COMPANY NEWS.

Press, Volume LXVII, Issue 20225, 1 May 1931, Page 12

COMPANY NEWS.

PROFITS AND DIVIDENDS. Reports of the operation* of ovw*aas «ompanics are to . hand'by yesterday's mail. In thoir accounts presented to shareholders at Cham/ Switzerland, the directors of the ."'Nestle . and. Anglo-Swiss Condensed Milk Company, reviewing the trading results fdr 1930, state' that they hare, on account of the exchange' crisis, particularly in Australia, Spain, , and - elsewhere; decided to effect special provisions for depreciation on participations on the present occasion, ' which reduce the net' balapce to 36,382,777 Swiss francs (approximately £1,050,000), to which must be'added the balance broughtfor- ; ward of 5,697,021 francs. For the previous year the net profit was 30,272,820 francs.!. Kuala Lumpur Dividend. The directors of Kuala. Lumpur Tin N.L., Federated Malay States (in which- there are New. Zealand investors), have declared a divi- ; dend. of 6d a share, payable on May 16th. At the meeting, ofthe Kuala Lumpur the chairman. (Mr A. Pratt), in announcing the, declaration of a dividend,, said that; if. the price of tin did not fall below its . present level, the company would continue half-yearly payments at the same rate. He said the company had . a working life of 25 yearc. A shareholder questioned the right of the directors to lend the company's funds to other tin companies, and also expressed the opinion that some of. the deposits seemed to be in jeopardy. The chairman replied that the articles of association empowered directors to lend money, and they had no doubt about the safety of it. A shareholder: Bo you think it *- fair thing for the directors to reduce their fees by only £SO to £2OO a year each? The Chairman: In our opinion the reduction is quite sufficient. Amusement Taxes. Greater J. D. Williams Amusement Co;, Ltd., one of the Union Theatres group, received no dividend in the year for the year ended December 313t last. Out of debenture interest and'rents £2658 net profit was realised, this sum contrasting with £28,144 for 1929. Shareholders last year were paid 8 per cent, dividend, but no distribution is made amongst them on the present occasion. £ credit balance of £16,099 is carried forward. The Board_ in its report says restriction of the spending power, of the public and the imposition' of the State amusement tax had a serious effect on the results of theatres in New South Wales. Additional State tax in Victoria, West Australia and' Tasmania also affected trading results in those States. Despite most drastic economies consistent with the maintenance of entertainments at a standard to attract the public, it had' been impossible for the parent company to pay dividends. Capital paid up is £397,029. Other liabilities include mortgages £33,000 and reserve fund £51,785. Main assets are. .freehold property, -£38,215; shares in other companies, £422,500; debentures, £21,375, and loans, £18,646. Sundry debtors declined- in the year from £14,119 to £4202.C LEAKING SALE. Jones, McCrostie Company, Ltd., held . a successful clearing - sale of furniture in their rooms on Wednesday, The following were amongst the prices realised:—Piano £l4 10s, ■bedroom. Buite £2O, Wilton carpet £l4 10s, Axminster carpets £7 10s, £6 10s, £9, £7 ss, gramophones £7, £4, portable gramophone £4, - chesterfield suite £l4, sewing machine £S, roll-top desk £5 15s; two walnut, chairs £4, duchesse chest £2 15s, bedstead £3 Is 6d, pram £3 171 oi, office dutir £l.