COMPANY AFFAIRS.

Auckland Star, Volume LXIV, Issue 15, 19 January 1933, Page 4

COMPANY AFFAIRS.

THEATRE ARCADE,

DIVIDEND SIX PER CENT,

In their thirtieth annual report foi the year ended December 31, the direc tors of His Majesty's Arcade ar.d Theatn Company state that as a result of the operation of the National Expenditure Adjustment Act, substantial reductions n: rentals had been obligatory, with a consequent drop in the company's revenue "The heavy demands for rates and taxes still persist, no relief being obtained from the high scale of taxation ruling last year." Gross revenue amounted to £8063, and expenses £5706, leaving a net profit oi £2957. The amount brought forward from 1931 was £092. Interim dividend paid in July absorbed £1420, leaving available for distribution £2229. The directors recommend the payment for the half-year ended December 31, at the rate of 5 1-5 per cent upon the preference shares, absorbing £520, and at the rate of 0 per cent per annum on the ordinary shares, absorbing £900, leaving £809 to be carried forward. An amount of £1000 has been written off the buildings account for depreciation, Mr. C. H. Abbott, retiring director, is nominated for re-election. Paid capital stands at £50,000. Other liabilities are, sundry creditors £20, rates and taxes £1884. Assets total £54,133. Last year the preference dividend was 6V2 per ccnt, and the ordinary 10 per cent. WELLINGTON GAS CO. DIVIDEND 8 PER CENT. The directors of the Wellington Gas Co., Ltd., in their 63rd annual report state that for the year ended December 31:— "There has been an appreciable shrinkage in revenue during the past year, as compared with 1931. This is due to: (a) The present adverse financial and economic conditions, and (b) to substantial reductions in the price of gas, which took effect from August, 1931. "The directors decided to give consumers the full benefit derived from the reduction in wages by reducing the price of gas by 3d per 1000 cubic feet, which benefited consumers to the extent of, say, £7800 per annum. "During the past year four miles of gas mains were laid, 714 services were connected, and 1659 cookers installed. "After payment of the interim dividend of 4 per cent on the ordinary shares, the year's dividend on the preference shares, providing for depreciation of plant, buildings, machinery, etc., also debenture redemption fund, the balance to the credit of the profit and loss account amounts to £25,540 14/1. It is recommended that tliis sum should be appropriated as follows: To payment of a further dividend of 4 per cent (making 8 per cent for the year) £11,152 8/, and carry forward the balance of £14,349 0/1. "The retiring directors, Dr. C. Prendergast Knight and r. G. P. Pearcp, offer themselves for re-election. Results and appropriations for the last three years compare as follows:— 1930. 1931. 1932. £ £ £ Brought forward .. 21,880 21,719 10,455 Net revenue .... 02,489 02,091 58,385 £84,375 £83,810 £74,840 Depreciation .... 21,123 20,823 21,413 Debenture redemp. 15,000 15,000 12,500 insurance fund . . — 5,000 — ['reference dividend 4,228 4,228 4,228 Ord. div., 8 p.e. . 22,305 22,305 22,305 Carry forward ... 21,719 16,454 14,394 The company's paid capital stands at £303,370, and investments total just over £50,000. CHRISTCHURCH GAS. CHRISTCHURCH, Wednesday. The directors of the Christchurch Gas Company, Limited, have recommended a final dividend for the past year of 3 per cent, making, with the interim dividend already paid, 6 per cent for the year. 111 1931 and previous years the dividend wus 8 per cent.