COMPANY AFFAIRS.

Auckland Star, Volume LXIX, Issue 220, 17 September 1938, Page 8

COMPANY AFFAIRS.

PUKEMIRO COLLIERIES,

NET PROFIT LOWER.

DIVIDEND UNCHANGED,

After allowing £2660 for depreciation, a net profit of £7153 is shown in the accounts of Pukemiro Collieries, Ltd., for the year ended August This compares with a profit of £7811 in the previous year, after £4000 was provided for depreciation. The directors recommend a final dividend of 4!4 per cent, making 7 per cent for the year, unchanged. The balance of profit transferred to the appropriation account is £9322, which, with £2507 brought in and an income tax surplus of 17/0, makes £12,300 available. Interim dividend of £2500 and depreciation required £5109. The final dividend recommended absorbs £4500, leaving £2721 to be carried forward. The directors record with regret the death of Mr. A. W. G. Le Quesne, and a tribute is paid to his valuable services throughout his term on the board of directors. Mr. A. S. Bailey was appointed to fill the vacancy. The retiring director, Mr. B. A. Smith, is eligible for re-election. Results and appropriations for the past three years are as follows:— 1930. 1937. 1935. £ £ £ Brought forward . 30,311* 1,750 2,SGS| Net profit (>,445 7,811 7,1;»3 7,7i*>6 9.5G7 9,7_21 Dividend, p.c .... G 7 7 Amount G.OOO 7,000 7,000 Carried forward .. 1,750 2,uG7 2,721 •Ilefore the transfer of £33,000 to general reserve. •(•Including income tax surplus. Gross profit for the year at £21,35S compares with £25,973 in i the previous year. Interests, rents and transfer fees totalled £4990. against £4843. Expenses amounted to £2443 less at £16,302, the main alteration being a drop of £1180 in income tax. Chief movements in the balance-sheet items are:— LIABILITIES. £ £ Capital 100,000 Same General reserve 35,000 Same Investment reserve 5,523 -{-10 Income tax reserve 4.414 —1.18(1 Creditors '.... 5,170 +757 Appropriation account .. 7,221 +154 ASSETS. £ £ Properly, plant, etc .... G2.42S —2,972 Investments 01,242 +3,480 Stocks 851 +IG2 Debtors 12,042 —0,G79 Cash 19,8G0 +5,744 The total of assets is £157,329, which shows the slight decrease of £205. The litem investments includes Government stock, at cost, £20,000; mortgage, £2000; shares in Waikato Carbonisation, Ltd., at cost, £25,292, and debentures in the same company, at cost, £9950; Auckland Citv Council debentures, at cost, £4000. The last item is a new holding, and counteracts a decline of £520 in the mortgage.

.CANTERBURY FARMERS. * SLIGHTLY LOWER PROFIT. DIVIDEND UNCHANGED. (By Telegraph.—l'ross Association.) TIMARU, Friday. The annual report of the Canterbury l'armem' Co-operative Association disclosed n net earned profit for the year of £10,300 11/, phis the balance brought forward from last year £3730 0/11, making a total of £23,097 0/11. The directors have declared a 5 per cent dividend _on all classes of preference shares, and a per cent on the ordinary paid up capital. Ilie balance to be carried forward is £2159 14/3. Net profits in recent years have been--1034, £14,191; 1935, £14,532; 1936 £17114'1937, £22,297; 1935, £19,300. The dividend rate is unchanged. WOOLWORTHS (N.Z.), LTD. PREFERENCE DIVIDEND. (By Telegraph.—Press Association.) WELLINGTON, this day. The Stock Exchange Association has received advice that Woohvorths (N.Z.), Limited, have declared a half-yearly dividend of 4% per cent on paid-up preference shareß.