COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 285, 2 December 1931, Page 4

COMPANY AFFAIRS.

NATIONAL BANK OF HZ.

LOWER INTERIM DIVIDEND,

NOW 8 PER CENT

(Received 11 a.m.) LONDON, December 2

The directors of the National Bank of New Zealand have declared an interim dividend at the rate of 8 per cent tax free.

P. AND 0. COMPANY.

LESS PROFITS LAST YEAR

HOPE FOR FUTURE

LONDON, November 30.

The annual report of the Peninsular and Oriental Steam Navigation Company for the year ended September 30, states, that after provision for depreciation there is a balance on the year's accounts of £643,289, of which £115,051 was brought forward. The directors propose to transfer £100,000 to the reserve for the redemption of debentures. After payment of dividends/ including 6 per cent on the deferred stock, as announced on November 6, there will be a balance of £115,738 to be carried forward. The report stated that the year had been a very difficult one, with a decrease in shipments in almost all the company's trading. That state of affairs .still applied. The dividend from the company's investments, with assistance from some of the allied companies, enabled the board to recommend the payment of the dividend on the deferred stock tax free.

Reviewing the whole of the company's operations, the report stated there were signs o£ an improvement that should continue if the country's finances were placed on a sound footing. Following is a comparison of the company's results and appropriations for the last three years:— 1929. 1930. 19.31. Brought forward. £121,930-£120,804 £113,051 Net profit 822,036 745,439 528,238 £943,966 £5C6,303 £643,2=0 Debenture reserve 90,000 90,000 100,000 Provident fund.. 30,000 50,000<» — Dividends — Treferred, 5 p.c. 152.0C0 152,000 152,000 Deferred p.c. .. 12 10 0 Amount 551,102 459,252 275,551 £120,864 £115,051 £115,73S ANGLO-PERSIAN OIL CO.

INTERIM DIVIDEND DEFERRED

The .Anglo-Persian Oil Company, Limited, is deferring consideration of an interim dividend until the accounts for the year, which ends on December 31, are known. For the year 1930 the profit was £4,648,579, compared with the record amount of £5,206,761 in 1929. Dividend was reduced from 20 per cent to 15 per cent, of which 5 per cent was interim dividend.

NESTLE MILK COMPANY

CASH PAYMENT OF £1,500,000,

A net profit of £129,431 is disclosed in the report of Nestle and Anglo-Swiss Condensed Milk Company (Australasia), Limited, for the year ended June 24. a decline of £33,595. The profit was struck after providing £67,500 for depreciation, which is the usual allowance, £50,000 for taxation, and £5000 for doubtful debts. With £23,409 brought into the accounts there is £152,840 available for appropriation. The preference dividend of 8 per cent requires £80,000. The ordinary dividend, which is reduced from 3Vs to 2 per cent, absorbs £50,000, leaving £22,840 to be carried forward. The directors state that with a volume of readily liquid assets of £1,889,153, the company has arrived at a stage when the invested capital is largely in excess of requirements. They propose a reduction of ordinary paid-up capital from £2,500.000 to £1,000,000, and the return of £1,500,000 in cash to the ordinary shareholders.

BREWING PROFIT LOWER. Gross profits of Tooth, and Company, Ltd., 'brewers, for the year ended September 30, was £1,260,615, a reduction of £333,182. With management and other expenditure lower by £127.619, the net profit of £480,829 shows a fall of £205,562. Final dividend of 4 per cent is the same as the interim dividend, making 8 per cent "for the year. The total distribution is £449,647. To reserve for depreciation of properties and securities £25,000 is transferred, and £7000 is added to the employees' benefit fund. Against £39,086 brought forward, there is carried forward £38,267. With the appropriations reserve for depreciation will amount to £75,000, and the employees benefit fund to £55,567. , Details from recent balance-sheets and accounts have been as follow:— Tear ended September 30. 1929. 1930. 1931. £ £ £ Gross profit 1,482,345 1,593,797 1,260,615 M & a t S a e Sn 848,291 907,405 779.786 Net Profits eWo.M 686,391 480,829 Dividend, p.c. 12J n 111 ..." ,g Div., amount 539,860 632,317 449,647 To res. fund 100,000 50,000 *20,000 To employees* benefit fund — „— „ J'™ 0 , Forward ... 35,011 39,086 38,2b7 Liabilities— Ca uf al .. P . aid 5,620,598 5,620.598 5,620,598 Res fund . 650,000 750.000 800,000 Depre. res. . 50,000 50,000 50,000 Creditors) ... 613,369 553,000 uIO.SoO EX bcn°efit e f'nd 55,359 54,448 48,567 Workmen's compensa- n _ „ „ tion fund 25,000 25,000 . 20,000 Assets — Breweries, plant .... 4,590;425 4,727,376 4,945,570 Govt. stock & deposits 409,007 560,686 G.1,70l Bank bal's . 135,498 72,299 54,024 StkTon hand 577,290 456,142 347,896 SU debt y ors .. 1,734,105 1,007,262 1,430,565 * For depreciation. Creditors are owed £43,055 less than a year previously. Assets total Stocks on hand are valued at i 108,246 lower, and bank credit balances have decreased by £18,275. An increase of £11,065 is seen in deposits and Uovernmenfc securities, and amounts owing to the company have been reduced by £1(6,697.

CANTERBURY MEAT CO,

NET PROFIT, £15,623

(By Telegraph.—Press Association.)

CHRISTCHURCH, Tuesday

The annual report of the Canterbury Frozen Meat Company states that the net profit for the year was £15,623, which with the amount brought forward niakes the amount to the credit of the profit and loss account £16,492. , A dividend of 6 per cent on the preference shares absorbs £6000 and a dividend of 6 per cent on the ordinary snares £6750. A sum of £2500 is added to the renewals reserve fund, leaving £1242 to be carried forward.

A net loss of £47,389 was shown last year and a loss of £48,414 in 1929. The general reserve was used to pay dividends, which were 6 per. cent in botn years. The amount brought forward from last year was £569.

A.P.A. PASSES DIVIDEND. Directors of the Australian Provincial Assurance Association, Ltd., have decided not to declare a dividend for the year ended September 30. Last year a dividend of 2'/4 per cent was paid.