J. NATHAN AND COMPANY

Otago Daily Times, Issue 17659, 24 June 1919, Page 8

J. NATHAN AND COMPANY

CAPITAL PROVISION. (Fkom Ouk Own Coreespond^nt.) . , LONDON, April 29. At the general meeting of Joseph Nathan and Co this week, Mr L. J. Nathan, who \\<is in the chair, stated that tho substantial increase in the company's assets and liabilities and the continued growth of the business would have to be provided for by mcieasing tho cop'tal. Ihey now found that much greater nrovisipn for tlio near future would be req lj. -id than they expected. Nearly all classes of goods," said Mr Nathan, "have advanced in price considerably, and with it the permanent increased cost of production it is obvious that our stocks of merchandise, book debts, and advances will iiAolve oui having much greater finaiieia: resources We must also provide for further factories for the manufacture of Glaxo. The cost of these has increased considerably. The directors have decided, therefore, that it would be prudent to increase the capital of the company by the creation of 223,000 £1 cumulative A preference shares, healing interest at tho rate of 7 per cent., subject to tax. These shares will have no participatory rights. It is proposed to obtain the sanction of the court to convert the existing 21,C00 £1 5 per cent, preference shares into A prefcroiioe shares, thus making- a total first preference capital of £250,000. Although the holders of the 27,000 preference shares aro agreeable to this conversion, it cannot bo offected without obtaining the sanction of tho court in order to comply with leal formalities. We anticipate no difficulty obtaining this sanction. The reasons for making this change arc, first, a 5 per cent, dividend, subject to tax, to-day is not an adequate return in a trading concern; secondly, it is better for the company to have as few classes of shares as possible on its register. Arrangements have been completed on satisfactory terms for the flotation of this issue, and as soon as the necessary formalities have been completed the issue will be made. The directors anticipate that this new capital will considerably strengthen tho company's position and enable it to earn substantial additional profits." The dividend for tho year was brought up to 8i per cent, per annum, less income tax, at the rate of 4s 6d in the ponnd on the paid-up preferred ordinary capital, and to 12 per cent., less income tax, on tho paid-up ordinary capital. The rate of 4s 6d m the pound is due to the undertaking being a colonial company and receiving a rebate in respect of colonial income tax -paid in Now Zealand.

misnta l hospitals. TO TUB KUXTOU. Sni, -jv short t,ime ago a ease wad reported of a prisoner who wiw declared by a doctor to bo pretending insanity and who subsequently died of meningitis. Had tho syiimtonis been regarded as genuine the chaiu.es aio he would have died in a mental hospii'.u ana no more would iiavo be on hca.ixi i ot it. 'l'liu [net to be deplored is tliat there should have been .an inability to distinguish 1 between tho symptoms of insanity and nienmg-it.'S. When a doctor fails to connect a mental condition with physical disease ho hands tho c;lso over to tho .alienist who studies " disoasea of tho mind " from an altodifferent stau.dpoint. To the layman, it is diilieult to un<lerstiuid liow di.sojiso can oxist m the abstract, but the alienist overcomes the difficulty by calling it a "demng'omGiit of tho intellectual forces." Thus when a pntiont, years of confinemont' fails to exhibit any <%n of deterioration in any respect lie passes over tho fact without considering there is anything -phenomenal in spito oi tho fact that disease, where apparent in tlio physic,-d, adheres religiously to tho. laws of specific cause and continued deleterious effect. Ono would think such matters might well occupy tho earnest attention, in your academio city, of students of a profession whose object is to savo and-not to trifle with human life. You will, Sir/not deny tho soft impeachment that there are editors who refrain from publishing matter concerning mental hospitals out of tender -solicitude for the feelings of patients' relatives, while assuming perhaps that the patients themselves have no feelings, or at any rate none worth considering. It seems a pity that a public so sheltered should know so little of its own institutions. There is, howcrvGi", at least or.o caso of which wo aro likely to hoar more anon.—l am, etc., ~ , JOIIK lUrN'FOItTIT. Palmerston North.