COMPANY AFFAIRS.

Auckland Star, Volume LXIV, Issue 116, 19 May 1933, Page 4

COMPANY AFFAIRS.

BYCROFT, LIMITED. A SUCCESSFUL YEAR. The annual meeting of shareholders in Bycroi't, Limited, was held this morning, the chairman of directors, Mr. A. B. Roberton, being in the chair. Before moving the adoption of the report and balance-sheet, already published in the "Star," the chairman made feeling reference to the loss the company had sustained through the death of the late Mr. Charles Rhodes. His place on the board had been taken by his son, Mr. Eric Rhodes. Referring to the accounts, the chairman stated that these showed only minor fluctuations, compared with the previous year. The assets included £10,700, formerly on deposit in Government stock, which had been well bought and proved very useful holding, as the seasonal nature of the company's business necessitated very heavy payments at particular periods, and such stock could always be drawn against. Some reduction had taken place in assets, this having been due to depreciation allowances. The usual full allowance had been made for depreciation and what was considered an adequate provision for possible bad debts. Taking into consideration the difficult times, he thought the shareholders were to be congratulated upon the successful issue of the year's operations. The motion for the adoption of the report and balance-sheet was seconded by Mr. F. M. Hills and carried unanimously.

The retiring director, Mr. E. Anderson, was re-elected and Mr. J. A. Gentles was reappointed auditor. A vote of thanks to the directors and staff, moved by Mr. Austin Carr, was carried unanimously. In response the chairman gave details of the firm's trading methods, and the manager, Mr. J. O'Connor, said that the success of the company was largely due to the fact that the staff were made to feel that they were part and parcel' of the organisation. . , The chairman stated that the final dividend of lid a share, which makes 1/10 for the year, was immediately payable. AUCKLAND BUILDING SOCIETY. THIRTY-SIXTH ANNUAL REPORT. The thirty-sixth annual accounts of the Auckland Co-op. Terminating Building Society show that the total income for the year was £155,850, against £180,004 last year, and the amount appropriated was £86,000, compared with £87,200. Advances outstanding were £721,829, compared with £751,036 last year. The profits earned during the year were £2182 lower at £5762. The total profits for distribution were £191,379. Groups 24 and 25 went into liquidation during the year. Groups 33 and 34 completed their fifteenth year, the surrender values of the profits increasing from onethird to one-half of the total amount. Groups 45, 46, 47, and 48 reached their tenth year, the shareholders then being entitled, on withdrawing, to one-third of the profits. Group 66 became five years old, and withdrawals commenced. The only groups in which the annual levy was made this year were Nos. 67, 68, 69, 70, and 71, the amount being 1/6 a share. The retiring directors are Messrs. Clem Bartley, J. Miller, and N. B. Spencer, who are seeking re-election at the annual meeting on May 31. In their report the directors state that, in common with every similar institution, the society was feeling the effect of the depression, shareholders being affected in the same manner. The directors had devoted considerable time and consideration to the business of the society. Although shareholders had decreased, details in connection with advances and repayments required more attention. " The difficulty of dealing with those mortgages on which the repayments are in am«r has been largely increased by recent legislation, as many provisions, although passed with the object of helping the mortgagor, have had the opposite effect," states the report. " Loanliolders who, for obvious reasons are unable to meet their repayments, must receive consideration, although the interests of subscribing members cannot be neglected.'

MOUNT LYELL. NO INTERIM DIVIDEND. The directors of Mount Lyell Mining and Railway Company have notified the Auckland Stock Exchange that no interim dividend will be paid for the current year. This was the same course as was taken regarding the first half of the previous twelve months, and at the conclusion of the period 2'A per cent was paid.