COMPANY AFFAIRS.

Auckland Star, Volume LVIII, Issue 221, 19 September 1927, Page 4

COMPANY AFFAIRS.

HUME PIPE CO. (AUSTRALIA).

EIGHT PER CENT DIVIDEND.

The directors of Hume Pipe Company (Australia), Ltd., in their report for the year ended June 30, state that the turnover again showed an increase. Business has been well distributed throughout the company's .various branches in Australia and New Zealand. Hume pipes are now firmly established in the United States, where concrete manufactures have acquired licenses. Licenses have also been granted m respect of the principal South American Republics, and in Canada. The Honolulu and Manila factories are now operating, and the Japanese company has extended its business during the past twelve months. The accounts under review have not benefited from these operations. The subsidiary Singapore Hume Pipe Company, Ltd., closed its financial year on March 31, with a net profit of £7799, •which represents approximately 20 per cent on the paid-up capital. Hume Pipe Company holds 65,000 •ordinary shares in Hume Steel, Ltd., which, it is stated, has secured valuable contracts for the supply of concrete lined steel pipes, and the balance brought in by the Hume Steel Company is £10,992. The net trading profit for the past year of the Hume Pipe Company amounted to £60,883, against £49,740 for 1925-26. An amount of £3000 was transferred to plant depreciation reserve: £7839 was written off patent rights, provision for taxation required, £10,000; and interim dividend! of 8 per cent per annum took £20,000.1 The final dividend is also at the rate of 8 per cent, and the amount carried forward! is £11,036.

The paid-up capital amounts to £500,000. Creditors account for £35,080; overdraft, £21,817, against £52,340; provision for taxation, £18,541; and deposits, £18,196. The assets include freehold land, £48,762; patents, £78,000; machinery, plant, etc., £104,936; manufactured stock, £76,392; work on contracts, £36,146; debtors, £141,699; and shares in other companies, £54,076.

BEATH AND CO. (CHRISTCHURCH). TEN PER CENT DIVIDEND. This old established Christchurch drapery firm _ which was formed into a limited liability company 26 years ago has had another satisfactory year, the directors reporting that the volume of business done created a new record. During the year the directors made arrangements with the Public Trustee to consolidate the whole of the mortgages on satisfactory terms. The loan is for a period of 25 years, interest at 6 per cent plus a redemption payment of £1 15/6 per cent, which will extinguish the debt at the end of the period, "Shareholders will recognise the advantages of having fixed finances, and the directors desire to express their appreciation o£ the ready manner in which the Public Trustee co-operated with them in arranging the business." The directors recommend the usual dividend.

The accounts show a net profit of £12,328 16/ for the year, which, added to the sum brought forward, £11,520 3/3, gives a total for disposal of £23,848 19/3, the allocation of which the directors recommend as follows:—£27s interim dividend on preference shares (already paid), £5392 16/ interim dividend on ordinary shares (already paid), £275 further dividend on preference shares; £5,392 16/ further dividend on ordinary shares (making 10 per cent, per annum): total, £11,335 12/, leaving £12,513 7/3 to carry forward.

BRUNTWOOD CHEEBE CO. On the 20th instant Bruntwood Cheese Company wffl pay out for August supply on the basis of 1/6 lb butt erf at, as against 1/4 for the corresponding period of the previous year. On the same date the company will also pay out trhe sum of £2071, being Id lb butterfait bonus for cheese supplied to the Dairy Produce Board's pod, whi<ih brings the payout for the whole period of control up to 1/4.