BOOTH MAC PLANS
Capital To Be Reduced Directors of Booth Macdonald, Christchurch merchant and engineer, propose to reduce share capital and win seek shareholders* approval at a special meeting on August 5. They feel capital should be brought more in line with the company’s assets. Present capital is £217,588 in 10s shares. Last sales were on Auckland and Wellington exchanges last Friday at Is sd. Directors feel the shares could be converted to relate to decimal currency along with the reduction in capital. Net profit for the year to March 31 was £4345, against £2054 last year, and this reduced debit balanee to £254,001. Shareholders’ funds are £69,365, against £65,020, after deducting debit balance from capital reserves of £105,778 and the capital. Directors say no depreciation was written off, there was no tax provision and no dividend. Income is coming mostly from rents and maintenance will continue to be a charge on resources. Continuing annual costs are necessary because of lack of spending in the years of receivership, which ended in 1962.
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Press, Volume CVI, Issue 31117, 21 July 1966, Page 19
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172BOOTH MAC PLANS Press, Volume CVI, Issue 31117, 21 July 1966, Page 19
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