MESSRS R. CAMPBELL AND SONS.

Otago Daily Times, Issue 13834, 22 February 1907, Page 3

MESSRS R. CAMPBELL AND SONS.

ANNUAL REPORT.. GTiou Otm Own Coxmspokmnt.) LONDON, January 5. This morning I have received from Messrs Campbell and Sons a, copy of their annual report, which is to bo submitted to the twenty-fifth annual general meeting of shareholders on the 15th inst. In this the directors show- the working of the business in New Zealand for the year ended tho 30th June last, and the position of the company in London at 31st December last.

It is remarked that the year's operations have resulted satisfactorily. This is mainly duo ■ to the continuation of the demand for wool, which lias again realised remunerative prices. Further sales of land wero effected durng tho period under review, and tho relative sales of surplus stocks account for the comparatively large amount appearing! as profit on sheep account, £14,431. The instalments of purchase money falling duo in respect of the land sales have been promptly paid, and tho directors are satisfied that tho outstanding balances are fully secured.

Tho profits earned during the year, after providing for interest on tho debentures, amounted to £30,760. which, added to tho balance of £19,480 brought forward from the preceding year, makes a toial sum of £50,240 to be dealt, with. Out of this sum an interim dividend of_ Is 6d per share, or 2 ! i per cent., was paid in July last, and tho directors recommend a final dividend of 4s 6d per share, or 7g per cent, (making a total distribution of 10 per cent, for tho year) bo now paid free of tax, that £10,000 bo added to reserve, increasing it to £40,000, and that tho balance of £22,240 bo carried forward.

The directors state that tho company's properties in Now Zealand, including live stock, have been valued in tho balance sheet on tho same basis as in previous years, and they havo every confidence in believing tliafc if offered for salo they would realise at least tho prices set against them.

Tho board draws tho attention of the debenture-holders to tho fact that although tho bonds will not mature until 1909, they jnay be presented for payment at any time up to tho 30th June next, at a premium of 1 per cent., in addition to tho interest accrued to date of payment.

It is reported bv the managing director in New Zealand that, notwithstanding an unfavourable spring, the lambing has been about the average. As tho demand for wool continues, and" prices appear likely to be maintained during the current year, the .directors are hopeful of again being able to meet the shareholders with a satisfactory report on tho next occasion. The retiring director on this occasion, Mr George Harris, offers himself for reelection.