COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 117, 20 May 1931, Page 4

COMPANY AFFAIRS.

GOLDEN BAY CEMENT. CLOSING DOWN TEMPORARILY. In order to permit further construction work to be carried out, the Golden Bay Cement Company's works at Tarakohe are to be closed down for a short period. A statement to this effect was made by the works manager, Mr. K. Maltby Kobinson. The stoppage will not affect tiie whole staff. About a quarter of the men will be required to carry out the construction, and shipping operations while the works are closed will provide occasional employment for those men whose services have been temporarily dispensed with. "The company has still a great deal of construction work to complete, Mr. Robinson, "and, as the demand tor Portland cement at this season is always rather light, the company is taking the opportunity of completing some oE its construction programme while there are sufficient stocks on hand to meet the demand for the next two or three weeks. BANK OF AUSTRALASIA. DEPRECIATION ON CAPITAL. Particulars of the profit made by the Bank of Australasia for the year ended October 13 last and its distribution have already been received by cable and published. The report now to hand by mail enables a comparison of balance-sheet items to be made:— Year ended Oct. 14, Oct. 13, 1929. 1930. £ £ Net profits 677,183 615,054 Dividend', amount 630.000 585^00 To reserve 20,000 To reduction of foiZVr'r.:: 101.M3 192,021 To reserve prem. on new shares .. — LIABILITIES— Capital 4,500,000 4.500,000 Reserve fund .... 4,475.000 4 475,000 Circulation 1d'707 34''3*> 584 Deposits 34,414.707 Bills payable, etc... 4,069,794 3,79.>,370 ASSETS— Cash items 7,182,967 6,111,127 LO f;i»S» t r, C ß!i.. a ° d 50,000 403,000 B 'cuStles GoV h • •'*' 2.224,074 2,109,392 Australasian Govt. securities and „ wn „ n other investments 1.4j7,819 -,7-6,990 Bills receivable ... 3.362,6(U -.^(i.lO.t Advances aoo'o-r Bank premises .... 1.78,373 400, -<j6

Allowance is made for depreciation of capital on account of the fall in .the Australian pound. The note giving the information states: "At the exchange rates current at October 13 capital i employed in Australia and New Zealand shows a depreciation which is provided for by an exchange suspense account included in the provision for contingencies. ■ Provision for contingencies is placed with the item "bills payable, drafts in transit, and other liabilities." With a reduction of £62,099 in profits dividend percentage was reduced by one to 13, and the dividend required £585,000 for payment. ISO transfers were made to reserve or to the premises account, but the balance-sheet shows an addition of £121,183 to the latter item. In the balance-sheet the circulation which is mostly in New Zealand. shows a fall of £33,191. The item bills payable, which, as stated above, now includes the item for contingencies, is lower on the year by £774.419. Deposits show a fall of £182,213. while advances and other assets are £92<,712 lower, cash items have declined by £1,071,840, and against this is an increase in securities ot Australasian Governments amounting to £1 269 171 English funds in the torn of loans at call and Treasury bills are hugusr bv £445.000. but there has been a slight fall of £54,662 in British Government securities. Bills receivable are lower by £786.560. Gross profits amounted to £1.661.676, and adminisimtn-e chav^ 8 to £674,197. with taxation at £372,39 l ot which £217.635 was on account of' Aus tralasia, an increase of £00,101 in Austral asia and £21,910 in Britain. THE "CO-OP.'S" PAY-OUT. The X- j^ssssrtrJSz supplied for butter-making during April, and ssd per lb butterfat supplied for cheese-making.