COMPANY AFFAIRS.

Auckland Star, Volume LXX, Issue 201, 26 August 1939, Page 4

COMPANY AFFAIRS.

C. L. INNES AND CO.

LESS PROFIT EARNED.

DIVIDEND KATE LOWER

The accounts of C. L. Innes and Company, Ltd., brewers, Hamilton, for the year ended June 30 show- a net profit of £3619, against £4298 in the previous year. Profit was struck after providing £299!» for depreciation, compared with £3467 in 1938.

The directors propose dividends for the year of 6l£ per cent on both preference and ordinary shares, against a distribution of 8 per cent in the previous rear, when capital was £7510 lower. The" dividends require £3250, against £3400 in 1938, and, after the proposed transfer of £1500 in reserve account, £1187 will be carried forward, against £2318 brought in. TJie directors also recommend that £15,000 should be transferred from reserve account in order to dispose of the goodwill account of £15.000. The retiring director. Mr. F. M. Watson, is available for re-election. Results for the past three years compare as follow: — 1937. 19:38. 1939. Brought forward £1.732 £1.548* £2.318+ Net profit 4.903 4.298 3,619 £6.68 5 £.3.846 £5.937 To reserve 3,000 — 1.500 Dividends— Pref., p.c. ..6 2-5 S 6j Ord.. p.c. 8 R . 63fc Amount .. . 2.330 3.400j *5.250J Carric-d forward £1,355 £2.440 £1,157 •After adding £ 193 balance of income tax. tAfter deducting £128 tax understated. xCapital increased during these years. Variations in the balance-sheet items are a 6 follow:— LIABILITIES. Variatloß £ £ £ a l»jtal 50,000 -r 7.519 ® an . k lt 20,158 + 8,83® C,ieditors 3.370 —243 Income tax 2.700 —30# Reserve 15.073 +1,290 I*, and L. account .... 5.937 +91 ASSETS. Land, bldgs., plant, etc. 58.656 J-15 20S Goouwill 15.000 ' Sam" Investments 1 104 qki Wholesale liecn.se '57.-, same &tOCKS 1Q 3-0 .0 5 ' 43 ® ~+ S * y asn 94 —12 Total assets 97,239 +17,17# The directors in their report mention that the increase in bank overdraft was ln addition to the new issue of /010 Shares, in providing further buildinm and plant to the cost of £18,204. Darine the last three years £32.900 has been spent on new buildings and plant, wliick now provide for all reasonable requirements for some time to come. In December, 1937. the company made a bonus lesne of 10,563 ordinary and 809 preference shares in the proportion of one tor two ordinary shares held and one preterence for 12% preference shares held. In -"lay, 1938, there -was a furtbe- issue at a premium of 2. 6 of 7510 £1 shares i« toe proportion of one for six.

WAIKIKIE LIME COMPANY.

DIVIDEND 5 PER CENT

Telegraph.—Own Correspondent.)

WHAXGAREI, this day. Recommendations of a 0 per cent dividend on both preference and ordinary shares w made by the directors of the Waikikie Lime Company in their annua? report.

. The effect in the savings through the insulation of the-aerial ropeway had bee» apparent for the first time. The savings is °f Production now evident is ample ju&tincation for the expenditure, the report states.

The retiring directors. Messrs. Collin# V t r«' Stnn eer, and the auditor, Mr. Jr. L. Crunn. are eligible for re-election--Ihe profit for the year ending March ? ?as £698. A sun> of £1)77 was broughi into the accounts and £1317 is carried forward, after making provision for taxatioc and dividend. Land, buildings, plant ant maclnnery arc valued at £7572, and stock* at £o'2S. MILBURN LIME COMPANY. SAME FTXAL DIVIDEND. (Bv Tclograpb.—Press Association.) DUXEDIX, Friday. The directors of the Milburn Lime ant V-ement Company. Limited, have recommended a final dividend of 5 per centmaking 8% per cent for the year endei July ,>l, an unchanged rate.