COMPANY AFFAIRS.

Auckland Star, Volume LVIII, Issue 122, 26 May 1927, Page 4

COMPANY AFFAIRS.

GASCO PRESSED BRICKS.

MORRIS, HEDSTROM, LTD. DIVIDEND OF 7 PER CENT. The annual report, for the year ended March 31, of Morris, Hedstrom, Ltd., plantation owners and merchants, of Suva, states that the capital has been increased by the issue of shares at par in part payment of the business of Smyth and Carruthers, Ltd. (Apia, Samoa), which was acquired as from March 1, 1927. The profits for the year were seriously affected by the heavy and continuous fall in the price of copra during 1926. Merchandise profits also were affected by the drop in the price of cotton goods. In other directions the company has had a favourable experience and the net result of the year's trading is not unsatisfactory. The net profit for the year, after making provision for income tax and doubtful debts, is £66,628 5/9; to this amount must be added £22,650 12/9 brought forward from last year, making a total of £89,278 18/6. Out of this amount the following dividend shown overpaid:—lntrim dividend on preference shares absorbing £6437 5/7 and interim dividend of 3 per cent on ordinary shares, absorbing £15,151 2/2. The amount available for 'distribution is therefore £67,690 10/9, which the directors recommend should be allocated as follows:—Final dividend of 4 per cent on ordinary shares and dividend at the rate of 7 per cent per annum on shares issued on March 1, 1927, absorbing £20,291 2/9; final dividend of 3 per cent on preference shares and dividend at the rate of 6 per cent per annum on shares' issued on March 1, 1927, absorbing £6460 8/7; transfer to generaL reserve (making the total £75,000), £10,000; carried forward, £30,938 19/5. The increase in capital mentioned in the report comprises 4630 preference and 15,370 ordinary shares, the subscribed capital now standing &t £739,613. Net profits were £56,938 in 1925 and £64,670 in 1926. . The dividends on ordinary shares have been 4 per cent in 1924, 6 per cent in 1925, 6 per cent in 1926 and now 7 per cent.

DIVIDEND SIX PER CENT. The report of the directors of Gasco Pressed Bricks, Ltd., covering the second trading year, states that the period has been satisfactory from a trading point of view, demand has been good, necessitating working overtime, pending installation of a second machine. The output for the year has been disposed of, a large number of bricks going into the country districts, and some to the City of Auckland, where there is a probability of further business in future. New brickmaking machinery has been installed, and is producing a first-class article. Pipemaking plant, erected during the year, is turning out first-class goods, for which there is a steadily increasing demand. Conduit ducts are also being manufactured. Net profit for the year was £5816 17/. There was a debit balance of £1575 8/5 brought forward from last year. After meeting the old loss, and writing off bad and doubtful debts, and making provision'for income tax, the directors have decided to write off £1000 on the old plant and machinery account, and £658 7/5 off the preliminary and formation expenses account. The balance remaining, £2583 1/2 the directors recommend should be appHed to payment of a dividend of 6 per cent., amounting to £2400, carrying forward £183 1/2. The directors propose erecting a second pipe kiln and an additional building'for drying room, in order to manufacture a larger variety of pipes, together with an assortment of other goods.' No additional manufacturing plant will be necessary, as the existing pipe plant is sufficient to make enough pipes for both kilns. For this purpose the directors propose that the capital be increased from £40,000 to £50,000 by the issue of 10,000 shares of £1 each, to be offered in the first instance at par to present shareholders in the proportion of one' to four of their present holdings. WRIGHT, STEPHENSON AND CO. The twenty-first annual meeting of the members of Wright, Stephenson and Co., Ltd., was held at the head office of the company,-34 Customhouse Quay, Wellington, on Tuesday, in the presence of a large number of shareholders. The profit and loss account, including £41,349 9/5. brought forward from last year, showed a credit balance of £67,911 8/8. A dividend of 7 per cent on the ordinary shares was declared, and the fixed payment to preference shareholders was adopted ' leaving a balance of £33,464 16/ to be carried forward. Hears. J. A. Johnstone and R. S. Abraham, the retiring directors, were reelected. Messrs. Barr, Hercus and Co., auditors, were rsappointed. GOLDEN BAY CEMENT. The directors of the Golden Bay Cement Company require £60,000 to instal new machinery at the works at Terakohe, and are asking debentureholders to contribute £30,000 for five years at 7 per cent; in the alternative to take up ordinary contributing shares, or convert present debentures up to an amount equal to their subscriptions to the new issue. NEW REGISTRATIONS. Tyres, Ltd.—The notice appearing in yesterday's issue in regard to this company should have read: To exploit in Australia the invention of George David Watson, for the manufacture of pneumatic tyres. The capital is £20,000 in £200 shares held by Percy Arthur Hadley, 75 sLares, and Robert Harold Montgomery, 25 shares. ORIENT STEAMSHIP CO. LONDON, May 24. A meeting of shareholders of the Orient Steam Navigation Company passed resolutions increasing the capital of the comto £6,250,000 by the creation of £2,500,000 6% per cent preference shares of £1 each. When these resolutions are confirmed a further resolution will be submitted for the capitalisation of £1,040,880 from the general reserve for distribution among shareholders in the form of 6% preference shares.