers, pineapples and kumaras. In tho vegetable section there were heavv supplies of new potatoes an d prices eased slightly. Large supplies of cabbage also come forward and sold at cheap rates. Asparagus prices were lower. A good demand still existed for cauliflower and root vegetables. No changes occurred in _ poultry prices, the supply being medium and the demand good. Small White Leghorn cockerel chicks were practically unsaleable. Values were: — FRUIT Apples, Dougherty, 6s to 8s a case; Rome Beauty, Gs to 10s Gd; Tasma, 9s to lis; Delicious, 6s Gd to 10s; Sturmer, Gs 6d to 10s Gd: pears, Colo and Nelis, three-Quartcr cases, 7s to 9s; bushels, 9s to lis 6d; Peter Barry, 7s Gd to 9s; passions. Gs to 14s; oianges, South Australian, 16s to 255; lemons, cured, 3b to 4s; others, 2s to 3s; grapefruit, New Zealand, large, Gs to 8s Gd; small and medium. Gs to 9s; Californian, 32s Od; tomatoes, Island, repacks, 12s 6d to 14s; hothouse. Is to Is 7id per lb.; bananas, 18s to 24s Gd a case; tree tomatoes, black, 5s to 7s; red, 3s to Gs; pines, Queensland, 14s to 19a; crapes. Californian, red, 24b; black, 255; white, 225; coconuts. 14s a sack. FIELD PRODUCE Potatoes, Southern, 15b to IGb per cwt. j new, 2Jd to 3Jd per lb.;, swedes, 2s to 3s 6d a bag; onions, Canadian, 22s Gd to 235; kumnrns, 4s to 5b 6d; cabbngos, 2s to 6s a sack; on benches, 6d to Is Gd a dozen; cauliflowers, 3s to 7s a sack; pumpkins, Gs to 15s per cwt.; cucumbers, 5s to Gs Gd a dozen; carrots, Gd to Is; parsnips, la Gd to 2s; beet. 9d to Is; turnips. Is; radish, 6d to 9d; spring onions, Gd to lOd a bundle; spinach, Is to Is 3d a dozen; leeks, 4d to 8d a bundlo; green peas, 4d to sjd per lb.; French beans, Is 4d to 1b 7d per lb.; melons, 5d to 8d each; lettuce, Is to 5s a case; celery, cooking, 4d to 9d a bundle; dessert, Is to 2s Gd; rhubarb, Is 3d to 3s a dozen; asparagus, 6d to 9d a bundle. POULTRY Cockerels, heavy breeds, prime, 4s to Gs each; heavy breeds, not prime, 2s up; light breeds, prime, 3s to 4s 3d; light breeds, not prime, Is 3d up; fat roosters, heavy breeds, pritne, Is 9d to 2s 9d; light breeds, Is 3d to Is 9d; fat hens, heavy breeds, 2s Gd to 3s Gd; light breeds, Is 9d to 2s Gd; pullets, heavy breeds, best, 3s to 4s Gd; heavy breeds, smaller. Is Gd up; light, breeds, best. 3s 6d to 4s Gd; light breeds, smaller. Is Gd up; drakes, young, prime, 2s to 2s 9d; old, Is 6d to 2s; ducks, young, 2s to 3s; old, Is 6d to 2s; turkey hens, 4s to 5s 6d; gobblers, Gs to 12s; cockerel chicks, heavy breeds, 4d to 2s; 'light breeds, up to Is 3d; day-old chicks, Black Orpington, 4d (o 7d; Leghorn, 3d to Gd; guinea fowls, 3s to 3a 6d.

FARMERS' BUTTER AND EGGS Eggs, hen, Ists, 11 id a dozen; B, 9jd; C, Bid: duck, lata, lOjd; B, 91d; C, 7}d. Butter, farmers', Is to Is 3d per lb.

GOLD AND SILVER QUOTATIONS IN LONDON (Received Octobor 15. 7.35 p.m.) LONDON, Oct. 14 Fine gold is quoted to-day £7 Is 9jd an ounce, compared with £7 Is 9d on Saturday. Silver is quoted at 29Jd an ounce snot, and 29 7-16 d forward, same as on October 11. The quotation for silver at per fine ounce is 31 11-16 d, same as on October 11. The following is a summary of tho fluctuation in the price per ounce of fine gold in 1935: £ a d Highest price, March 6 .. 7 0 4 Lowest price, August. 27 . . 6 19 0i October 8 . • • • . . 7 1 10 October 9 .. • * ..7110 October 10 7 1 ft October 11 .. . • .. 7 1 9J October 12 .... ..719 October 14 .. .. 7 1 9J