WILSONS CEMENT.

Auckland Star, Volume LXIX, Issue 127, 1 June 1938, Page 4

WILSONS CEMENT.

LESS PROFIT EARNED.

DIVIDEND OF V/ 2 PER CENT

CAPITAL CHANGES EFFECTED

A decrease of £447 in net profit for the rear ended March 31, is shown in the accounts of Wilsons (N.Z.) Portland Cement, Limited. >"et earnings amounted to £55.442, compared with £59,889 in the previous year.

A final dividend of 4%d .a share is recommended, making, with the interim dividend of a similar amount already paid, a distribution of 9d a share, or 7% per cent for the year, compared with 15 per cent in 1937. The dividend requires the same amount as last year, however, owing to the distribution of 600,000 bonus shares of 10/ each at the beginning of the year, raising the paid capital to £600,000.

With £27.241 brought in, £82,683 is available. The rear's dividend absorbed £45,000, leaving £37,683 to be carried forward. The retiring directors, Messrs. R. E. Williams and G. Winstone, are eligible for re-election. Past Years Compared. The following table, covering results of the past decade, will be of interest:—

•Paid on capital of £600,000, instead of I £3iio.doo, as formerly. ! Xo details are supplied in the profit and j loss account, which is simply a statement of balances and appropriations. Balance-sheet Changes. I Movements in the principal items of I the balance-sheet are as follows:— ' LIABILITIES. !

The movements in the balance-sheet j reflect the revaluation of assets prior to the distribution of the 600,000 bonus shares early in the financial year. Fixed assets i were then written up from £152.059 to £452.050. and the paid capital increased by £300.000. The balance-sheet total at £783,932 is £'305,458 higher than a year afro. Xotes to the balance-sheet state that the total amount paid to directors of the company and subsidiary company as remuneration for their services during the year amounted to £1871. The accounts (if the subsidiary company show a profit for the year ended March 31, 1938. of which no account has been taken in the hihnee-sheet. The shares in the subsidiary company are fully worth the figure I appearing in .the balance-sheet. ]

Marine Net DiviRcserves. insurance, profit. Uend. Mar. 31. £ t £ p.c. 1929 .. 161,252 32.830 85,586 10 1930 .. 170,208 34.0..7 89.955 12J 1931 .. 175.389 36,309 74.182 12£ 1932 .. 178.345 37,639 02.950 10 1933 .. 158,345 37.907 39.999 10 1934 . . 174,088 38.292 45.743 10 1935 .. 180.000 38,644 47,243 132 1930 . . 127,351 39.042 53.229 flo j 1937 .. 77.241 15.000 59,889 15 1938 .. S7.082 15,000 55,442 »7J fAlsn bonus of 5/ a share. i

Compared i March 31, with 1938. 1937. | • , • £ £ I Paid capital 600.000 +300,000! Owins to subsidiary.. 2,079 —159! Creditors & tax prov.. ,"56.670 —4.824 I Insurance reserve.... 15.000 Same General reserve .... 50.000 Same P. and L. account . . 60,183 +10,442 ASSETS. j £ £ I Land, plant, etc 440,682 +288,623 j Stocks 34.310 +3,400 Shares in subsidiary . 50.000 Same ! Other shares 23.514 —9.988 Govt, securities 147,703 +9,988 Mortpagos 11.169 —1.628 Debtors 61,549 +13,086 Cash and bank 15,005 +1.977