COMPANY AFFAIRS.

Auckland Star, Volume LXX, Issue 219, 16 September 1939, Page 4

COMPANY AFFAIRS.

BOOTH, MACDONALD ANO CO. disappointing ykar. A profit of £ 1044 is shown ill the accounts of IJooth. Macdoiiald and Company, Limited ((.'hristchurch 1. for the year ended June .'lO. against £5084 in the previous year. The directors state tha< tlu) icKiilt. is a great disappointment, in view of the fact that turnover was £0092 higher. DifHculties as a result of the import restrictions and exchange control had increased anxieties. The company required a both raw materials and machines I electric motors and petrol engines I for many of its manufactin es and if it could not. sret both it would have to curtail its operations and greatly reduce its «talf.

The year's profit has been transferred to the profit and loss appropriation account, which, after allowing £ 1700 reservo for income and social security tax. is in debit to the extent of £40.118. against £39,462 a year ago. The capital of the company i* £180.519. and the balance-nhect total at £.114,300 compares with £300,215 a year ago. N.I.M.U. INSURANCE. RKCORD PREMIUMS RECEIVED. The eleventh annual report and statement of accounts issued by the N.I.M.L". Insurance Company for the year ended June 30 states that net premium* advanced to a record of £195,940, an increase of £54.817 over the previous year. Income from investments increased by £102 to £400.1. An amount of £27,409. beina; 50 ficr cent of tlie increased premium income, las been added to the reserve for unexpired risks. The surplus for the year was £7214, of which £2077 has been transferred to the profits for distribution reserve and the balance ha* been added to accumulated funds. Accumulated surplus, plus the reserve for unexpired risks, total £134,742. Investments include £20.000 of the loan «>tock recently issued by the Government.

The ratio of claim* paid to net premium inpome was 00.9 per cent, a reduction of 4.8 per cent. The proportion <»;' working expenses to net premium income w is 21.5, ;i reduction of 2.3 per cent.

Chief items in the balance-sheet arc: — Liabilities: Unexpired risks reserve, £07,970; outstanding claims reserve, £34,720: sundry creditors, including reinsurance, £25.824. Total assets: £208,007, including investments £123,672 and cash £84.328. A.C.I. NEW ISSUE. Owing to the necessary secrecy concerning the departure of mails, Australian Consolidated Industries, Limited, has agreed to nccept applications or renunciations in connection with it.i new issue bearing the New Zealand postmark of September 30. SMITH AND SMITH, LIMITED. The accounts of Smith and Smith, Limited, oil and colour merchants, Wellington, show a profit of £19,273 for the year ended June 30, against £21.484 hint time. It is proposed to pay the same dividend* of 5 per cent on preference shares and "Va per cent on ordinary shares, and to placo £10,848 to tax reserve, leaving £5810 to be carried forward, against •£34520 brought in. Capital is A." 130,500 nnd reserves, excluding tax provision and dividends, total £88,001.