COMPANY AFFAIRS.

Auckland Star, Volume LXX, Issue 102, 3 May 1939, Page 8

COMPANY AFFAIRS.

M.K. MANUFACTURERS. LOSS OF £4983 FOR YEAR. IMPROVEMENT SHOWN SINCE. A loss of £4983 is disclosed in the annual accounts of the M. K. Manufacturers, Limited, for the year ended i December 31, 1938. This compares with ! a profit of £6529 for the previous year j and £6385 in 193ti. "The year just closed hae been a very difficult one for the company," states the report of the chairman. Mr. J. C Whitney, to shareholders. Ho attributes the loss to management causes, and adds that the appointment of a new general manager, a thorough investigation of tlie sales organisation, and the introduction of rei'oi m.s in .the business have since brought about a marked improvement in the company's trading position. "Trading is now on a satisfactory basis,"' Mr. Whitney states, "and the liguree for the first quarter of the current year show a. very satisfactory profit. The lines the company is now manufacturing arc in popular demand, the staff is efficient, orders are keeping the plant and staff fully occupied, and the directors are confident of satisfactory results under the present capable management." It is recorded that the company is now in occupation of its new premises at Great South Road. The balance of the profit and lons account at the close, f>t the previous year wiwt £HOU4. out of which was paid a final dividend for 1937 .(mounting to £2400, leaving a balance of ,U(304 carried forward. An interim dividend of B per cent was paid dining the year, absorbing € ISOO, which the auditors describe as a payment out of capital. The opinion is expressed that non-payment ot the interim dividend would have sn jrrently prejudiced the com; pauy, and consequently the (shareholders' interests, as to justify the payments. The debit in the profit and loss account is shown as .I'tiOTO. Change* in the directorate included the retirement, owing to ill-health, of Mr. J. .r. Mein, in March, and of Mr. and Mrs. Koninu. Mr. Whitney was appointed ehairm.in during the year, and Mr. W. J. Spriutr wan added to the board. Towards the enil of the year Mr. -T. Bernstone resigned, and Messrs. W. V. Whitney and G. '•. Scotland were appointed directors. Messrs. J. C. Whitney and A. McKen- •/']:>. who ate retiring in rotation, are eligible for re-election. Balance Sheet Items. Movements in balance sheet items are: LIABILITIES. t £ Capital 30,0dd utiino Creditors 8,2.14 + 1.712* Bank 26.735 + HU>.l4 KesiTvcs -.14!S same Income tax reserve .. 1.001 — 1,180 ASSETS. £ £ riant 12.0D2 +i,r.eo Investments, etc'. ... l.iiss -f 51)11 D.-bliirs 1<J.114 +4.74!) Stock l!d,7i>4 + ;).032 (loddwill 7.17.1 same Total assets 69,058 +7,551 Tin; auditors etate that the board accepted a recommendation for the installation of a complete costing and stock record system, which was brought- into operation on March 1. 1939. The company's annual meeting will be held on May 11. COMPANIES REGISTERED. Xew companies have been registered in Auckland as follows:— PUBLIC. Broadlands Forests, Limited.—To take over rights and property now vested in holders of bonds issued by New Zealand Timber Lands, Limited, and to carry on business as timber merchants, sawmill proprietoiw and timber growers. Capital: £40,0»x> in shares of £1 each. Subscribers: W. W. Gibbons, 75 shares; G. P. Aeking, 50; G. I). Stewart, P. L. Knight, W. K. A. Stewart, L. Waite and F. E. Mason, 25 each. PRIVATE. Electric and General, Limited, electrical engineers.—Capital: £7000 in shares of £1 each. Subscribers: T. T. Solness, 5000 shares; A. B. Bannister, 1000; A. O. Grundy, 650; J. A. H. McLeod, 350. In-Kin-It, Limited, manufacturers and dealers in patented articles.—Capital: £5000 in shares of £1 each. Subscribers: C. E. Gray, 2;")00 sharee; T. J. W. Buxton, 2450; K. C. Reid, 50. F. J. Products, Limited, to obtain interests in patents, inventions and trade marks and to carry on the business of warehousemen.—Capital: £1300 in sharee of £1 each. Subscribers: C. F. Jones, 1299 ehares; C. J. Palmer, 1.