COMPANY AFFAIRS.

Auckland Star, Volume LXVI, Issue 70, 23 March 1935, Page 4

COMPANY AFFAIRS.

NORTHERN ROLLER MILLS. INCREASED PROFITS LAST YEAR. / DIVIDENDS UNALTERED. With accounts showing increased net profits for the year ended February 28, the directors of the Northern Roller Milling Co. recommend payment of the usual rates of dividend on ordinary shares, namely, 7 per cent per annum, the preference shareholders having already received their distribution of 6% per cent (less statutory deduction of 20 per cent). The net profit for the year, after making provision for depreciation, rates, taxes (except income tax) and other contingencies, is £32,654. From this sum there lias been paid to preference shareholders £3900, and ordinary dividend will absorb £15.627 After making provision for income tax the sum of £2573 will be added to undivided profits, which will then amount to £58,089.

The retiring directors, Sir W. Cecil Leys and Mr. John Helkby, are nominated fov re-election at the annual meeting of shareholders to be held on April 9. Past Years Compared. The following shows results over the past three years: — Net Dlv. Reserves. I'rofilK. Ord. Prof. £ e in.T>-8 20,570 7 'lil f 80,407 lVri-4 " 28,470 7 *(ii +84,983 1034-5 .'.'.' 32,634 7 *CJ 1120.433 •Less statutory deduction of 20 p.c. fliicludcs undivided profits. Balance-sheet Items. Chief items in the last two balancesheets compare as follows:— LIABILITIES. 1034. 1035. Paid capital 287,500 300,000 Denosils 42,128 1i.(j47 MortcaKO ' 2.-.000 2.1.11(10 CSfil *OJ ~ ' < 1 Q UR.U Creditors ,1.1 — 1 IJS.BIKi Profit and loss account 74,200 78,400 ASSETS. 1034. 1035. Proportiei HsflSfl 100,400 c ck lue . o :.''. tc :.::::: i«:!!« aos. , ??? Suiiflrv (lel)tors IO.'.SIHJ OS,1!1S Inve/tments a'.OOO 3,000 Wheat Board — L u7o Hank 21,227 Total assets .... 400,008 515,353 Capital lias been increased by £12,500, representing tlie balance of unallotted shares at the beginning of the year. Reserves are up nearly £-10,000. A bank credit of £21,000. has disappeared, while sundry creditors have increased by £15,000. As against this stocks have increased by £60,000. This ia due to the fact that an exceptionally early harvest in the South this season has necessitated much heavier purchases of wheat than is usual at this time of year. Machinery has increased by £27,000, due to plant reserves having been transferred to general reserves.