COMPANY AFFAIRS.

Auckland Star, Volume LXIV, Issue 97, 27 April 1933, Page 4

COMPANY AFFAIRS.

BANK OF ADELAIDE.

PROFITS STILL LOWER

A further shrinkage in profits is disclosed in the annual accounts of the Bank of Adelaide for the year ended March 31. The amount at £53,727 is £13,048 lower than in the previous year, the reduction being ascribed to reduced interest rates resulting from concessions made to primary and secondary industries before corresponding relief has been available in respect of fixed deposits current at high rates. The dividend on a capital of £1,250,000 is unchanged at 4 per cent. A sum of £44,297 is carried forward, against £40,570 brought in. The balance-sheet shows liquid assets equivalent to 11/ l in the pound, or 55 per cent of the bank's liability to the public, and the bank is holding £2 6/9 of liquid assets for every pound of current account nionev. Deposits show an increase of £636,707 to £6,667,037, while advances are only £7371 higher at £5,115,381. Following are details of the results and appropriations for the last three years:— 1931. 1932. 1933. £ £ £ Brought forward 40,482 53,795 40,570 Net profits 91,813 UUJTo !53,727 141,295 120.r>70 94,297 To reserve — 30,000 — Dividend p.c 7 4 4 Amount 87,500 50,000 50,000 Carried forward . 53,795 40,570 44,297 The bank's reserve fund stands at £1,000,000. NATIONAL INSURANCE. DIVIDEND MAINTAINED. (By Telegraph.—Press Association.) DUNEDIN, Wednesday. The directors of the National Insurance Company, Limited, have declared an interim dividend of 4d a share for the half-year ended March 31. Payment will be made on May 15. The rate is not changed. ' LEYLAND-O'BRIEN, LTD. .INTERIM DIVIDEND DEFERRED.. The directors of Leyland-O'Brien Timber Company, Limited, decided yesterday to defer payment of an interim dividend until the full year's accounts are available. A similar course was followed last year, when there was a final distribution of 5 per cent on the capital of £120,000. AUSTRALIAN STEEL. SMALL PROFIT LAST YEAR. The report of Australian Iron and Steel, Limited, for the year ended November 30, discloses a net profit of £2203, a reduction of £15,868. The profit is added to £224,451 brought forward to make a credit balance of £226,654 carried forward. Sales for the first eight months of the year were the lowest in the history of the company, the directors report, but they have since improved. They add that the improvement has not been sufficient to permit of the payment 6f the accrued dividends or that which will be due for payment on the pieference shares on May 1. Including the latter, payment of two years and a half s preference dividend has been deferred. The amount of the ordinary dividend of £91,675 declared for 1929, being s.per cent, remains in the ordinary dividend appropriation account. Following are the results for the past three years:— < 1930. 1931. 1932. £ £ £ Brougnt forward. 204,949 206,380 224,451 Set profit ./..... 76,431 18,071 2,203 281,380 224,451 226,654 Pref.dlv., 71 p.c. 75,000 — Carried forward.. 206,380 224,451 220,654 The capital of the company is £1,000,000 in cumulative preference shares and £2,292,382 in ordinary shares. The report states that during the period additions were made to the Margam mill to provide for the manufacture of steel plates. Orders for plates have been obtained from all the Australian States and New Zealand. Owing to shortage of orders, the plant worked intermittently, but efficiently. DOMINION PICTURES. PREFERENCE DIVIDEND 6 P.C. An interim dividend at the rate of 6 per cent per annum has been declared by the directors of Dominion Pictures, Ltd., Auckland, on preference shares tor the half year ended March 31. It is payable on May 1. No interim dividend Has been declared on ordinary shares. The preference shares usually carry a dividend of 7Vi per cent, but the compulsory reduction of 20 per cent has been applied. There was no interim dividend on ordinary shares laao year, a miai iu»v dend of 'i x h per cent being paid. The company has a capital of £45,000 in 3085 preference and 41,315 ordinary shares of £1. BANK OF AUSTRALASIA. NET PROFITS FOR THE YEAR. ' The accounts of the Bank of Australasia, made up to October 10 last, show a gross profit for the year of £1,118,000,, states the "Post's"" London correspondent. This is within £97,800 of the total for the preceding period. Actually, the comparison is more favourable, for the latest figure was arrived at after making a transfer to contingencies account, from which bad debts were provided, whereas in 1931 such debts were charged to contingencies without any assistance from profits. After providing for rebate on bills current, for British, Australian, and New Zealand rates and taxes, and making a transfer to the credit ■of contingencies account, out of which account provision for all bad and doubtful debts has been made, the net profit for the year amounted to £254,969. To this has to be added £151,003 brought forward from the previous year's account, making a total of £406,033. From this, £101,250 was paid as an interim dividend on September. 30 last, and the directors have now appropriated a further sum' of £135,000 to pay a' final dividend of 4/ per ehare, less income tax at 5/ in the £, making in all £236,250, equal to 7/ per share less tax, and representing • for the year a distribution at the rate ] of 7 per cent, less tax. There will remain . £169,783 to be carried forward to the >. next account. i