COMPANY AFFAIRS

Wanganui Chronicle, Volume 79, Issue 249, 21 October 1936, Page 9

COMPANY AFFAIRS

] G. J. COLES AND CO., LTD. f i The following circular to share- s holders of G. J. Coles, chairman of . directors, was communicated by cable , yesterday to the Stock Exchange As- , sociation: — : “Your directors have been success- , ful in obtaining the consent of Sir , Walter Leitch and Mr. James Mar- , chall Macfarlane to accept seats on the board of directors, and the directors are unanimously of the opinion that they are eminently suitable and that the company should secure their services. Should you disapprove of the appointment of either of these gentlemen will you kindly communicate with the secretary at the registered office of the company to that effect not later than November 9 next. The remuneration to be paid to these new directors, it appointed, will be at the rate of £4OO per annum, the same as has been paid throughout, to Mr. F. P. Derham during his term as director. “I am pleased to inform shareholders that the mutual confidence which formerly existed between the directors has now been restored. The divergent views occurred purely on matters of policy, no allegation that either Mr. A. W. Coles or Mr. F. P. Derham were parties to any illegal or improper conduct ever having been intended.” BRUCE WOOLLEN COMPANY The thirty-ninth annual report of the Bruce Woollen Manufacturing Co., Ltd., to be presented at the annual meeting on November 2, states that business fluring the past year showed a decided improvement. The larger profit earned, after full provision for increased income tax, has enabled the directors to write off £5500. an increase of £l5OO over the previous year. The balance of profit available, including £584 13s 2d carried forward from last. year, is £6457 I Is 7d. from which the directorsrecom- i mend payment of the dividend on . preference shares amounting to £2300, ■ as well as a dividend of 3 per cent, on ' ordinary capital, amounting to £3000,; leaving a balance of £657 Is 7d to nt ■ carried forward. I approved, the dividend, which is at > an unchanged rate, will be payable on I November 18. FTRWWWW iwiii WHI'MM— MB— !