COMPANY AFFAIRS.

Auckland Star, Volume LXVI, Issue 198, 22 August 1935, Page 4

COMPANY AFFAIRS.

GREY AND MENZIES. IMPROVED RETURNS. DIVIDENDS PAYABLE. A greatly improved position is shown in the accounts of Grey and Menzies, Limited, for the year ended June 30, and as a consequence dividends are available for both ordinary and preference shareholders. Net earnings for the year amount to £3092, as against £557 in the preceding year, £224 in 1933 and a lows of £1290 in 1932. The profit added to the amount brought forward from last year provides a balance of £3(520. From this the directors recommend the payment of the 1933 and 1934 preference dividends, absorbing £560, and a dividend of G per cent for the present year on the preference and ordinary shares, absorbing £1529. This leaves a balance of £1231 to be carried forward. The directors' report states that a profit was made by the subsidiary company and was placed to the credit of its profit and loss account. The retiring directors, Messrs. T. H Baretow and Buxton, offer themselves for re-election. Following are the details of the company's results and appropriations for the last three years: — 1933. 1031. 1935. Brought forward . £117 £.'!2l £328 Net profit 224 557 3,092 £321 £S7S £3,020 Dividend— Preference, p.c. . — 7 6 Amount — "330 fSGO Ordinary, p.c. . . — (i Amuuiit — ■ —- 1,329 i £321 £328 £1,231 ♦Arrears of preference dividend for 1932. tArrears of preference dividend for 1933 and 1934 and' preference dividend for 1935. The company's paid-up capital remains unchanged at £30,488, made up of 10,001) preference and 50,976 ordinary shares of 10/ each. Reserves at £1'165 remain unaltered, while the bad de,bts reserve lias been increased to £•" - 1 from £300. Sundry creditors are £1793, against £1505 kust year. The item mortgage i.s £1700 lower at £3000. Assets at £40,567 are not greatly different from last year's figure, £39,037. The principal increase is in the cash and bank deposit items, which have risen from £1087 to £4303. Stocks at £8050 are £1102 lower, while the item current account, subsidiary company, lias fallen from £1011 to £211.