ROPE-AND TWINE COMPANY.

Auckland Star, Volume XXXVIII, Issue 126, 28 May 1907, Page 3

ROPE-AND TWINE COMPANY.

ALLEGED OVERVALUATION. (By Telegraph.—l'russ Association.) DCNEDIN, Monday. The annual meeting of shareholders in Douuguy s uope and Twine .Company, Ltd., was heid to-uay, aud was attended by a large uuuiber oi shaienoiueis. i'ne chairelded. An uiisuai amount, oi interest u;ntrcd Iv the uu.et.iu;;, owing to tne recommendation of tue Uireclois, coiuiiosed icsai-Q to i-Huuung the valuation of the i-uuj[iauy'B proucriies from JifT.ooo 6/3, as sliowu Uy UIC Ijoot-s, to 17/1. The clrcumstaueJfj, to tie;,! ;ve the tsuiircnolderd ol' v tfiviuemi lor the year. They stated, However, tnat the earning power of uic was uuiuipmied.

The chairman, in uioviug the adoption or the report nad balance-sneet, mentioned mat the rope sales were several thousand pounds better than last year, whhe 6touks were kept dowu almost to the minimum. and tile yearly output increased by 400 tons. Iv order to meet the deficiency snowij by over-valuation, the profit and loss account (£8951 S/]l>, as well as a uumber of reserves (totalling £96S'J 11/9), would be appropriated, lie also suggested that tHe shareholders should agree to write down the capital of the company from £47.000 (-1700 shares at £10) to £"-!3,500 (4700 shaies Ht"£3). A lively discussion took place on the valuation question, aud also on the disposal of shares by some of the old proprietors of tlie eouceru. Ultimately the report and balance-sheet were adopted, anu n committee; set up to Investigate the position with regard to the transfer or smle of shares by the old directorate, and to report to a future meeting.