COMPANY AFFAIRS.

Auckland Star, Volume LXIX, Issue 118, 21 May 1938, Page 7

COMPANY AFFAIRS.

WAIHI JUNCTION. 1 FALL IN PROFITS. DIVIDEND UNCHANGED. \ 1 Profits of the Waihi Grand Junction _ Gold Company, Limited, for the year ■ ended December 31, 1937, were £9622, after transferring £4500 front developments , reserve account to profit and loss account. This compares with a net profit of £7212 • in the previous year. The cabled advice received by Mr. J. H. G. Banks, attorney of the company, from London states that at the annual ' meeting in London on May 31 the directors will recommend a dividend of 4d a share, free of income tax. payable on June 14. This will leave a balance of £6315 to be carried forward. Results for thf past three years compare as follows: — 1935 1936 1937 Brought forward £ 3.094 £ 3.293 £ 3,599 Net profit .... 5,003 7,212 3.122 From reserves . 1,300 — 4,300 £10,199 £10,505 £13,221 Dividend, 4d . . 6,900 0.900 0,906 Carried forward . £ 3,293 £ 3.599 £ 0.315 The withdrawal of £4500 from the development reserve account extinguishes this reserve. The dividend is paid in sterling. DONAGHY'S ROPE. FUTURE OUTLOOK OBSCURE. (From Our Correspondent.) DUNEDIN, Friday. "Increasing production costs and the present jiolitical and economic conditions make the outlook tor the future somewhat obscure, ' said the chairman of directors, Mr. A. C. Matheson, at the annual meeting of shareholders in Donaghy's Rope and Twine Company, Limited, to-day. "Like many other manufacturers, we have found the year exceedingly difficult," Mr. Matheson stated. '"Many adjustments have had to be made to meet the requirements of Government legislation and markets for raw materials havo been very irregular, but generally high prices have ruled. '"Net profit for the year is reduced by £1688. This is largely accounted for by charges of a non-recurrmg nature and by drought conditions which affected sales of binder twine, but we feel justified in recommending payment of a final dividend of 1/ a share." Since the last annual meeting- the bulk of the new machinery then referred to had been installed, and was working satisfactorily. It was now again necessary to increase the output of the soft fibre plant and consequently additional machinery had been ordered for this department.

NORTH BROKEN HILL. QUARTERLY DIVIDEND 6d. MELBOURNE, May 20. The directors of North Broken Hill, Limited, have reduced the quarterly dividend to 6d a share. The payment is the third quarterly distribution for the current financial year, which will close on .June 30. Payments have been: —First quarter, 1/3 a share of 5/; second quarter, 9d a share. The distribution for the third quarter of the 1936-37 year was 1/6 a share, payments for the full year equalling 120 per cent, which was a record.

KAURI TIMBER DIVIDEND. INTERIM OF 2% PER CENT. The directors of the K;furi Timber Company, Limited, have decided to pay an interim dividend of 2% per cent for the half-year ended February 28. In the previous financial year the company followed an interim dividend of 2% per cent with a final payment of 3M> per cent.