COMPANY AFFAIRS.

Auckland Star, Volume LXIX, Issue 120, 24 May 1938, Page 4

COMPANY AFFAIRS.

NORTHERN STEAMSHIP. INCREASE IX PROFITS. An increase of £*1362 is ehown in the earnings of the Northern Steamship Company, Limited, for the year ended March 31. The net profit, after providing full depreciation, insurance, bad debts, repairs and maintenance, was £4745, against a year ago. The directors recommend a dividend for the year at the unchanged Tate or 3 per cent. Die distribution will require £3390. It is also proposed to add £1330 to the accident insurance reserve, leaving £1017 to be carried forward, against £1042 brought in. The retiring directors. Sir Ernest Davit and Messrs. A. J. Hutchin%»n and E. "H. Rhodes. are eligible for ri^jrrtinn. Results for the past three years compare as follow:—

1936. 1937. 1938. £ £ £ Brought forward. 1.993 l.rTjfl 1042 Net profit 5.064 *3.383 *4.743 . ., 7.039 4.432 5,787 Accident ins. a/c — — 1.330 i>i vidend —. 3 3 -\mownr — 3,390 3.390 Depreciation .... 6.010 — Carried forward .. 1.049 1.047 •After providing depreciation. Movements in the chief balance-sheet items are as follow— LIABILITIES. £ £ Paid capital 113.011 Same. Reserve . 6.545) Same. Accident insurance ... IO.300 -J-1.350 <(wins on shares in subs. 3.4'C —L1S9 Deposits of subsidiaries 13.33!l —1'°57 Creditors 37.005 —s!464 I', and L. account .... 4,437 -f-5 ASSETS. Vessels wharves, etc. . 93.255 —6.116 Head office premises . 8 78° °65 Investments lc>.s<;i( —ioo Invest, in subsidiaries 41.<i."»i> Same. < oal and stores r. 043 Debtors l'S.345 -^-923 Unexpired ins. prem. .. 139 —1.031 1 lie balance-sheet total is £7040 lower at £ 1SS,074.