COMPANY AFFAIRS.

Auckland Star, Volume LXVII, Issue 156, 3 July 1936, Page 4

COMPANY AFFAIRS.

ASSOCIATED MOTORS. SUCCESSFUL YEAR. The directors of Associated Motorists' Petrol Co. report the conclusion of __ u successful year ended March 31. Net profits at £34,096 compared with £34,445 for the previous 12 months. The directors' recommendation, which was agreed to, at the annual meeting, was that a dividend be paid to shareholders in accordance with the memorandum and articles of association, plus 1 per cent additional to preference shareholders, making .the average 8 per cent for the past three years. The balance-sheet shows authorised capital of £155,000, comprising 25,000 £1 shares and 130,000 preference £1 shares, of which £153,843 has been paid up. Sundry creditors total £62,213. Fixed asset*, property, etc., total £[81.277, cash £73,928, sundry debtors £23,333, stocks £74,540, total £253,078. The profit and loss account shows sales at £774.000.

In .his address to (shareholders, the chairman of director, Mr. Charles Todd, said that during the year additional storage tanks had 'been installed at Wellington and Auckland. Storage ar. Jinmodation in the company's ten t.cean tanks at various ports ami inland installations totalled 5,750,000 gallons. A lubricating oil blending plant had been erected at Wellington, also oil stores at Christehu'l'ch and 1 nvercargill—the newWellington store was now almost completed. To finance this outlay the directors decided, to increase the capital by issuing 20,000 ordinary share,* at par. Under the articles these shares had first to be offered to the shareholders in that class, who subscribed for the total offering and paid .in cash. The l figures at March 31, 1936, disclosed a stromr financial position. The paid-up capital, £153,843 5/4, is £22,574 8/4 greater than a year ago, accounted for by £20,000 received for ordinary shares and the balance from sale and calls on preference shares. The.profit and loss account shows a continued rapid growth in sales—the turnover for the three trading years being as under:—l 934, £464,332; 1935, £628,098; 1936, £774,001. Notwithstanding an increase in sales, profit for the year was approximately the same as for the preceding year. This was due to the increase in landed costs during the latter part of the trading year under review. If these higher landed costs continued it was reasonable to expect that such would be reflected in the price of petrol in New Zealand. A. J. ENTRICAN, SIMS. PREFERENCE DIVIDEND. The 32nd annual report of A. J. Entrican, Sims and Company for the period ended March 31, states that: "After providing for land and debenture tax and directors' honoraria, there remains a net profit of £1880 6/5. This, together with the amount at credit of the profit and loss appropriation account, £492 13/2, gives a sum of £2372 19/7, from which the directors recommend a 5 per cent dividend to be declared on the cumulative preference shares, which will absorb £500, leaving a balance of £1872 19/7 to be carried forward to the credit of the profit and loss appropriation account." According to the report, trading for the year has been in many respects very enj couraging and the directors look forward to the future with confidence. Sympathetic reference is made to the death during the year of the late chairman oZ directors, Mr. A. J. Entrican. - The profit and loss account shows gross profits at £42,197. ' Chief items in the balance-sheet are:— Liabilities: Paid capital, £43,337; Bank of New Zealand, £31,586; debentures, £20.000: mortgages, £6558; sundry creditors and depositors, £45,198. Assets: Properties, £29,816; mortgages. £9027; stock, £30,900; sundry debtors, £68,710; investments, £9020; cash, £1991. BANK SHARES. COMMERCIAL OF .AUSTRALIA. (By Telegraph.—Press Association.) CHRISTOHURCH, this day. : The manager of the Commercial Bank of Australia in New Zealand has been advised by head office in Melbourne that the directors will recommend to the general meeting of shareholders payment of a dividend at the rate of 4 per cent per annum on preference shares, and 6 2-3 per cent on ordinary shares. Last year the final dividend at 3 1-3 per cent on ordinary shares brought the year's distribution to 5 5-6 per cent.'