COMPANY AFFAIRS.

Auckland Star, Volume LXIX, Issue 286, 3 December 1938, Page 4

COMPANY AFFAIRS.

--1 ■i TRADERS FINANCE CORPN. ]\ SATISFACTORY PROGRESS. conserving funds. 1 At the annual meeting of tlio Traders' ■' i Finance Loi juii atioii, held yesterday. the •| t ii.in mail of dii ectoi s. .Mi'. I. B. Maefar- • lain-, coniii atulated shareholders 011 the I continued progress shown in the operations' oi tlie past 12 inontlis. Net profits had increased ironi XOISO to XS3S 7, and the 5 direetois were able to recommend an S inci ease in the ordinal * dividend rate iioin tci per cent, the preference late i iiciiiLr unaltered at ■"> 3-a per cent. I'; In view mi the general financial condi- • | turns now ruling, tiie directors were udopt7 1 iie_' aii cxtioiuely conservative policy in j_ j i'Villi! to aiiv.uKi'?. .mil slia rcliolilei s could I i:e assured that their funds wore lieiinx j. cai etuil.v conserved. Actually, he said the s coniiiany. through the very valuahle connectiiiii that had been built up in recent year.-, had quite as much business a.- it could conveniently handle, and was in a position to turn down pi opositions that contained an element of risk. I>'''!■!111-' to a question by .Mr. J. M . I'.liillc. tin- chairman explained that the item in the balance-sheet referring to shale* in the I i aders* Finance Corporation I \\ liole.-valc i. Limited, had been i educed by UiKAKJ m consequence of the capital of that . company having been wiitten down by that a anio.iiit in order to avoid taxation. s , H "latter o| fact, the conditions under which the Wholesale (ompaiiy had been ; named no longer existed, and the reinain- , I in_' shale capital would shortlv be ~ i*i uii ina I ed. I A -mail loss referred to in the balaneef. M'eet in i oniiectiou with the Wholesale j ( ompaiiy was Xl4n. This was mainly the ii o111• .>llll* oi the taxation referred to. The I other subsidiary company, the Broadway Motor ( >cli- ( ompaiiy. Limited, had shown I a net profit tor the year after allowing for I incoini tax ot £ 18X0. I his sum was beinn retained in that company in order to i onsci ve its pii.sition. Mr. I'.llille ci ii i;j l.it ula ted the nianatreincut on the tact tluiX while j»ro>s profits 1 j had substantially increased expenses were I The report and balance-shoot were | adopted, and the directors. .Messrs. , j S. 11 arlnil t and 11. I. (loldie, weie re- | '■:<■• led. I lie auditor. Ml. I'heo .1. Spi v. «as appointed. ■ Mr. tireville Walker supfiorted the I leniai ks_that had been made by Mr. Fllifl'e j and nil his motion a vote of thanks to the <iii ei-toi s and staff was can ied unaiumoush. SLIGHT INCREASE. t BRITISH TOBACCO PROFIT. DNL\ . December 2. Net profit of the British Tobacco Cotni pany i Australia i. Limited, tor the year | ended Uciober 31. amounted to £911.478. ; compared with i911.'58t) in the previous |.\ear and X'(507.761 in 1937>-30. . I l our intei iin dividends of 2 per cent i I have been paid, and a final payment of 2 . j per i ent has been declared, making Hi per . I cent on ordinary shales, absorbing XHI3.- , 44<i. The pi eiet ciice dividend of (i'/z pelcent absorbed X 90,.Vj7. The yeai s ordinary dividend of 1(1 jwr j < ''"t is ii in handed. In addition t,, the • | !" l ious ear s dividend. however, a bonus ■ !l 'l •' shaie. or per cent-, was p,,,d. . j I' l nn*i; the Auckland Stock Exchange i >'>;• ida.x of the final dividend, tiie com-! ,I p. also a 111 ion need tiie first inleiini! ,| 1 1 'i.11 1c: I \ div idend ot 2 per eeut. i , | 1 1 ai .joil. lor the current ytur, which , i communed on November 1. NATIONAL BANK N.Z. I SLTGHTLY HIGHER RETURN. (I!y Telegraph. — Pres»s Association.) , , W ELLING 1 OX. Friday. - j Ihe board of directors of the National Lank of Xew Zealand, Limited, order pay-' ment of an interim dividend of* 2'i per I cent. lesM I nited Kingdom income tax at i 3 7 in the XI, in respect of" the year end- . | inj.' Maich 31. 1039, payable in New Zeaj j land on January 4. 19i39. , ! Last year the rate was 2 per ©act. Pay- , j ment is made in sterling. PROCERA BREAD PROCESS. i It was announced at the annual meeti oi j ro; era Bread Piocess i N.Z. i. Ltd.. ■ < n \\ i''lm-_'ton last week that there were ; ' '-'"oil prospects ot increased turnover from i , ;ie company. A company had | , oeeii loinii'd to take over the management j i oi the A uis' ralian business, the personnel' i connected with tiie new company ! ' 11 ' same as had handled the Proeera t ( onipain s inteieMii in Australia lor the , past, few years. Arrangements were beinfr made to ; organise the pellinn of some kindred produels'. both in Australia and New Zealand, with a view to augmenting the income ■ 11 oiu places.