COMPANY AFFAIRS.

Auckland Star, Volume 246, Issue 246, 16 October 1926, Page 6

COMPANY AFFAIRS.

NORTHERN CO-OP. BUILDING SOCIETY. A PROFITABLE YEAR. The third annual report or the Northern Building Society just issued shows that the net profits for the year were £16,038. This added to profits brought forward £18,893, give an actual reserve rund or £34,893. The directors' report states inter alia: — "Fourteen (14) groups are now operating, and the firteenth group will soon he in operation. This is equal to 28 groups of 1000 shares each, and new groups will be opened as required during tbe year. The income for the year amounted to £72,352 15/1. The advances made and authorised during the year were £71,130. Repayments of loans have now reached a stage when their influence will be more pronounced; and the results will be manifested in increased appropriations. It is anticipated that £100,000 will be appropriated amongst our 14 groups during the ensuing year. The net profits earned during the year were £16,038 4/7, and to this must be added the profits up to last year, £18,893 2/, all of which belongs to the members and makes the profits per share as follows: — Group 1 116 0 Group 2 »:...... t 15 1 Group 3 ..,., 1 19 2 Group 4 ~-. 118 2 Group 5 „,., 1 16 0 Group 6 .... .<•:., 1 "17 7 Group 7 ~:.. 1 11 6 Group 8 14 0 Group 9 „:. 1 3 10 Group 10 :.,.. 0 15 10 Group 11 ......:.. 0 11 5 Group 12 ~,., 0 17 8 Group 13 0 3 2 Two directors, Messrs. R. H. P. Cockroft and J. W. Hardley, retire, and, being eligible, offer themselves Tor re-election, and, as no other nominations have been received they will be declared duly elected at the annual meeting. Tbe directors have reappointed Messrs. Thomson, Gray and Rodger as auditors on behair or the directors, Messrs. Carlaw, Esam and Spry as auditors on behair or the shareholders, again offer their services ror reappointment by the members. DOMINION INVESTMENT AND BANKING. In this issue are published particulars or a new financial organisation that is being floated in Auckland under the title "The Dominion Investment and Banking Association." From these it will be noted that the promoters propose to engage in financial undertakings on a different basis to those usually employed. There are, of course, any amount or investment companies already in existence, but the Dominion Investment and Banking Association will embody features in its methods of obtaining and utilising funds which are not generally employed. There are to be three classes or shares, namely, A, B, and C. The A shares, of which £35,000 are already subscribed, are not withdrawable, and will therefore constitute a solid and substantial reserve, behind which the ' company will start its operations. C shares are Intended for persons of limited means who wish to invest to advantage small savings. They can pay in such sums as 1/3 or 2/6 weekly and Trom the time they commence paying In they are credited with a share of the dividends payable on the basis or payments made. The B shares are designed Tor persons who would prefer to make an occasional investment in a lump sum. Both B and C share are withdrawable at any time, together with dividends accrued. The Association proposes to invest its Hinds by way or mortgage upon land, upon members' shares or Government or local body securities. The features Just referred to have been successfully adopted in U.S.A. and in Great Britain, and the promoters are able to quote the commendation of leading British financiers of the practical results achieved thereby. Tbe company has been registered with, a nominal capital of £250,000 or which £50,000 A shares are now being issued. The directors are Mr. A. G. Lunn, chairman. Sir James Gunson, and Messrs. Edward Russell, J. A. Warnock, H. P. R. Caughey, C. H. Furness, George Winstone, jun., and Davli Pollok. Mr. Pollok is tbe secretary. NEW ZEALAND ZXPREBB COMPANY. PROFITS AND DIVIDEND-. The annual report or the New Zealand Express Company (Ltd.), to be presented at the annua' meeting on October 20, states that the operations or the company for tbe last year show results which the directors believe Will be satisfactory to the shareholders. Although the revenue for the period under review is less by £1512 than that or the previous year, the company was able to make a considerable saving in its expenses, so 'hat the actual result ror the year is not materially affected. Business generally is again oh the up grade. The sum of £6240 has been spent on new buildings during the year, one small property was disposed or, and £2106 was written off ror depreciation, leaving the property account £3514 more than last year. The pront ror the year was £13,318 1/3, and this, with the balance brought forward rrom last year (£3939 13/2) makes a total or £17,257 14/5. OT this, provision for taxation amounts to £3800, interim prererence dividend to January l, 1926, £687 10/, and interim dividend, 3 per cent, April 6, 1926, on ordinary shares £2334 16/9. This makes the balance at the credit or the profit and ios3 appropriation account £10,435 7/8, but the hair-yearly dividend on prelerence shares (paid on July 1, 1926), absorbed £687 10/, which reduced the balance to be dealt with to £9747 17/8. The directors recommend the payment or a rurther dividend or 5 per cent on ordinary shares (making 8 per cent ror the year) absorbing £3891 8/, and the transrer of.the sum of £2000 to the reserve account, leaving a balance or £3856 9/8 to be carried forward. Mr. J. \V. Henton, the retiring director, is not seeking re-election, and his place will be filled at the annual meeting.