DOMINION BREWERIES.

Waikato Times, Volume 114, Issue 19009, 28 July 1933, Page 4

DOMINION BREWERIES.

THE ANNUAL MEETING. REDUCTION OF CAPITAL. AUCKLAND, Friday. At the annual meeting of Dominion Breweries, Limited yesterday, Mr H. R. Reimers, chairman of directors presiding, there was an attendance of about 50 shareholders. A resolution providing for a reduction of capital from £250,000 In shares •of £i each to £100,0,00 divided Into 160,000 shares of 12s 6d each was submitted to a special meeting which was adjourned for a month. Referring to the loss of £14,002 for the. year, Mr Reimers said a considerable amount consisted of debit balances brought forward, and the directors thought it advisable to extinguish these accounts altogether. There was a debit balance in the appropriation account of £8566., "The turnover for the year shows a substantial increase over the preceding year and April, May, June and July of this year show an increase of about 20 per cent, over the same months of last year,” said Mr Reimers“lt is evidfent that with a return, to anything like normal trading conditions the company will reap the full benefit from the increase in turnover.” Mr H. J. Kelllher, managing director, said the present unsatisfactory results were due to loss of the community’s purchasing power, the tremendous direct and indirect taxation suffered by the trade and the difficulties involved in establishing a large business. Messrs G. Jackson and J. P. Molloy were elected to the directorate. The retiring directors were Messrs Molloy and Reimers-