COMPANY AFFAIRS.

Auckland Star, Volume LXIV, Issue 189, 12 August 1933, Page 4

COMPANY AFFAIRS.

STANDARD INSURANCE. REDUCED EARNINGS. DIVIDEND STILL 12V 2 PER CENT. (By Telegraph.—Special to "Star.") DUNEDIN, this day. The annual report and balance-sheet of the Standard Insurance Co., Ltd., states that net revenue for the 3-ear amounted to £177,218 17/11 and expenditure to £133,744 12/7, leaving a balance of £43,474 5/4, to which lias to be added the balance carried forward from last year (£23,979 13/0), making a total of £67,453 18/10. From this the interim dividend was paid in March last amounting to £12,500, leaving a balance of £54,953 18/10. This has been dealt witn 1:: the following manner:—Written off oriice premises, £4000; donated to staff provident fund, £1600; allocated to reserve fund, £13,000. The directors recommend that the balance (£36,353 18/10) be dealt with as follows: — Pay dividend for half-year ended June 30 at the rate of 1/3 per share (£12,500), and carry forward to next year £23,853 18/10. Net income in recent years has been: —

The dividend rate at l'2'/z per cent has been unaltered since 1928. TIMBERLANDS WOODPULP. CONVERSION OF BOND ISSUE. As the result of meetings held in New Zealand and more recently in Sydney, Timberlands Woodpulp, Limited, has received the approval of bondholders to the conversion of its bond issues into shares and increasing the capital of the company to £2,444,444, in ordinary shares of £1 each. The effect of the conversion will be to place all bondholders and shareholders 011 the same footing in holding a common class ol' stock.

Bondholders have agreed to surrender their bonds, and in the aggregate they will receive in exchange 2,200,000 of the shares allotted, the company's present shareholders receiving the balance. Timberlands Woodpulp, Limited, was registered in New South Wales, the head ollice being in Sydney. "The Digest" for 1932-33 states that the authorised share capital is £100,000, £90,400 being issued and £66,000 paid up. The authorised paid, capital is £1,245,000 in 40,000 bonds of varying amounts from £20 to £45 divided into 13 series.

£ £ 1929 .. 301,231 1932 .. 187,350 1930 . . 800,7113 1933 . . 177,219 1931 .. 22(1,9-19