TRADERS’ FINANCIAL CORPORATION

Dominion, Volume 20, Issue 46, 18 November 1926, Page 7

TRADERS’ FINANCIAL CORPORATION

' A SOUND POSITION. Dominion Special. Auckland, November 17. The annual meeting of shareholders in the Traders’ Finance Corporation. Ltd., was held yesterday. Mr- John Burns, chairman of directors, presiding. In moving the adoption of the report ana balance-sheet, the chairman congratulated the shareholders, on the result ot the year’s working. Business had not been altogether easy, as the very lent economy campaign pushed oy tne Press and public speakers was bound to have a detrimental effect on .sncn a business as theirs. Despite this, t e had been able to profitably employ all paid-up capital during the past year, the balance of the preference shares had been allotted, the original nwinnyy shares had all been called up at Ills., and a further number of ordinary snares hail bee,n issued. It wns not proposed to issue anv further preference 8 /’ arcs until the directors considered that the vrtlmne of suitable business warranted thorn doing so. The profit earned would have enabled the payment of a muon higher dividend tlinn the 7 per cent, recommended, but the directors favourod a conservative policy in the distribution of profits until n strong reserve fund had been built up. , The report and balance-sheet were adopted. ' '