BIG ADDITIONS

Auckland Star, Volume LXXII, Issue 279, 25 November 1941, Page 3

BIG ADDITIONS

WHAKATANE PAPER MILLS OUTPUT SOW OVER 10,000 TOXS Additional plant valued at about £50,000 will be installed by Whakatane Paper Mills. Limited, by Christmas, according to a statement by Mr. H. A. Horrocks, managing director, who presided at the annual meeting of the company in Sydney early this month. Mr. Horrocks said that the new plant would consist of additional driers and three new beaters and the buildings were being extended to allow for their accommodation. It should be in production by early January. Production during the I ,:!X™", yGar estimated to be some ILO.OOOIb, a considerable increase over I the previous year. Of the 10.000 tons of cardboard manufactured about 1000 tons. ! worth £12,000, had been exported. Some interesting statistics concerning the mill were given to shareholders by Mr. Horrocks. He pointed out that there were 2Go employees receiving £100.000 per annum in wages. The mill worked 19 eight-hour shifts a week. Over £50,000 was paid yearly in railway freights. Relations between the workers and the management. had been most harmonious. Mr. Horrocks added that it was expected to have the interest on the first debentures, held by the London group brought up to dale by the end of this year. After that the company should be in a position to ma"<e payment of interest to the second debenture holders. The London debenture holders were being paid off at the rate of £1000 a month. Altogether the arrears of interest owing to the London group amounted to £70,000 and to the Australian and New Zealand group, £07.000. The report and balance-sheet, which were published in the Star on September 2-j last, were adopted. TRADERS' FINANCE ACCOUNTS Net profit of the Traders' Finance Corporation. Limited, for the year ended September o0 was £2 120, after making provision for taxation. This compares with £7500 last year before £3766 had been set aside for taxation, so that on a comparative basis the fall in net profit amounts to £1397. A dividend of 3 per cent, free of security taxes, is recommended, requiring £1722. leaving £7606 to be carried forward against £0.003 brought in. The report, states that although conditions were again difficult during "the year, the business accepted had been sound. Collections had been kept up to standard, the amount of bad debts being negligible. Taxation ■absorbed £3673. compared with £3966 last year. Gross profit from trading, farm and income from investments was £10,880. contrasting with £12.582 in 1040. and expenses were £4780, against £4892.

WAITAKI FARMERS' FKEKZIXG fO.C.) WELIjIXGTON", this day. The Waitaki Farmers' Freezing Company, Limited, report a net. profit for the year ended September 30 of £7f)«3 against £8044 last year. The dividend at 6 per cent, the same as a year ago. absorbs £5758, and £5000 is placed lo reserve, leaving the carry-forward at £1013 against £3805 brought in. THEATRE LIQUIDATION Australian and New Zealand Theatres. Limited, proposes that the company be placed in voluntary liquidation. A meeting of shareholders will consider a resolution that the company cannot continue iti business because of its liabilities, and that, accordingly it. be wound up voluntarily. The directors have announced that the t.heatricnl business will be carried on. Formed in 1338. the company tool? over the theatrical side of thc business of J. C. Williamson. Limited. At June 30. 1040. losses amounted to £75.220, including £15.184 for the last year, (or which Income was £258.562 and expenses, including depreciation, were £ 273,745.