COMPANY AFFAIRS.

Auckland Star, Volume LX, Issue 258, 31 October 1929, Page 4

COMPANY AFFAIRS.

COLONIAL SUGAR CO.

HALF-YEARLY REPORT,

DIVIDEND OF 12% PER CENT,

SYDNEY, October 30,

i The report by the directors of the Colonial Sugar Refining Company for the half-year ended September 30 states that the profits for the .period from the Australian mills and refineries and from other investments subject to Federal income tax, after providing for depreciation and other charges, amounted to £265,747 10/9. The earnings in New Zealand and Fiji and from other investments not subject to Federal income tax were £199,745 2/9. From the total of £465,492 13/6 the board proposes to pay a dividend of 20/ and a bonus of 5/ a share, absorbing £365,625, and leaving £99,867 13/6. The addition of the latter amount to the balance of the profit and loss account at March 31, £410,908 13/5, made £510,776 6/11, from which the board proposes to place to reserve £100,000, leaving to the credit of the profit and loss account £410,776 G/11. The directors report that though the cane crops.are lighter than was expected in both Australia and Fiji, the out-turn of some of the mills will reach the estimate, as the cane is above the average in sweetness. In consequence of the continued depression in the world's market the exported sugars are being sold at rates considerably bciow the prices realised for the same period in 1928. There has not been any increase in the consumption of sugar in Australia and New Zealand. The total output of sugar for the six months is about 600,000 tons. The erection of the refinery at Perth has been delayed from various causes, but it should be at work before the end of the year. Recent changes in the political world have not altered the present position as regards the sale of Australian sugars, for the existing agreement covers the crop of 1930. The report adds that presumably no action will be taken in Britain concerning the proposed abolition of sugar duties until the whole question has been fully considered, but the loss of the preference allowance would be a serious thing for the sugar producers of Australia. Any alteration in Canada similar to that suggested in Britain would be sorely felt in Fiji. Following is a comparison of the company's results and appropriations for the last three half-years:— Half-year Sept., March, Sept., to 1028, 1029. 1929. £ £ £ Brought forward 305 853 360,385 410,900 Net profits ... 469.157 507,140 405,492 835,010 870,531 876,401 To reserve 100,000 100,000 100,000 Dividend, 12J% 305,625 305,025 305,265 Carried forward 309,385 410,909 410,776 NATIONAL INSURANCE CO. DIVIDEND OF 9D A SHARE. (By Telegraph.—Own Correspondent.) DUNEDIN, Wednesday. The annual report of the National Insurance Company of New Zealand shows that the net income for the year ended September 30, amounted to £288,133 0/11. After making full provision for losses outstanding and adding £2500 to the reinsurance reserve, there is an underwriting surplus of £16,680 ]/2. Interest and rents, less income tax, amount to £35,264 4/, and the balance brought forward from last year is £36,429 10/, amounting in all to £88,379 15/2. An interim dividend was paid in May, which absorbed £16.666 13/4. leaving an available balance of £71,71.1 1/10. The directors have added £5000 to the reserve fund, £2390 17/ to the taxation and contingency account, and £5980 9/2 to the investment and fluctuation account, and now recommend the payment of a further dividend of 5d a share (making the total distribution for the year 9d a

share), which will absorb £20,833 6/8, and the carrying forward of £37,508 9/. Following is a comparison of the company's results for the last three years:— 1927. 1928. 1929. £ £ £ Net income ... 200,814 280,688 288,133 Brought forward 31,001 32,003 '30,429 Surplus) 17,-352 17,077 10,680 Interest and rents 31,589 31,830 35,204 81,072 82,130 88,379 To reserves .. 10,969 8,201 13,371 Dividend 3/9* 9d 9d Amount 32,500 37,500 37,500 Carried forward 32,003 30,429 37,508 *In 1927 the dividend was on £5 shares paid to £1 10/. In November, 1927, the capital was subdivided into 1,000,000 shares of £1 each, paid to 6/, and last year the shares were paid up to 7/ by the allocation of £50,000 from reserves. FOUR NEW REGISTRATIONS. Four new companies, two public and two private, were registered in Auckland yesterday. Details are as follows:— Public. Harts, Ltd. Objects: To take over the business conducted by Hart Bros., Ltd., importers and wholesale and retail dealers. Capital: £75,000, in 45,000 ordinary and 30,000 preference shares of £1 each. Subscribers: Bernard "Emanuel Hart, William Valentine Worth, Leonard James Shrubsail, and Hugh Ross Mackenzie, 300 preference shares each; Hannah Hart, 300 ordinary shares; William Harrison and Eric Stanley Watts, 10 preference shares each. Craig Investment Co., Ltd., underwriters and financial agents. Capital: £25,000 in £1 shares. Subscribers; Graham Stewart Craig, Norman Alexander Duthie, Cyril James Palmer, David Syme, Henry Richardson Augustus Vialoux, Peter Gilchrist, and George Langton Gladding, 1 share each. Private. W. E. Stephenson, Ltd., dealers in billiard tables and accessories. Capital, £1500 in £1 shares. Subscribers: Athol Ramsden Hodgson, Harold James Court and William Edwin Stephenson, 500 shares each. Equipment Investments, Ltd.-, financiers and concessionaries. Capital, £1000 in £1 shares. Subscribers: Joseph Stanton and George Wilfred Wainwright, 500 shares each. ABRAHAM AND WILLIAMS. DIVIDEND OF 5 PER CENT. The annual report of Abraham and Williams, Ltd., states that the net profit for the year ended September 30, after providing for land 'and income taxes, amounts to £18,355, to which .lias to be added the amount brought forward from last year, £15,302, making a total of £33,657. ■ / The interim dividend paid in April amounted to £7766, leaving a balance available for distribution of £25,891. Out of this sum the half year's dividend on preference shares, amounting to £2461, ■ was paid on October 1. The directors j recommend that a dividend of 2Va per cent for this half year be paid on the ordinary shares, •--making 5 per cent for the year, ; and having £18,125 to be carried forward. : , The dividend is at the usual rate. The l net profit of £18,355 compares with. £16,775 last year, and £15,560 in 1927.