COMPANY AFFAIRS.

Auckland Star, Volume LVIII, Issue 274, 19 November 1927, Page 4

COMPANY AFFAIRS.

ENGLIBH AND SCOTTISH.

USUAL 12% PER CENT. The annual report of the English, Scottish and Australian Bank for the year ended June 30 shows that the gross profits were £1,425,836, as against £1,365,860 for the previous year. The net profits were £550,988. An interim dividend of 5 per cent has been paid. It is proposed to pay a final dividend of 7% per cent, making 12V& per cent for the year, free of English income tax, and absorbing altogether £295,312.

The transfer of £100,000 is to be made to reserve, and £10,000 added to officers' provident fund. It is intended to appropriate £98,437 for purchase and cancellation of deferred inscribed deposit stock. This leaves a balance unappropriated from profits of the year of £47,239, which, added to the amount brought into the account, £230,722, makes £277,961 to be carried forward. Premiums on new shares amounting to £360,000 have been added to the reserve fund, which, with the appropriation from the year's profit, will stand at £2,910,000.

WELLINGTON MEAT CO.

PREFERENCE DIVIDENDS ONLY

The directors of the Wellington Meat Export Co., Ltd., in their 38th annual report for the year ended September 30, show that the result of the year's operations is a profit of £10,328 6/1, from which an amount of £2000 has been written off specially against motor plant. As a large amount was written off the works last year, and the properties are worth considerably more than balancesheet values, the directors do not consider it necessary to make provision for further depreciation on this occasion.

The directors propose to allocate the balance of £8328 6/1 as follows:—Payment of dividend of 8 per cent, on preference shares, £2104 9/7; balance to carry forward, £6223 16/6.

The merger with the Wairarapa Frozen Meat Co., Ltd., has been completed on the terms outlined at the extraordinary general meeting of the shareholders held on May 14, and the capital contributed by the Wairarapa Company, together with that already subscribed, has very materially strengthened the financial position of the company. It is confidently anticipated that the increased volume of stock passing through the works, as the result of the merger, will be reflected iu reduced overhead charges and operating costs.

The profit and loes account shows that the proceeds of freezing, sales and manufactures were £34,244 (as against £26,623 last year). Interest, discount and exchange amounted to £15,058 (£19,671), and general management expensee, taxation, directors' honoraria and audit fees to £8858 (£10,173). MASTERTON HOSIERY MILLS. A FRESH START. MASTERTON, Friday. The resumption of operations by the Masterton Spinning and Hosiery Mills Co., Ltd., whose premises were destroyed by fire about five months ago, is definitely assured. The miniipum amount of capital required to re-establish the industry is now in hand and it is anticipated that | the mill will be in operation again within I three months.

NEW REGISTRATIONS. Walter Lambourne, Limited. Objects: To carry on the business of an ironmonger, hardware merchant, etc. Capital: £15,000, divided into £1 shares. Subscribers: Walter Lambourne, 15,494 shares; and Alan C. Lambourne, Cyril W. Lambourne, Arnold S. Lambourne, Alec. D. Lambourne, David Fernie and Thomas M. Stebbing, each one share.