COMPANY AFFAIRS.

Auckland Star, Volume LVIII, Issue 89, 16 April 1927, Page 4

COMPANY AFFAIRS.

BURNS, PHILP (S. SEA) CO.

NET PROFIT £65,556,

DIVIDEND OF 1/4 PER SHARE

The report *to be presented at the annual meeting of Burns. Philp and Company, to be held at Suva on Thursday next, states that the operations of the company show gross earnings from all sources (including balance brought forward) to be £172.288 9/3, less salaries, expenses, depreciation, losses, etc., as per profit and loss account, leaving a net balance of £65,556 12/7 to be dealt with. It is proposed to apportion the amount is follows:—To payment of 1/4 per share dividend on 750,000 shares. £50,000; to reserve fund (making a total reserve of £50,000), £10,000; to carry forward the balance of £5556 12/7. The report further states that drought conditions in the Samoan, Tongan, and Gilbert Islands greatly restricted trading operations at those centres. A bounteous harvest of vegetable oil products in other parts of the world, together with unstable European exchanges and dislocation of the oal industry in England, combined to make marketing conditions very difficult for South Sea Island copra. The leasehold of the Phoenix Group, of which Hull Island and Sydney Island are planted with coconuts, and the freehold island of Sophia, also fully planted, were acquired from the liquidator of the Samoa Shipping and Trading Company, Ltd. The Fiji Government had accepted the company's tender for the maintenance of an inter-insular steamer mail service for a period of five years. Mr. James Burns and Mr. James Forsyth retire from the board in accordance with the articles of association, and offer themselves for re-election.

The chief items of the balance-sheet are: Paid up capital. £750.000. Reserve fund, £40,000. "Open" liabilities, £190,742. Assets are: Shipping and landed properties, stores, wharves, investments, etc., £236.215. Produce in transit. £430.390. Merchandise, £173.501. -Sundry debtors, £155,427. Following is a comparison of the company's results for the last three years:— 1924. 1925 1926. t £ £ Brouslit forward 5.62S 8.025 S.S3I Net pro Jits 51,272 00,800 5U.725 £59.1>00 £G5,831 £05,556 To reserve 5.000 10.000 10.000 Dividend p.c 05 0 2-3 fi 2-3 Amount 46.875 50,000 50,000 Carried forward £5,025 £ S,S3I £5,550 CHARGES. The following particulars are taken from the latest issue of the '"Mercantile Gazette":— Woodhouse and Co., Ltd., to Commercial Bank of A., Ltd. Debenture, Mar. 24-24; C'/A, C/R; charged on undertaking and all property, including uncalled capital. Willis Bros., Ltd., to Bank of N.Z. Mortgage, Mar. 21-26; C/A, 6V 2 per cent; covering two debentures; charged on undertaking and all property, including uncalled capital, but excluding land. Willis Bros., Ltd., to Bearer. Debentures, Mar. —; two of £1250 each, QVz per cent; charged on all property, including uncalled capital, but excluding land (subject to two prior debentures dated Jan. 28. 1920). W. S. Langdale and Co. (Auckland), Ltd., to regd. holder. Debenture, Mar. 14-26; 70 debentures of £100 each, 10 per cent; fixed charge on goodwill and uncalled capital and a floating security on compay's remaining assets. Hamilton Theatres, Ltd., to regd. holder. Debenture, Mar. 7-26; 73 debentures securing an aggregate sum not exceeding £6840, 7 per cent; charged on land in certificate of title, vol. 139, folio 182, Auckland Registry, and undertaking, plant, and chattels, also covering memo, of mortgage and trust deed regd. with debenture.

Orange Mills, Ltd., to regd. holder. Debenture, Mar. 1-21; £500, 10 per cent; charged on undertaking and property, including uncalled capital. Robinwoods, Ltd., to H. N. Maddox. Debenture, Mar. 30-31; £200, 10 per cent; charged on undertaking and a sets, including uncalled capital.