DUNLOP RUBBER COMPANY

Otago Daily Times, Issue 19201, 18 June 1924, Page 6

DUNLOP RUBBER COMPANY

SUBSTANTIAL TRADING PR OUT. PROPOSED REDUCTION 01 CAPITAL. Praafi Association—By Telegraph—Copyright. LONDON, June 16. ’ At the annual meeting ot the Dunlop Rubber Company Sir Eric Geddes, the chairman, said that the net trading profit for the last 18 months, after paying interest on debentures, was £1,658,000, not including a deficit of £583,000 of one American company. Sir Eric Geddes emphasised the point that tlie proposed reduction of capital merely expressed relative values, the net deficiency being £11,353,000. —Reuter. FINANCIAL RE-ARRANGEMENT. OPPOSED BY PARENT COMPANY. LONDON, June lb. (Received Juno 17, at 8.40 p.m.) Sir Eric Geddes, referring to the tact that tlie parent tyre company was opposing tho scheme to reduce the capital, said that this was sufficient to biock the scheme. Negotiations with a view to a settlement had so tar proved unsuccessful. Sir Arthur du Croa declared that under - the reduction scheme the patent tyre company holders of “C” preference shares were asked to sacrifice £600,000, which would bo a gift to the ordinary shareholders, but they would co-operate in a must friendly discussion of an alternative scheme. —Reuter.