COMPANY AFFAIRS.

Auckland Star, Volume LXIV, Issue 117, 20 May 1933, Page 4

COMPANY AFFAIRS.

MOUNT LYELL COMPANY. OPERATIONS UNPROFITABLE. (By Telegraph.—Press Association.) WELLINGTON, Friday. The Stock Exchange Association has received the following cablegram from the Mount Lycll Mining and Railway Company, Limited:—Owing to the low price of copper during the six months ended March 31. mining operations have been unprofitable. No interim dividend can be paid. TOOTH BREWERIES. DIVIDEND UNCHANCED. The directors of Tooth and Company, Limited, brewers, Sydney, have declared an interim dividend of 4 per cent. Payment is usually made this month. The late is unchanged. DOMINION FERTILISER COMPANY. SMALL NET PROFIT. The directors of the Dominion Fertiliser Company, Limited, Dunedin, in their report for the year ended March 31, slate that the year has again been a most difficult one for primary producers. Commodity prices have remained at very low levels, and the purchasing power of the company's customers has, in consequence, been severely restricted, to the detriment of the company's business. Notwithstanding these difficulties, the company's operations have resulted in a profit for the year. After allowance of a very substantial sum by way of depreciation, a sum of £3024 5/9 remained at the credit of the profit and loss account for the year. This sum has been applied in writing off the debit balance carried forward from the previous year, leaving the sum of £1301 13/9 to be dealt with. The directors recommend that this sum should be carried forward to the ensuing year. The company's buildings, plant and machinery have been maintained in a. firstclass state, and the results of the year's trading are due in a large measure to the efiicienc-y and economy possible with the up-to-date factory and appliances. The selling arrangements entered into at the beginning of the year have materially assisted in the economical merchandising of the company's products. The directors again appreciate the substantial advantages derived by the company's customers from the Government subsidy on fertilisers. They trust that the Government will provide for a continuance of this form of assistance to the primary producers. The balancc-shect shows subscribed capital at £247,032, less calls in arrear £12,584 10/3, making the total paid-up £235.047 9/9; in addition, debentures total £100,000. Sundry creditors are £2952. The assets include leasehold and freehold properties, plant and machinery, etc., less two years' depreciation, £214,332 ; 2000 shares in Fertilisers (South Island), Ltd., 12/ paid, and other investments at cost, pTii.q accrued interest, £5155; stocks, £51,912; sundry debtors, £5448; preliminary expenses and establishment account, £28,233. and National Bank of New Zealand, Limited, £30,220. NORTHERN INVESTMENT TRUST. PAYS 8 PER CENT DIVIDEND. The second annual report and statement of accounts of the Northern Co-operative Investment Trust have just been issued and disclose a satisfactory position. After meeting all current expenses and allowing for income tax, a net profit of £941 is shown. To this has been added £6 12/ brought forward from last year and £348 received in entrance fees. Of the latter amount, £120 has been used to writ© on the balance of preliminary expenses, and the remainder, together with £112 of tho year's profits, has been placed to reserve The balance in the appropriation account is £554, from which the directors recommend payment of dividend for the final half year of 4 per cent, making 8 per cent for the year. This will absorb £472, leaving £82 to be carried forward. The directors' report states that during the year applications for shares came m steadily and the capital paid up ancl calls, paid in advance now stand at £12,476. Regret is expressed at the death oi Mr. 11. H. P. Cockroft, a member of the b °The retiring directors, Messrs. H. C. Savage and C. H. Furness, are nominated for re-election. The profit and loss account shows receipts to have been £1098 and expenses, including £80 reserve for income tax, £750. Chief items on the balance-sheet are:—Liabilities: Paid capital, £12,476; fixed deposits and interest, £12/0; reserves (including income tax £80), £533. Assets: Investments, advances on shares and mortgages, £14,493. „ Deposits are all for a term, none being at call There are no arrears of calls and no creditors. Preliminary expenses, which stood at £180, have now been eliminated within 18 months of the company's inception.