COMPANY AFFAIRS.

Auckland Star, Volume LXVIII, Issue 127, 31 May 1937, Page 4

COMPANY AFFAIRS.

NORTHERN STEAM

DIVIDEND 3 PER CENT

The volume of business earned out by the Northern Steamship Company during the vear ended March 31 showed a considerable increase, according to the report issued to shareholders to-day by Sir Ernest Davis, chairman of directors. lhis, lie said, was despite "the keenest unfair competition from the railways."' During. the year the company handled 180,563 tons of cargo, representing an increase over the figures of the previous vear of 14,020 tons. The company carried the output of many dairy factories, for which during the past vear it transported 27.504 tons of dairy produce. Large supplies of fertilisers had gone to country districts, which must result in the improvement of the land, and in the stimulation of production. On the other hand, the gum industry during the year was at a low ebb, and most of the diggers left the fields, but new there were signs of a revival, which would find employment for many families and a considerable amount of freighting for the company's boats. „ , As an addition to its fleet, the directors purchased the new steel motor vessel Kanginui. She was being run solely in the Auckland-Tauranga trade, and was proving herself an extremely useful unit. The company would shortly be scrapping the Rarawa and the Ngapuhi, which had been out of commission for some time. The company had been free from any serious accident to its employees, although during the year the accident claims were more numerous than usual. The fleet also had been free from serious accident. The various units had been well maintained, the sum of £11.556 having been spent last year on maintenance and repairs. The retiring directors, Sir Ernest Davis. Messrs. E. Anderson and E. W. Evans, were re-elected. The annual report and balance-sheet, including the directors' recommendation ofa 3 per cent dividend, were adopted.

BRITISH TOBACCO COMPANY. SAME QUARTERLY DIVIDEND. The British Tobacco Company (Australia). Limited, has declared a quarterly dividend on ordinary shares of 2 per cent, payable on June 30. The dividend is the third quarterly payment of £. per cent in the financial year ending oil October 31. The rate is at 8 per cent per annum, against 7 per cent paid in the last financial year. FARMERS' TRADING CO. - PAYMENT OF DIVIDEND. Shareholders in the Farmers' Trading Company, Ltd., have been advised thit the company's share register will be closed from June 3 to June 23, both .days inclusive, for the payment of annual dividends. This will be made by dividend warrant on June 24. I ALLOY STEEL (N.Z.). FIRST YEAR'S REPORT. A net profit of £1179 is revealed in the first accounts of Alloy Steel (X.Z.), Ltd., for the year ended March 31. Income tax reserve will take £110, leaving £466 to be carried forward, after meeting preliminary expenses of £603, as the directors' recommendations have already been approved by shareholders. Since commencing business in March of last year with the plant of the New Zealand Electric Steel Works, Ltd., at Sockbum, business has extended and satisfactory progress has been made, report the directors.

Output Steadily Increases. Th new company improved the capacity of the works. A modern steel furnace was installed, a large new steel dressing shed was built and equipped, and a complete rearrangement of the existing plant was made. Only a part of the benefit of the improvements has been reflected in the year's accounts. During the year the output of the steel castings was steadily increased, the weekly turnover beiiw approximately two half times greater at the end of the year than at the commencement. The balance-sheet shows nominal capital of £40,000 in £1 shares. A total of 25,000 has been issued* paid to. £22,739. The New Zealand Electric Steiel Works, Ltd., is owed £4879, secured by mortgage and debenture, representing ijhe balaxice. of purchase consideration. Sundry creditors amount to £1358. 5 Assets total £30.156. Land, buildings and plant, at cost, less depreciation, stand at £14,614; stock at £3135, and debtors £2416. Goodwill, patents and technical assistance (as per agreement with Australian Alloy Steel. Ltd.), is placed at £6250, and preliminary expenses at £2603. which has been reduced to £1890 by the appropriation from earnings. PRIVATE REGISTRATI lONS. The following private companies hava been registered in Auckland: —- Newstcad Pure Milk Company, Limited, dealers in and producers of dairy farm products. Capital, £12.000, in £1 shares. Subscribers: S. C. G. Lye, 10.250 shares; J. S. Bothwcll. 1000; A. G. Lve, W. 11. Lve. Mrs. M. H. Lye, 200 each; W. J. Martin, 100: L. Lye. 50. Hale, Nicholis. Limited, garage proprietors. Capital, £6500, in 1500 £1 preferential shares and 5000 £1 ordinary shares. Subscribers: S. J. Hale, 1500 preferential shares and 1500 ordinary: L. B. Nicholis, 2800 ordinary; K. W. Hail, 500 ordinary: G. R. Nicholis, 200 ordinary. Katikati Sawmilling Company, Limited, timber merchants and sawmilling proprietors. Capital, £6100, in £1 shares. Subscribers: M. Tuck and C. Roose, 2000 shares encli; Tuck and Watkins. Limited, and the Roose Shipping Company, Limited. 1000 each", R. M. Tinsley. 100. Puaiti Timber Company, Limited, timber merchants and sawmill proprietors. Capital, £1500, in £1 shares. Subscribers: M. G. Jones and W. K. Jones, 750 shares each.