COMPANY AFFAIRS.

Auckland Star, Volume LXVIII, Issue 267, 10 November 1937, Page 4

COMPANY AFFAIRS.

WOOLWORTHS (N.Z.). PIVIDF.ND AND BOM'S SHARKS. I The dii eetors of Woolwoiths (N.Z.I, j I.Tilted. i eport that for the y.-n ended • October I. I!>:?7. after setting £74.<>00 aside ! lor taxation, the net piotit is £111,4111. LAn interim dividend of ."1 per cent on jordmaiy shares nbs.«rbc 1 C IS.S«»7. and Ipi elcreuce dividends £45f>0, lcavui" I available. | Ihe directors recommend a dividend of j J a share, on 377.338 ordinary shares subscribed prior to August 31. 1037. j roquiring £37.734. and a dividend of 4d a share on ISS.fiUO ordinary shares subset died for niter August 31. 1037. requiring £3144. a total of £40.878. The directors also recommend an ap,>.- >p, latio.i r.f t'.iilOO to the staff providcH fu:i I. leaving L' 42.210 to transfer to general reserve, iiieea-ing it to £].",0.888. 1 he directors are recommend'n? that a nonii.s issue ot ordinary shares in proportion of one for ten should be made to holders of ordinary shares, and that the articles should be amended to give effect to a subdivision of the ordinary £1 shares of the company into 5/ ordinal y shares. Xet profit in 1930 was £72.787. against £00.104 in 1935. Last year £03.000 was set aside for taxation, against £28.250 111 103.). Ihe dividend on original ordinary shales for the year is 15 per cent, compared with 10 1-14 per cent for the previous period. During the year 222.972 ordinary shares wore issued to shareholders at their par value of £1.

E., S. AND A. DIVIDEND

TAX DEDUCTION REDUCED. Advice has been received by the Auckland Stock Exchange that the final payment of 3V4 per cent by the English. Scottish and Australian Bank, Limited, is less L nited Kingdom income tax of 3 6 in the pound. The interim payment was made in April less tax of 3'9 in the pound. New Zealand shareholders will therefore receive £•> 14 S sterling for the year, after income tax is provided for. which is equivalent to about £7 1 7 per cent in New Zealand currency. On this basis, the shares at £."> 14 . the current market level, return approximately £3 14 G per cent. AUSTRALIAN STEEL. The directors of Australian Iron and Steel. Limited. Sydney, have announced that payment of a dividend on preference shares was made 011 November 1. The dividend is in arrears on these shares, of which there are 1,000.000 of £1 each, being 7Mt per cent cumulative. The present distribution is for the half-year ended November 1, 1933. The ordinary capital of £2.700,000 is owned by Broken Hill Proprietary, Limited.

TRUSTEES, EXECUTORS, LTD.

(By Telegraph.—Press Association.) DL NEDIN. Tuesday. The Trustees. Executors ami Agency Company of New Zealand. Limited, has declared an interim dividend of 4 per cent, unchanged, payable on November 11.

DOMINION PICTURE THEATRES. i

j EFFECT OF LAND TAX. | annual meeting of shareholders in ; Dominion Picture Theatres, held to-day, the chairman of directors, Mr. J. A. (•011 ties, in moving the adoption of the directors report and statement of accounts tor the year ended September 30, stated 1 that the profit for the year was £1814 17 7 against £1548 191 last year. This I lcsult had enabled the directors to recom- : mend the payment of 3% per cent on ! ordinary shares and 6 per cent on preference shares. These dividends would absorb £1770 8 3. and leave only £44 9 4 to be added to the undivided profit The company, said Mr. Gentles, wis still tceling the effect of the recently-introduced graduated land tax. which increased the company s levy from £171 to £945. It was hoped that when the new taxing proposals were brought down some provision would be made tor a reduction in this tax, or that the tax would be allowed for income tax purposes as a charge against income. Rentals showed an improvement. wbi Ist expenses (excepting land and income tax reservations) remained practically stationary. A\ lulst the company's chief asset, the I laz.i lSuildmg and theatre had been maintained in good order, the directors were ot the opinion that, in order to modernise the theatre, extensive alterations and improvements would require to be made. I his question was now receiving consideration. and it was hoped to arrive at a decision at an early date. The directors placed 011 record their sincere regret at the death of their colleague. Mr. R. T. Michaels. Mr. Michaels was an original shareholder of the company, and was a director for about 25 years. He also served as chairman of the company. He took a very keen interest ill Its welfare, and his intimate knowledge o, the picture business was of great value to the company. The report was adopted, and the retiring 1 directors, Messrs. Thornton Jackson and! S heid. were re-elected.