WELLINGTON MEAT COY.

Sun (Auckland), Volume II, Issue 510, 13 November 1928, Page 16

WELLINGTON MEAT COY.

PROFIT OF £9,501 (Special to THE SUN J WELLINGTON, Monday. The annual report of the Wellington i Meat Export Company, Limited, for the ! year ended September 30, states that, after provision for depreciation, the year’s operations show a profit of £9,500 16s 4d which, with the balance brought forward from last year, makes a total of £15.724 12s lOd. Out of this amount, the directors propose to pay the preference dividend at the rate of S per cent., amounting to £6,971 4s 4d, and to carrv forward the balance of £8,753 8s 6d. The unsold stocks of meat and wool have been taken into account at a very conservative value, leaving an ample margin for possible fluctuations in the market This course was considered * advisable owing to the speculative nature of the frozen meat trade. Last year the company’s net profit was £S,32S, of which the dividend on preference shares absorbed £2,104. leaving a balance of £6.224. MOANATAIARI MINING COY. INCREASED CAPITAL SOUGHT An effort to raise additional capital is to be made by the directors of Moanataiari Gold Mining Co., as a result of a decision arrived at at a special meeting of shareholders held yesterday afternoon. Two proposals were placed before the meeting: one, that the compny go into liquidation; another, that an endeavour to raise new capital be made. The chairman, Mr. P. F. Watson, stated that the company owed £3,900, and many creditors were pressing for payment. A proposal to increase the capital, moved by Mr. W. M. Gimson and seconded by the chairman, was carried with one dissentient. The proposal was that the capital should be raised by the issue of a further 84,920 shares, consisting of 45,170 contributing shares for contributing shareholders and 39,750 fullypaid shares only. No allotment is to be made until 32,250 of the new issue have been applied for.