ANGLO-COLONIAL NOTES

Otago Daily Times, Issue 13997, 2 September 1907, Page 2

ANGLO-COLONIAL NOTES

(From Our Owx Cokpebpondsnt.) ■ • LONDON, July 19. The directors of Messn Robert Campbell and Sons 'havo declared an interim dividcud at tho, rate of 10 per cent, per annum for tho half-year ended Juno 30. ■ A comparative analysis of the Company Laws of tho United Kingdom, India, Canada; Australia, Now Zealand, and South Africa, and a memorandum prepared for Ihe Imperial Conference by tho Board of Trade, were issued this week in tho form of a Blue Bcok. ■ Tho Comptroller of t.k Companies Department, Board of Trade, jr his letter to the sccrctary, states that the "memorandum and tho accompanying analysis have been prepared by the directioii of tho Board of Trado in order to bring] • before _ tho Imperial Conference for con-1 sideration and discussion tho question whether any stops can usefully be taken with tho object of bringing tho laws which govern tho ' formation, management, and winding-up of joint stock companies in different parts of the Empire more closely into line, and'thus securing-practical uniformity of mercantile law in this respect throughout tho Empiro. Thero is no obvious difficulty in this suggestion, for the laws relating to companies - in India and tho colonics aro, in many cases, founded ■on ' Tho Imperial Companies Act, 1862.' " After referring _to tho 17 statutes in which tho law of tho. United Kingdom relating to companies is embodied, he states, in conclusion, that." it can hardly bo doubted that the assimilation of tho_ law of companies throughout tho Empiro would bo of great convenience to tho mercantile community generally, especially now that 60 largo a proportion of trado is carried on by means of joint stock companies. It would, more-, ovor, tend to increase tho confidence of tho Homo investor in companies registered in India and iii .tho colonics, and tho result niight woll bo a greater willingness on tho part, of : capital. from Homo to flow .into Indian a,nd colonial undertakings and enterprises." Tho Imperial Conference, it will bo rbmomliered, passed jhe following resolution That it is desirable, so far as oircumstanccs permit, to socuro greater uniformity in the oompany laws of the. Empire; and that the-memorandum and analysis prepared on this subject by the Imperial Government is commended ..to tho consideration of the various Governments representedat this. Conference." -

My this week the twelfth 'ordinary general meeting of the shareholders in Mcssn'Lovcll and Christmas was held at t-lio Holborn Viaduct Hotel, Mr J. C. Lovell being in the chair. In -.the course of his remarks in moving the adoption of the report and accounts, the Chairman said tho volume of business transacted throughout tho year was very large indeed; in foct, it was in excess of that done in previous years, and oil the normal profits that tho company had been accustomed to make tlioy could well have shown from £10,000 to £15,000- more iii'ofit. Shareholders would remember how dry was 'the summer of lost year, antl that, of course; meant a short crop of grass and a short production of butter and chccso in this country. From July oven up to November there v;as a 'shortage of butter, and very high' prices ruled. It is in July and August that tho colonial contracts are generally made. Those contracts wero gcnorally made for the.outputs of thp factories ranging from November to the end of March, or for the whole season up to the end of June. There was enormous competition to olita,in tho produce, and tho result was that all paid higher prices than they were justified in paying; following on that, although tho prices were kept high hero throughout tho' autumn, by January a very , sensible decrease had taken place. That was foltlowed by au enormous production in Australia and Now Zealand, far beyond anything that .had,hitherto been the ease, and when .these huge supplies began to find their, way on to the' London markets a, steady decline took place. Some people estimated that tho losses suffered by colonial importers in this country during tho past season amounted to from £150,000 to £200,000. The report was adopted unanimously, and dividends were declared on the preference shares for the tix months ondod June 30, 190'/, at the rate of' 6 per pent per annum, and on tho ordinary shares at tho rate of 10 per cent., making iii all 10 ser cent, for the year SCOTTISH AND NEW ZEALAND . INVESTMENT.

Tho liquidators of-tho Scottish and Now Zealand Invcstmont Company (Ltd.), in liquidation, submit accounts for fcho period from Ist July, 1935, to sth December, 1906. Thoy also submit their own accounts from tho latter date. The liquidators distributed on Ist January, 1907, 5s per share to the shareholders, who will observe .that tho funds available for final distribution will allow of a payment of 9ijd -per shiire. Tho directors, whito the 'company was still under their control, made the following payments in reduction and repayment of capital:— On 3rd September, 190?., 5s per share; on 27th June, 1903, 7s 6d per ehnre; on 6th March, 1905. Js per share; and the liquidators have, as mentioned, distributed on Ist January, 1907, 3s per share; and on 151h July,. 1807, 9|d per share. In all, tho share holders have received-18s ofrl in the pound.