ANNUAL MEETING

New Zealand Times, Volume LI, Issue 12014, 17 December 1924, Page 11

ANNUAL MEETING

N.Z. AND AUSTRALIAN LAND COMPANY. . The New Zealand and Australian Land Company hold their annual general meet, ing in Edinburgh on November 14th last. The report states that the sum brought forward from last year is £23,373 and the profit tor the year after charging interest amounts to £338,648, giving a total of £362.021. The direotore have transferred to the contingency fund £90,000, and £50,000 to the reserve fund, leaving a total of - £221,960 which they propose to allocate as follows:—£40,000 tor A preference stock 4 per cent, dividend and £160,000. towards 8 per cent, dividend fre* of income tax on ordinary stock. This will leave £21,960 to be carried forward to next year subject to Corporation Profits Tax. The directors report that the eeasof for a considerable part of the year undel review was droughty, but a good genera rainfall in December relieved the pom tion. The wool market has continue! strong, and while the clip tor the yeai was slightly less in quantity, the 19,921 bales have realised £4O 6s Id net per bale. Prices for sheep have improved, but on the other hand, prices for cattle remained on a low level. The dry weather was responsible tor an increase in the mortality of the stock and also tor a large decrease in the number of lambs. Depreciation of improvements and lapse of tenure on the leasehold runs are ftulv provided for. The sum of £9933 16s 4d was during the year received in Australia from the British Australian Wool Realisation Association, and h»s been credited to contingency fund.