COMPANY AFFAIRS.

Auckland Star, Volume LXVI, Issue 249, 21 October 1935, Page 4

COMPANY AFFAIRS.

GISBORNE SHEEPFARMERS. INCREASED PROFITS. The annual accounts of the Gisborne Sheepfarmers' Frozen Meat Co. show increased profits and a marked improvement in the financial position. The balance-sheet indicates that while the fixed assets of the company have remained at approximately the*same level and floating assets have increased, mortgages putstanding have been reduced by approximately two-thirds and the bank liability from £43,000 to £20,886. After paying 10 per cent rebate on wool and stock commissions to clients, writing off £12,404 lor depreciation and providing for income tax, the net profit for the year is £11,031, to which is added £805 brought forward. The proposed distribution is as follows. Payment of freezing and mercantile preference share dividends, absorbing £800; payment of a 2 per cent dividend on ordinary shares, absorbing £3971; the transfer ot £4427 to general reserve and £2500 to bad debts reserve, leaving £1088 to be carried forward.

The net earnings of £11,981 compare with £10,033 in the previous year and £13,571 in 1933. An ordinary dividend of 2 per cent was paid in 1934, prior to which there had been no distribution since 1920.

ELECTROLYTIC ZINC. LARGER PROFITS EARNED. In a preliminary statement, the Electrolytic Zinc Company of Auetralaeia, Ltd., Melbourne, reports a net profit of £250,020 for the year ended June 30, after providing £145,000 for amortisation and depreciation, and £55,023 for taxation. The net profit for the previous year was £234,797, and in 1933 it was £223,094. The company recently announced an increase in the year's dividend from 4 per cent to 5 per cent.