COMPANY AFFAIRS.

Auckland Star, Volume LXX, Issue 210, 6 September 1939, Page 6

COMPANY AFFAIRS.

K.D.V. BOXES, LTD.

DECLINE IN PROFIT,

DIVIDEND 3 PER CENT.

profits at £1409 were earned by K.D.\ . Boxes,, Ltd., lor the year ended June 30, compared with £.j'2<)o the previous year and £3909 in 1937.

Due to the bad climatic conditions, sales for l>titter boxes fell appreciably, and it would appear that this season is not going to be a bumper one. In spite of this, the directors 'state; that they t'eel justified in recommending the dividend payment. Reference is trade to the soundness of the new policy adopted by the managing director and to the co-operation of the ollico and factory stall's.

The retiring directors, Dr. A. T. and Mr. I'. 11. Fergusunn, are eligible for re-electinn. 11 egret is expressed at the death of a former director, Mr. G. L. Laird. The vacancy will not .be filled in the meantime. Changes in the balance-sheet items are as fojlow:— LIABILITIES. Variation .€ £ Capital 51',.c,T0 Same Hank overd.-aft 0.-'STs; —32.877 Mortgage .'i/inii Same Creditors 1,737 —.">SO Income tax reserve .... -f'2l9 General re serve HiSti J ."is:) I', anil L. account .... 2,1'J2 +8'! ASSKTS. I.aml. buildings, .. 32.107 —T.fMili Timlier rights .... ... 7..">22 - nl'S Miirtgiigc ~ . . 12 - 1. h>2 Stocks 20.293 - 17.311 Hills receivable 3."i"> 2.»i2~i Debtors 2.901 — 2.2-12 Cnsh ir. -in Total assets 74.t!1j —32,53.". A dividend of per cent is recommended, as against 2V> per cent in the previous year, which was the first payment since 193,1. The directors' report states that the financial position of the company has improved still further. The bank overdraft last year was covered by stocks of timber and wive, and this was considered very satisfactory. This year, however, the overdraft is covered nearly three times by timber stocks alone, and -it has been reduced during the year from ££2,255 to £9378. It is hoped that by next year this will be further reduced. This result lias been obtained mainly iby converting frozen assets into cash. The company now stands on a solid foundation financially, and this is proved by the bank having agreed to the cancellation of uncalled capital amounting to £43,330.

N.Z. NEWSPAPERS, LTD

USUAL INTERIM DIVIDEND

An interim dividend of 8d per share, an unchanged rate, has been declared by the directors of New Zealand Newspapers, Ltd., for the half-year ending September 30. The dividend will be payable on Monday, October 2.

FARMERS' INSURANCE. CANTERBURY ASSOCIATION'S YEAR Net premium revenue of the Farmers' Co-operative Insurance Association of New Zealand, Ltd., for the year ended June 30, 1939, was £40,931, against £36,028 last year. After making full provision for losses outstanding and for taxation there Ui a surplus in the underwriting account of £1975. Including interest and rente and alter_aHow;infr depreciation, the sura availatble is £6884. Out of this an interim dividend on preference shares at the rate of 7 per cent per annum, absorbing £ 1740, was paid in January, and the directors now propose to pay a further dividend on preference shares at the same rate, and a dividend of 4d a share for the year on ordinary shares, absorbing £2562. , Year ended June 30, lf>3B. 1!>30. £ S Xet premium revenue . Sti.o2B 40,031 Interest mifl rents .... 0.071; r>.nr,7 Underwriting surplus . . 1,710 1,07." Depreciation J 31 iris Amount available 6,001 6,SSI Dividends— Pref., per cent 7 7 Ord., per cent — 1 2-.". Amount 3,40(1 » 4 307 Brought in 34.04.1 37''Or, Carry forward 37,205 39J82