COMPANY AFFAIRS.

Auckland Star, Volume LXVII, Issue 113, 14 May 1936, Page 4

COMPANY AFFAIRS.

NEW ZEALAND WOOLPACKS. POSITION OF SHARES. A FRANK STATEMENT. Though not quoted 011 the official list, the shares of New Zealand Woolpacks have been traded in on the various Stock Exchanges, and under these circumstances the directors of the company have deemed it advisable to make a statement of its position lor the guidance of the market. They state that it is their intention at a very early date to take care of accumulated losses by writing down capital. The communication adds:— "While the directors are deeply grateful for the assistance afforded the company by the Government, and while they have every confidence of the ultimate success and firm establishment of flax weaving in Xeiv Zealand, they deem it their duty to point out that there is no possibility whatever of the company making a profit this year, even on the capital investment remaining after the recommended writing down has been effected." Commenting upon the letter the president of the Auckland Stock Exchange, Mr. John Frater, said that the directors of the company were to be commended upon their frankness, and the full information supplied was appreciated by the Exchange. DOMINION FERTILISER. INCREASED PROFITS. DIVIDEND RAISED. (By Telegraph.—Own Correspondent.) DUXEDIN, Wednesday. The sixth annual report of the directors of the Dominion Fertiliser Company, Limited, for the year ended March 31, states that the unappropriated balance ■brought forward from the profit and loss account last year was £3133, from which was deducted, after the closing of the accounts, a further provision for depreciation for the year ended March 31, 1035, of £1485, less income tax over-provided for that year, amounting to £347. The net profit for the year was £17,422. There is available for appropriation the sum of £19,416. A total of £6000 has been applied in reduction of the balance of the establishment account. The directors recommend payment of a dividend of 4Vs per cent, absorbing £10,825, and leaving to be carried forward £2591. The year's dividend is an increase of Mi per cent. The profit of £17,422 compares with £15,920 earned in the previous year, .£12,709 in 1934, and £3024 in 1933. In 1932 there was a net loss of £1734. NORTHERN INVESTMENT. SATISFACTORY YEAR. DIVIDEND REDUCED. A further expansion of business is recorded in the annual accounts of the Northern Co-op. Investment Trust for the period ended March 31, but net profits have been curtailed as a consequence oi an amendment to the Land and'lncome Tax Act whereby the trust is now taxed 011 the same business as a limited company. As a consequence the profit for the year under review has had to bear practically a two years' tax. The year's dividend on ordinary shares has been reduced from 8 per cent to 7 per cent. With £121 brought forward, £1802 is available. Interim dividends of 4 per cent on ordinary shares and at the rate of 4% per cent per annum and 4 per cent per annum 011 the two classes of preference shares absorbed £S4(i. Final payments on the preference shares at the same rates and a final ordinary dividend of 3 per cent require £74(5, leaving £210 to be carried forward. During the year further iVs per cent preference shares were .made available and, in view of the small number of 4 per cent preference shares, the directors had decided to convert tlieise to 4V6 lier cent, thus effecting a uniform rate of preference dividend. Hie conversion would operate from April 1, 1930. The retiring directors are Messrs. 11. C. Savage and (J. 11. Furucss, who are available for re-election. The revenue for the year, including entrance fees, was £3805, against £3807. Total assets have increased by £0332 fry £41,722, made up entirely of investments, advances 011 shares and mortgages. Paidup capital is £28,034, an increase of £4837. Reserves total £2740, ugain.it £ 1869. CLAUDE NEON LIGHTS. SAME INTERIM DIVIDEND. The directors of Claude Neon Lights of New Zealand, Limited, have declared an unchanged interim dividend at the rate of 8 per cent per annum for the half-year ended March 31. Payment will be made on May 21.