LOAN & MERCANTILE
DIVIDENDS RECOMMENDED
The New Zealand Loan and Mercantile Agency Company, Ltd., has received cabled advice from its London office initimating that the company will hold its annual meeting in London on December 15.
The annual report and balance-sheet shows that after paying taxes £38,303, and providing for exchange on profits £43,255, and charging interest on first and second mortgage debenture stock, the profit and loss account shows a balance of £82,365. to which is to be added the amount of £39,762 brought forward from last year, making £122,----127.
The dividend recommended will absorb £75,000, leaving £47,127 to be carried forward. The distribution proposed is as follows:—Dividend on 5 per cent, cumulative preference stock of 5 per cent. for the year ended June 30. 1938, £50,000, and dividend on ordinary stock at 2 per cent., £25,000.
Both these dividends are subject to a deduction of 4s 6d in the £ for English income tax at the rate of 5s 6d in the £, less Dominion income tax relief at Is in the £.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/EP19381202.2.159.17
Bibliographic details
Evening Post, Volume CXXVI, Issue 153, 2 December 1938, Page 14
Word Count
171LOAN & MERCANTILE Evening Post, Volume CXXVI, Issue 153, 2 December 1938, Page 14
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