COMPANY AFFAIRS.

Auckland Star, Volume LXV, Issue 241, 11 October 1934, Page 4

COMPANY AFFAIRS.

BUILDING SOCIETY. NORTHERN CO-OP.'S YEAR. CONTINUED PROGRESS. Steady progress and a strong position financially arc the chief features of the report just issued by the Northern Cooperative Terminating Building Society. The society has now been in existence for eleven.years, and its development is well illustrated in the following table of results:— Annual Accumulating Income. l'rotits. Year. £ i<y>t 30,476 6,605 " 53,143 18.593 i; i2 |i 72,532 34,031 191>7 88,002 05,147 10'JS 105.700 75,963 1020 .... 121,406 06,188 1030 128,317 116,375 1031 130,044 132,048 1<)32 134,675 135,808 11)33 135,005 140,210 I<J34 140,330 157,400 The latest report shows that for the year ended August 31 the net profits earned were £11,198, compared with £14,429 in the previous year. The total net profits to August 31 iftnount to £157,490, after the transfer to reserve of 10 per cent m accordance with the rules of the society. The profit on each share varied from 10/5 in the latest group, 19, to £15 8/5 in group 3. The casli balances and deposits in all groups total £63,492, against £56,592 in the previous year. Reserves now stand at £20,370, compared with the previous year's total of £18,500. The report states that there had been a continued steady demand for shares, and group 19, which was opened in the previous year, had the full 2000 shares applied for and allotted. The directors were now considering the formation of further groups. During the year group 17 became five years old, and withdrawals were being paid. The system of making temporary advances against shares, it order to give financial assistance to members who would have been compelled to withdraw, had been most successful, many shareholders having gained direct benefit. In croups 18 and 19 working expense levied for the year were at the rate of 1/9 a share, payable on the first pay day in these groups in November. In all other groups, no further working expense levies were payable, all working costs in these groups being now charged against realised profits.

The retiring directors are Messrs. J. A. Warnock and G. Winstone, who are available for re-election.

ROYAL MAIL CO. HEAVY SHIPPING LOSSES. LONDON, October 9. • The annual report of the Royal Mail Steani Packet Company states that the deficiency account of £9,011,362 at the end of 1932 was increased by the end of 1933 to £11,303,114. This was accounted for by a guarantee given to the bankers of aii associated company for £495,001, and to the transfer to the account of £1,449,999 in respect of the value of the company's investment in a major subsidiary company, which the directors were satisfied was valueless, accordingly reducing the nominal value to £1, and also to an amount required to reduce the value of another investment in a • major subsidiary to £300,000, which, it was expected, would be received after tlie liquidation of the latter company.

Further, it was necessary to meet a further £325,000 in respect of the White Star preference dividend.

The directors again emphasise that the account merely represents losses which it is possible to assess. It does not cover the whole losses on guarantees and investments, and there is no provision for a possible liability respecting the guarantee of £5,000,000 preference capital of the White Star Company, and the dividends 011 this capital, although there was every prospect of a claim being made for the guarantee.

The report adds that, including steamers sold, the Royal Mail lines earned £409,812 last year, all being annlied to depreciation. The year provided little normal revenue from shipping investments.

INVESTi/iENT TRUST. USUAL NORTHERN DIVIDEND. The directors of the Northern Cooperative Investment Trust, Ltd., have declared an interim dividend of 4 per cent for the half-year ended September 30. The dividend is at the usual rate, and is payable to-morrow.

PASTORAL COMPANY'S PROFIT. (Recelveu 11 a.m.) LONDON, October 10. The New Zealand and Australian Land Co. is transferring £100,000 from the profit and loss account to the contingency fund. The year's dividend is 4 per cent.