DIVIDING PROFITS

Gisborne Times, Volume XXIII, Issue 1805, 11 July 1906, Page 3

DIVIDING PROFITS

(Per Press Association.)

Wellington, last night. In the Appeal Coutfc Mr Hosting, for the Press Company, comoncle'd (hint plain! tiffs were debarred from bringing this action on account of their acquiescence in the actions of the directors when the profits were put into the business instead of being declared as dividends. Further the directors were justified in replacing lost capiial out of profits before declaring a dividend,

Later.—ln the Court of Appeal this 1 afternoon Mr Hoskirg, for the dofendaris Press Company, concluded his argument aud Mr Acland, for It. H. Rhodes, representative of the prpferrnee shareholder, who had boon joined as defendant?, addressed the Court, contending that tho dirociqrs of the company bad a right under the articles of assooiatioD, before declaring dividends, to write eff any amount they pleased for depreciation of goodwill and plant, and if they aoted bona fide plaintiffs had no right to claim, and the Court could not interfere. After Mr Bril had replied, the Court reserved judgment.

THE PEA RIFLE CASE

The case Eonealy v. Kawana Karsku then began. This was an Auckland cate on appeal from a decte’on of Mr Justice Edwards, who had refused a nonsuit in a 0833 in which th 9 native defendant had boon awarded £SO damages for injuries sustained from a bullet fired from a pea rifle by defendant’s son. The case is proCoediDg,