COMPANY AFFAIRS.

Auckland Star, Volume LXVI, Issue 159, 8 July 1935, Page 4

COMPANY AFFAIRS.

WAIHI GRAND JUNCTION.

LESS REVENUE LAST YEAR.

STATEMENT BY CHAIRMAN,

The annual report of the directors of the Waihi Grand Junction Company was submitted to shareholders at the annual meeting in London on .June 14. The report of the directors stated that for the period ended December 31, 1034, 21,016 tons of ore were treated by the Waihi Company and the amount received in terms of the agreement was £5845. Sundry receipts, including interest, amounted to £3513. The sum of £405 had been paid for income tax and £900 had been transferred from the exchange reserve account to profit and loss, as it was no longer needed as an exchange reserve. After making these provisions and deducting expenses, there remainded a balance of £6539, which, added to the amount brought into the accounts, made an available balance of £10,600. From this the directors recommended a dividend of 4d per share, free of income tax, absorbing £6006, leaving a balance to be carried forward of £."604. In moving the adoption of the report and balance-sheet, the chairman of directors, Mr. W. -P. Gauvain, said that the tonnago treated during the year ended December 31, was 21,910 toils, a reduction of 5864 tons, compared with 1033. The net amount received as a result of the treatment of this ore was £5845, compared with £13,252 received in 1933. There had been a. reduction in the value of the ore treated and this, coupled with a diminished tonnage, had resulted in a considerable reduction in the company's revenue.

The chairman said that the directors had decided to waive the claim to the extra remuneration for the year to which they were entitled under clause 88 of the articles of association. The capital reserve account, the surplus on plant and stores sales, had been increased by £718, which represented the value of plant and stores disposed of in 1034. Mr. Gauvain said that the ore reserves at December 31 showed 24,337 tons, worth 26/4 a ton in the general account and 3055 tons, worth 23/6 in the suspense account. The suspense account was un-

changed. There was an increase of 0568 tons in the general account, but with a reduction in value of 1/1 a ton. Work in the mine was proceeding on five levels at points between the main shaft and the western boundary, but there was nothing outstanding/to report aa regards development, the chairman said. For the first five periods of the current year, up to Slay 11, 8181 tons of ore had been treated for a return at mine valuation of £0020. For the corresponding period of 1034, the tonnage treated was 8526, for a mine valuatibn of £10,564. Mr. Gauvain referred to the handicap imposed by the export tax and the resulting curtailment of the treatment of lowgrade ore. He also said that the. dredge of Puket Tin Dredging, Limited, had now begun operations. The company's investment in this amounted to £8200.

MORRIS HEDSTROM, LTD. (From Our Own Correspondent.) SUVA, June/29. In spite of depressed trade conditions Morris Hedstrom, Ltd., have declared a final dividend of 3 per cent, making a total return for the year of 5 per cent i'on the ordinary shares. The usual dividend was paid on preference eharce. In hie address the chairman, Sir Maynard Hedstrom, said: "The position continues sound, and - it is still true that the amount of cash on hand and in the bank added to the value of Government stocks held by the company is considerably in exectis of the total liabilities of the company to outside creditors. The small steam ship Tui Cakau is proving a very useful little vessel. There has been a slight reduction in the value of merchandise stocks, and an increase in the value of produce on hand and in transit. The net assets of the pension fund at the end of ite eighth year were £41.788, and it is estimated that for the full year the existing investments will show a return of 6.15 per cent, subject to income tax. The value of fixed assets show a slight reduction. "The outlook is better than it was twelve months ago; a good crop of sugar is assured, the copra market looks more stable, and a considerable amount of money is being spent in Fiji in connection with the gold mining industry. As far as can be judged at present we may hope that the results for the present year will not be less satisfactory than for the year just ended." Sir Maynard concluded by pointing out that the silver jubilee of the company coincided with that of the King. Tt may be added that in 1932 salaries above a certain grade were reduced. Members of the staff cheerfully accepted the decision. Directors viewing the improved conditions restored salaries to the old state, and contemplate raising some of them.

NEW REGISTRATIONS. The following new companies have been registered in Auckland: — Public. Auckland Taxicabs, Ltd., taxi concern, to acquire part of the business of the Checker Taxicab Company, Ltd. Capital: £2500 in £10 shares. Subscribers: R. R. F. McDermott. G. R. H. Ranson, A. B. Curd, J. S. Reeves. J. Mechen, J. A. C. Sinclair, C. M. J. Mann, five shares each. Private. Fred Fordo, Ltd., tyre dealers. Capital: £2500 in £1 shares. Subscribers: F. J. Herdpgen, 2499 shares; A. V. Sncdden, one share.