COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 286, 3 December 1931, Page 4

COMPANY AFFAIRS.

QUEENSLAND INSURANCE. INCREASED PROFITS. Queensland Insurance Company, Ltd., shows a net profit on trading of £75,460, compared with £62,298 for the previous year. During the year the directors disposed of the business of the company in the United States (with the exception of the Hawaiian Islands) and Canada (with the exception of British Columbia), and the liability against all policies, representing premiums of about £200,000, written in the territories referred to, was reinsured in full, the balance of the amount paid under these policies being £75,000. In conjunction with this, a transfer of £90,000 from the reserve for unexpired risks is made to revenue account, which is then shown with a credit balance of £90,466. Dividend of 10 per cent absorbs £50,000, the distribution being the_ same as for the previous year. An addition of £25,000 is raado to the reserve fund, making it £300,000, and a balance of £44,189 is carried forward, against £28,723 brought forward. The directors state that the disposal of the portion of the business mentioned accounts in a great measure for the reduced premium income. Curtailment of London marine underwriting and the world-wide depression were also factors responsible for the further shrinkage in the premiums. Following are details from the accounts in recent years:— Year ended September 30, 1029. 1930. 1931. jy 0 jpt Net profit 82,508 62;20S 75.4(56 Div., 10 p.c. .. 50,000 50,000 50,000 Bonus, 2J p.c. . 12,500 — — To reserve — 25,000 25,000 Forward 41,424 28,723 44,150 losses 404,587 485,030 295.828 Charges 275,753 278,572 18C.642 Taxation ..... 35,152 28,232 30,849 Premiums 832,418 774,5<>0 516,390 Interest & rents 75,584 79.552 72,390 Liabilities — Capital pasd up 500,000 500,000 500.000 Reserve fund . 250,000 250,000 275,000 Reserve for unespired risks . 400,000 400,000 310,000 S'ndry creditors 479,079 469,891 359,240 Govt. Se securities 762,900 759,422 C 97.995 Fixed deposits 191,500 230,000 148.350 Municipal dbnt. 107,004 107,004 107.004 Shares 161,760 224,700 243,066 Freehold props. 159,683 160,223 160,223 Caeh ........ 95,900 28,744 18,255 Other 254,234, 207,521 188,534 ELECTROLYTIC ZINC. DEBENTURE INTEREST REDUCED. TEST OF LEGAL POSITION. The Electrolytic Zinc Company of Australasia, Limited, in paying interest to debenture-holders for the six months from May 15, has sent the following* explanation to debenture-holders: —"This payment represents interest at the rate of 8 per cent per annum from May 15 to September 30, 1931, and at the rate of £6 4/ per cent per annum from October 1 to November 14, 1931. The reduction from October 1 has been made in pursuance of the Financial Emergency Act of Victoria. Leading counsel have advised the directors that this Act applies to the company's debentures, and that it is obligatory upon the directors for the company to make any reduction of interest which under the Act may be applicable. The directors are desirous that the rights of debenture-holders should be fully protected, and on the advice of counsel are taking immediate steps to obtain a judicial determination on the matter. Arrangements will be made for the interests of debenture-holders to be represented separately at euch proceedings and for arguments to be put forward on their behalf by independent advisers. Pending the decision of the Court, the difference between interest at the rate of 8 per cent and the payment now made will be held in a separate trust account, in the joint names of the company and the trustee for the debenture-holders, v to be dealt with as the Court may determine." NEW REGISTRATION. Matahina Forests, Ltd. Capital: £4 in four shares of £1 each. Subscribers: Auckland —F. W. Manning, H. R. Cooke, A. J. Stratford, S. A. Stride 1 share each. Objects: Planters of trees, etc., and incidental. Southern Company. Zealandia Footwear Company, Ltd. Office: 196, Wordsworth St., Christchurch. Capital: £2500, into 2500 shares of £1 each. Subscribers: Christchurch—W. T. Claridge, B. A. Frostick, S. Jackman, A. C. Large, R. Moorfield, A. P. G. McLeod, J. A. Rudge, J. Sinclair, S. A. Scouse, R. E. Wheatley, all 250 shares each. Objects: To carry on the business of boot and shoe manufacturers, etc. Companies Winding-up. Consolidated Brewery, Ltd. —N. A. Duthie, National Mutual Life Chambers, 41, Shortland Street, Auckland, liquidator. Dominion Brokers, Ltd. —A. K. Voyce, accountant, 203, Dilworth Building, Auckland, liquidator. Northern Piggeries, Ltd. —G. F. Marshall White, Auckland, solicitor, liquidator. ■ Onehmiga Seafront Estate, Ltd.— J. McD. Coleman, A.M.P. Buildings, Auck- | land, public accountant, liquidator. I ___