N.Z. BREWERIES.

Press, Volume LXV, Issue 19668, 11 July 1929, Page 10

N.Z. BREWERIES.

COMPARISON OF OPERATIONS. In view of tixe changes proposed to be made in shareholders' and debenture holders' interests in the above company, a comparison of operations over the past three years should be interesting : The following table shows the trading esting.

Debenture holders have been receiving 10 per cent, interest, the company having the right to redeem at par in 1933 or 1943 at its option. Shareholders have been receiving 10 per cent, dividend regularly since the company's formation in 1923 until last September, when the interim dividend was paid at the rate of 15 per cent, it being generally recognised that henceforward the higher rate would be paid.

1926. 1927. 1928. Gross profit .» 603*429 588,504 597,548 Beer duty •> * 493,889 491,131 476,217 Net jjrofit • • Dividend 109,540 97,372 121,331 50,000 50,00-0 50,000 Paid to reserve 50,000 50,000 75.000 Carried forward •J 1,467 18,839 15,171 The following table shows the figures of the balance-sheet for the past three years: — LIABILITY :s AS AT MARCH Slst. 1926. 1927. 1928. Capital Debenture 500.000 500„000 500,000 1,000,000 1,000,000 1,000,000 Sundry creditors (including provision for taxation) '255,760 259.069 25S.469 Reserve fund . . 75,000 125,000 175,000 ASSETS' . &.S AT MARCH Bis t. 1926. 192 7. 1928. £ £ £ Land and buildings • • 566,000 540,000 550,000 Machinery and plant 225,685 200,442 170,499 Stocks 197,487 195,630 167,205 Advances agst. barley, hops 12,502 9,800 25,506 Office furniture and fittings 1,825 1,000 200 Investments 202,500 312,425 425,646 S'dry. debtors 183,340 179,720 155,420 Goodwill 500,000 500,000 500,000 Cash in bank 43,888 38,892 54,165