COMPANY AFFAIRS.

Auckland Star, Volume LXX, Issue 193, 17 August 1939, Page 8

COMPANY AFFAIRS.

WAIRAKEI, LTD. OPERATIONS REVIEWED. REVENUE WELL MAINTAINED. At to-day s annual meeting of shareholders in Wairakei, Limited, the chairman of directors, Mr. J. A. Gentles, stated that the result of the year's operations had been satisfactory. Revenue had ibeen maintained and with a saving in overhead charges a profit of £2854 was disclosed, compared with £2258 last year. The sum of £000 had been transferred to the general reserve account (making this account £3000) and with the balance brought forward £3415 was available for appropriation. The directors' recommendation was that a dividend of 7Ms per cent be paid, absorbing £1875, leaving £ 1540 to carry forward. The liabilities have been reduced 'by £2068. The company' s fixed assets had been well maintained and were in first-class! order. A new water race at the Huka rails was provided and was utilised during the past dry summer season. \ As a result of the progressive policy. of development carried out by the directors, Wairakei had become an outstanding vacation resort and not merely a port of call tor^ overnight tourists. Very little caipital expenditure was incurred during the year, but a contract was recently let for the erection of a further wing, which would be completed by the end of October and would provide an extra 20 bedrooms, enabling first-class accommodation to be made available for 129 guests. The retiring directors. Messrs. P. E. Cleave and R. Thorne George, were reelected. ,W. R. CARPENTER, LTD. SLIGHT PROFIT INCREASE. DIVIDEND MAINTAINED. A net profit of £115.?81, against £111,372 , J 1 , 1 'he previous year, was earned by W. R. , Carpenter, Limited, island traders Sydney, tor the year ended June 30. Dividend £76 250 ntalned 3t 10 P6r cent ' re l uiri ng Other transfers are £10,000 to contingencies account and £2000 to superannuation account. The balance carried forward is increased from £36,638 to £63,669. £"S7!&" Bed £18 ' 512 ' , D uringthe year capital was increased by 100,000 shares paid to 5/, and 10,000 shares paid to £1 were issued at a pre™Vi m - £1 a share. The premium of £ 12,200 was used to reduce the value of investments in subisdiary companies. new subsidiary, W. R. Carpenter and Company (London), Limited, was formed, and the paid-up capital of £10,000 was subscribed by the present company. The new vessel Suva is in service, and will operate in the London-Pacific Islands service. The air service to New Guinea ia operating very satisfactorily, and is obtaining full public support. LABOUR DIFFICULTIES. WELLINGTON WOOLLEN CO. (From Our Correspondent.) Wednesday. "Hampered as it was at the outset, the year can >be classed as satisfactory," said I Mr. W. H. P. Barber, chairman of directhe Wellington Woollen Manufacturing Company, Ltd., at the annual meeting to-day. The financial position of the company was strong and, if the difficult problem of the supply of suitable workers could be solved, further development would be justified. Mr. Barber said that the 42-hour week was a severe handicap to'employers in the Petone-Hutt district. "It has been clear for some_ time that the suburb ia overindustrialised for its population. More and more industrialists have selected Petone or Lower Hutt to begin operations, so making the staff problem very difficult. Further expansion will be slow, if not stagnant, until there is a change in the way of obtaining adequate workers." WINCHCOMBE, CARSON, LTD. Winchcombe, Carson, Limited, woolbrokeTs. Sydney, has declared a final dividend of 3% per cent, making 7 per cent for the year. This compares with 7% per cent for the previous year.