COMPANY AFFAIRS

Auckland Star, Volume LXIII, Issue 93, 20 April 1932, Page 4

COMPANY AFFAIRS

NEW ZEALAND PAPER MILLS. FINAL DIVIDEND 4 I>ER CENT. The directors of New Zealand Paper Mills, Limited, Dunedin, have declared a final dividend of 4 per cent, making 7 per cent for the year. It is payable on May 19. The year's distribution is a reduction of \'z per cent on that made in 1931 and 1930, when Vh per cent was paid. BROKEN HILL PROPRIETARY. . NO HALF-YEARLY DIVIDEND. . (By Telegraph.—Press Association.) WELL INGTON, Tuesday. The directors of the Broken Hill Proprietary, Limited, have decided that no half-yearly dividend will be paid, according to a letter, dated April 8, received by the Stock Exchange Association. VICTORIA NYANZA SUGAR. CLOSING OF MILL. (By Telegraph.—-Press Association.) WELLINGTON, Tuesday. A cable message from the Victoria Nyanza Sugar Company has been received by the Stock Exchange Association stating that the following message had been received from tlie plantation: —'"The mill closed down on March 24, a total of 3493 tons of sugar having been manufactured. Portion of the property at Cheinelil has suffered severely from the defoliation. Otherwise the plantation is practically clear." BANK OF ADELAIDE. BIG DROP IN PROFITS. A sharp fall in profits is revealed in the accounts of the Bank of Adelaide for the year ended March 31, the amount at £60.773 comparing with £01,813 for the previous year. A dividend at the rate et 4 per cent per annum has been declared for the halt-year, making a total of 4 per cent for the year. A transfer of £30.000 has been made to a reserve to provide for depreciation in Government stocks and other contingencies. Liquid assets amount to 52 per cent of the bank's total liabilities, an increase of 9 per cer.t. Reduced interest receipts, due to tiie Financial Emergency Act reductions, account for the smaller profit. Deposits show an increase of £209,004. compared with last year, but advances show a decrease of £340,833, largely due to stagnation and the lack of safe outlet for loanable funds. Following are details of the results and appropriations for the last three years:— 1930. 1931. 1932. £ .£ £ Brought forward. 38.875 49,182 53.795 Net profits 138,107 01,813 00.775 170,982 141,295 120,570 To reserve 15,000 — 30,000 Dividend, p.c. ... I) 7 4 Amount 112,500 87,500 50,000 Carried forward.. 49.452 53,795 40,570 The bank has a paid-up capital of £1,250,000, and at the end of 1931 there was a reserve of £1,000.000.