AFTER FIFTY YEARS.

Auckland Star, Volume LXIII, Issue 262, 4 November 1932, Page 4

AFTER FIFTY YEARS.

UNION OIL COMPANY. LAST YEAR'S PROFITS £5841. YEAR'S DIVIDEND 1/6 A SHARE. The Union Oil, Soap, and Candle Co., Ltd., has just completed its jubilee year, and, despite difficult trading conditions, has been able to continue its dividend distribution to shareholders, though at a slightly reduced rate. Addressing shareholders at to-day's meeting, the chairman of directors, Mr. E. W. Evuns, congratulated shareholders ou the attainment by the company of its fiftieth year. Like many other industrial concerns, snid Mr. Evans, it had had its ups and downs, but for many years past it had enjoyed a run of commercial prosperity, due to a great extent to the foresight and sound policy initiated by the original founders, and continued by the present management. Reviewing the operations over the last twelve months, the chairman stated that, with conditions in the commercial world still obscure, the directors had deemed it advisable to adopt a conservative policy, and reduce the dividend rate and increase the carry forward. The accounts disclose a net profit of £5840, which is slightly less than was earned the previous year, and the carry forward amounts to £1414. The rate of dividend declared was 9d a share, which, with 9d interim paid in May, makes 1/6 for the year, equivalent approximately to 9% per cent on paid up capital. Mr. G. R. Hutchinson was reelected a director, and Mr. R. E. Isaacs was reappointed auditor. The subscribed capital of the company is £75,000 in £1 shares paid to 16/.