DUNEDIN NEWS.

Star (Christchurch), Issue 5519, 20 March 1896, Page 1

DUNEDIN NEWS.

[Per Press Association.] DUNEDIN, March 19 At a meeting of the committee of the i Chamber of Commerce it was resolyed to i communicate with the Postmaster-General, } urging a return to the old system of 5 delayed telegrams. !•• At the annual meeting of Kempthorne, > Prosser arid Co/s New Zealand Drug Company the report, recommending a dividend s of 7i per cent and carrying forward 1 .£13,884, was adopted. ' The Chairman said ' that .£25,000 w6rth of debentures matured • on Sept. 15, and' to; provide the necessary t security for repayment of these the • Board, when 'l they were issued, set . aside uncalled capital equal to their > value, appointing by deed trustees to \ ,give effect thereto. As all the company's i assets are free, excepting for these deben- > tures, the directors have determined that, \ in.the best interests of the company, these | bonds should also be paid off at maturity, and i to call the necessary 10s per share to do this in proper time. Then the company's assets \ would be entirely free of encumbrance, and the position of the business be one of entire '. independence. On the liabilities side in the balance-sheet they would notice that | the company owed on deposit and open accounts a sum of .£35,113 3s 6d. The creditors to whom most of this money was due were willing to take the amount in shares, provided the debentures were paid off. The report was adopted and Mr W. Elder and the Hon P. S. Grimwade, Melbourne, were re-elected directors.