COMPANY AFFAIRS.

Auckland Star, Volume LXIX, Issue 278, 24 November 1938, Page 8

COMPANY AFFAIRS.

HENRY JONES CO-OP. LESS PROFIT EARNED. Dl\ IDEND UNCHANGED AT 10 PC. The volume of trade done by the aaociated companies of Henry Jones Cooperative, Limited, in their last financial year was the largest in their history, but the profit of the parent company for tht 12 months ended October 31 was £7513 lower, at £192,597. After providing for expenses, incom« earned _within the Commonwealth wai £10i.747, from which an interim dividend of Cd a share ( £3.5,754) was paid on June 1. Income earned outside Australia vac £34.8.50. A final dividend of ]/6 a share is to be paid equally from income dei-ived inside and outside Australia, and will absorb £143.017. It is proposed to transfer £4!),580 to the general reserve. The yetr'i dividend distributions make an unchanged total of 10 per cent for the year. 1 he parent company is purely a holding company, being the central figure in an important group of fruit-preserving and jam - manufacturing concerns operating throughout Australia and New Zealand. It also has substantial interests in England and South Africa. Results for. three years are compared in the following table:— •

[ KAURI TIMBER. NEW BUSINESS PURCHASED. As tlie demand for plywoods and panelling was steadily increasing, it was expected that the business of Commercial Boxes and Plywoods Pty.,. Ltd., which had l>oeu purchased last July, would prove profitable, said the chairman of the Kauri Timber Company,. .Ltd., Mr. John Bishop, at the annual meeting of shareholders. The effect on the profit and loss account of the new business was comparatively small, because the purchase hail been completed late iu the company's financial year. '"The boxmaking side of thin business," Mr. Bishop continued, "is to a large extent seasonal, as the greater portion of its production is in export butter boxes. The dry season Ilus caused a falling off in the yield of butter, and results are not as good as could be wished. However, provided we have sufficient rains lor pastoral purposes the season, instead of ending in early January, may be prolonged until the end of February, in which case an additional supply of boxes would be required." The drying kilns, Mr. Bishop added, were working to capacity. The company had recently installed a Ross carrier—a machine capable of picking up and transporting approximately 4500 ft of timber in one operation.

DONAGHY'S ROPE. INCREASE IX CAPITAL. At an extraordinary fioiuT.il meetins of Doniiirliy's Kope and Twine Company held in Dunedin on November 21 resolutions wove carried to increase the capital of the company from l'To.uiki to £ IJa.oOO by the creation <>f 50.000 additional .sharp?,' and also to increase the number oi directors from five to six. ASSURANCE COMPANY'S YEAR. , Net profit of the Australian Provincial Assurance Ar-sociution. Limited, f£> r the year ended Sept eniber 30, was Hi.318, against £4.3.1(i1> in the previous i'-Vo'i" ' ln di reet oiv reeommend that should be appropriated as a bonus to policy-holders. and that £4->OO, tH'insr income derived wholly from inter«'*t ,, i ll Australian consolidated stock, be distributed as a dividend of Hi per cent to shareholder*. This is an unchanged late. With £100 brought forward, £37-0 i« carried forward.

" TEAR ENDED OCTOBER 81. t 1936. 1937. 1988. " . & £ £ Australian ineorne ..... 143.255 146.940 139,320 Ex Aus. income 53,850 54.850 34,850 Expenses .... 1,655 1,6S0 1,573 Profit 195,45 0 2 00,110 192,597 P.c. to capital 13.7 14 13.4 Dividend 143.017 143.020 143,020 Per cent .... 10 10 10 Balance-sheet items are compared belotv:— 1937. 1938. Assets— £ £ . Investments at valuation .... 2,269,490 2,269,490 Liabilities— Capital 1,430,170 1,430,170 Share premium . 59,040 59,040 General reserve . 509,300 566,460 Profit and loss . . 1 (>4,360 136,840 Creditors 106,560 56,980