KEMPTHORNE, PROSSER & CO.

Sun (Christchurch), Volume I, Issue 41, 25 March 1914, Page 3

KEMPTHORNE, PROSSER & CO.

Press Association. DUNEDIN, March 24. The annual meeting of shareholders in Kempthorne, Prosser, and"Oo.'s New Zealand Drugs was held to-day. The annual report stated that the balanee from lasjt year was £8529 6/1, and the net profit for the year after deducting loss by the fire at the Westfield works, Auckland, was £13,918 9/3, making a total of £22,447 15/4. An interim dividend paid last July at the rate of 7 per cent, per annum absorbed £8364 19/5, leaving a balanee of £14,082 15/11. The directors recommend payment of a dividend at the rate of 7 per cent, per annum, absorbing £9087 17/6. The directors also recommend that provision should be made for the removal of certain buildings and plant at Westfield owing to the erection of the new works, at a cost of £1275, and the addition ok £625 .to the general reserve (which with £4375 from the share premium account will stand at £45,000), and that £309118/5 be carried forward. In moving the adoption of the report the chairman of directors, Mr William Brown, said the fire at the Westfield works caused a loss of £10,616. The report and balance ; sheet were adopted. The retiring directors, Mr A. Bathgate and Dr Ogston, were re-elected, and the retiring auditors were also re-elected.