SANFORD LTD. ANNUAL MEETING

Sun (Auckland), Volume 1, Issue 85, 1 July 1927, Page 13

SANFORD LTD. ANNUAL MEETING

“The net profit available for appropriation after deducting £4,375 for the interim dividend paid in December last is £7,709 19s Bd,” stated the chairman of direc rs, Mr. A. J. Jagger, at the annual meeting of Sanford, Ltd., held yesterday. • This enabled the directors to recommend the distribution eft 23 per cent, on the capital, making 7 per cent, for the financial year, and to carry forward £1,334 19s 9d after setting aside £2.000 for income tax. During the year ending May 31, 1926, said the chairman, two of the com - pany's old trawlers were sold in Australia for considerably more than they cost. The Income-Tax Department claimed income tax on the amounts previously allowed for depreciation on these trawlers, viz., £360. The ompany protested, but on the advice of its solicitors ultimately paid. This payment was not anticipated in the last report. The annual report and balance-sheet already published in THE SUN, was adopted, and the action of the directors in filling the vacancies >n the directorate caused by the retirement of Messrs. Paul and Herbert ..'anford by appointing Mr. C. V. Houghton and Captain Hammond, was confirmed. The retiring directors, Messrs. Gilbert Sanford and A. F. Jagger, were ‘re-elcct'-U