COMPANY AFFAIRS.

Auckland Star, Volume LX, Issue 257, 30 October 1929, Page 4

COMPANY AFFAIRS.

ROTOITI TIMBER. YEAR RESULTS IN A LOSS. Directors of the Rotoiti Timber Company, Ltd., report for the year ended 30th June that while the turnover was maintained, prices did not advance sufficiently to show a reasonable margin of profit. The new marketing scheme came into operation on June 1 of this year, and the company, with all the principal sawmilling companies in the North Island, joined the Sawmillers Timber Trading Company, but sufficient time has not elapsed since the scheme has been in operation to show its benefits to the industry, although they should be felt during the coming year. The scheme has_ for its object the improvement of grading and classification, and uniformity in prices. The directors of the Rotoiti Company express regret that the operations of the past year have resulted in a loss, which lias been carried to appropriation account now showing a debit balance of £104 17/3. In the circumstances the directors state that it is not possible to declare a dividend on the preference shares for the past year. The balance-sheet shows liabilities to paid-up capital £92,859; bank special account and overdraft, £6782 14/11; sundry creditors, £1407 18/7; reserve for income tax, £24 11/3." There are also contingent liabilities, totalling £24,955 19/11, including £18,962, the amount uncalled on shares in other companies. Assets include freeholds, leaseholds, rights, plant, rolling stock, buildings, and wharves, £79,432 12/3; investments, £9762 7/; advances to subsidiary companies, £16,670 19/1; timber stocks and stores, £7217 8/7. Messrs. R. A. Wilson and J. Martyn Hume, directors, offer themselves for re-election. ELECTROLYTIC ZINC. SLIGHTLY IMPROVED PROFITS. FUTURE POLICY.

Reports and accounts of the Electrolytic Zinc Co., of Australia, Ltd., Risdon. Tasmania, for the year ended June 30, disclose that the slightly improved profit of £367,918 had been earned after the allocation of £145,000 for amortisation and depreciation, and £40,611 for taxation. The general reserve was increased by £50,000. Dividends, at the unchanged rate of 12 per cent, absorbed £312,000, and £5918 was added to the balance in profit and loss account, making it £15,407. The latest net profit is 14 per cent of capital, and 9V2 per cent of shareholders' funds of £3.883,118 on July 1, 1928. Improvements and refinements in practice effected during the term without any extension of plant enabled the company to increase its output of zinc from 49,117 tons to 50,001 tons.

The Electrolytic Zinc Company's interests in the possibility of producing synthetic nitrous fertilisers have been merged with investigations being conducted on a large scale by several companies in collaboration. The industry will require a large capital expenditure, and as exhaustive preliminary investigations are necessary before launching the enterprise, some considerable time will probably elapse before any definite statement on the subject can be issued. The company has joined with other interests in the flotation of Synthetic Coal Oil Products Pty., Ltdi, to undertake large scale experimental work in hvdrogenation of Australian and New Zealand coal, primarily for the production of oil. GOLDEN BAY CEMENT. At the ninth annual meeting of Golden Bay Cement Company, held in Wellington yesterday, the chairman of directors, Sir Joseph Ward, was unable to be present owing to ill-health, and Captain Charles McArthur presided. In moving the adoption of the report and ■accounts for the year ended June 30 the chairman said that in connection with the erection of the new plant unforeseen delays had taken place, but the work was proceeding speedily, and it was anticipated that it would be ready to operate early next year.