COMPANY AFFAIRS

Wanganui Chronicle, 21 December 1948, Page 10

COMPANY AFFAIRS

INCREASES OF CAPITAL Farm Products Co-op. (Gisborne). Ltd. Capital increased from 15500 to £10,500 (Gisborne) . South Westland Shipping Co.. Ltd. Capital increased from £l5OO to £lB,OOO. (Hokitika). Hislop (A. R.), Ltd. Capital increased from £20,000 to £30,000, Nov. 11 (Wellington). DOMINION LIFE New business of the Dominion Life Assurance Office of N.Z., Ltd., for the year ended September 30 totalled £1,333,569. Total sums assured in force at the end of the year amounted to £9,348,436. to which reversionary bonuses totalling £539,833 had been added. Premium income, less reassurances, was £42'3 less at £5lOO. and total income rose by £87,128 to £461,062 after transferring £4690 to investment fluctuation reserve. Management expenses increased by £4889 to £25,515. Ordinary dividend is increased from 4 per cent, to 5 per cent, and 6.4 per cent, is being paid on preference shares. DIVIDEND PAYMENT The Otafto Farmers’ Co-operative Association of N.Z.. Ltd., is paying annual dividends of 5 per cent, on ordinary and investment shares and 5 3-5 per cent, on A preference .SLAB HIT ( REEK PLANS TO WIND I P That the alteration in the exchange rate and the consequent reduction in the price of gold is bearing heavily on some New Zealand dredging companies in the affairs by Palatest development in the affairs of Slab Hut Gold Dredging Co., Ltd. The directors of the company consider that it is impossible for the company to operate under present conditions at a prolit. and they are, therefore, recommending that the company be wound up. An extraordinary meeting of shareholders has been convened for .January 31, when the following resolution will be considered bj order of the directors:—“That the company, by reason of its liabilities, cannot coiitinui its business; that it is advisable to wind up, and that the company be woundup voluntarily; that E. J. Woolf, of Christchurch, he appointed liquidator. - ’ According to the cnairman of directors Mr. L. D. Richards, indications are that the assets of the company will realise sufficient b> meet tin- demands of creditors, and “most likely to make a small payment to shareholders.’’ It is also intimated by Mr. Richards that the lessees of the company’s plant have exercised their light to terminate their lease.