COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 281, 27 November 1931, Page 4

COMPANY AFFAIRS.

E., S. AND A. BANK

HEAVY FALL IN NET PROFIT,

Net profit shown "by the English;, Scottish and Australian Bank, Ltd., for the year ended June 30, is less than half that for the previous year. The profit, a London correspondent cables, is £266,657, a fall of £276,079. Dividend of 8 per cent, free of British income tax, as announced by cable last week, is a reduction of 4 1 /& per cent, and requires £240,000. A transfer -of £30,000 to reserve is £50,000 less than last year's and will raise the reserve to £3,190.000. The only other appropriation ig £5000 to the officers' provident fund, and there is then a balance of j £297,134 to be carried forward, against j £305,477 brought into the accounts. Cable advice received in Sydney from the j head office, states the gross profits at I C 1,275,825, provision for bad and doubtful! debts and contingencies having been j charged to the contingency reserve. The! .'iinount com pares with £],G87,758 fori 1929-30. A sum of £1,585,000 has been' ;• (located from the reserve fund to nj special reserve for depreciation in Austra-i linn currency, which the directors consider! will only be of a temporary character, and I ihut the amount will ultimately be restored f.n the general reserve fund. YtiAK ENDED .TUNE 30. 1930. 1931. & profits) 1,587.758 1,275,825 ifmriycDir'Ht mid tax* a I ion 1,045.022 1,009.108 *■"{• t profit 042,736 206,657 T) reserve 80,000 30,000 "•> provident fund ... 10,000 5,000 I)i v., p.c 12J 8 amount ....... 875.000 240,000 To contingency nct:<> unt ... 70,000 — "■■j bank premises .... 70,000 Forward 305,477 207,134

VICTOR lA-NYANZA SUGAR,

Cable advicc from tbe Yictoria-Nyunza Company, dated November 20, states the output was 1226 tons.