NEW ZEALAND PAPER MILLS, LTD.

Press, Volume LXVIII, Issue 20552, 21 May 1932, Page 12

NEW ZEALAND PAPER MILLS, LTD.

ANNUAL MEETING. The twenty-seventh annual general meeting of New Zealand Paper Mills, Ltd., was held on Thursday at Dunedin, Mr F. W. Mitchell, chairman of directors, presiding over a fair attendance of shareholders. On the motion of the chairman, the meeting adopted the report and balance-sheet, and the board's recommendation respecting the payment of a dividend at the rate of 4 per cent., making a total distribution for the year of 7 per cent.

In the course of his remarks Mr Mitchell stated that following the reduction of 10 per cent, in wages as a result of the general order of the Arbitration Court, and also a corresponding reduction in salaries and directors' fees, the company had been able to reduce the price of kraft wrapping by £2 10s per ton, and there was no evidence that this relief to the cost of living had not been passed on to the consumer. He held that this must surely be regarded as a proper course for the company to have adopted. Mr E. Tamblyn, in seconding the motion, remarked that one outstanding feature of the company's operations during the past few years was the wisdom of centralisation at Mataura. "With efficient management he felt sure that there was a bright outlook for the company. The retiring director (Mr "W. F. Edmond) was re-elected, and Messrs Barr, Burgess, and Stewart were reappointed as auditors for the ensuing year. MORRIS HEDSTROM LTD. FINAL DIVIDEND. [THE PBESS Special Service.] WELLINGTON, May 20. Morris Hedstrom Ltd., Suva, Fiji, has cabled the Stock Exchange Association of New Zealand that the directors recommend a final dividend of 2 per cent., payable on June 30th, making a total of 4 per cent, for the year ended March 31st, 1932. Transfer "books will be closed from June loth to June 30th inclusive.

The final dividend of the company in 1931 was 3 per cent., making 6 per cent for the year.

SOUTH ISLAND DAIRY ASSOCIATION.

ANNUAL REPORT. The 23rd annual report and balancesheet of the South Island Dairy Association of N.Z., Ltd., for the year ended April 30th, have been issued, and will be presented to the annual meeting to be held at Dunedin on June 2nd. The report states, inter alia, that after making all reasonable provision for depreciation in the value of the Association 's assets this tJccount shows a credit balance for the year of £53 5s (id, which the directors recommend be transferred to the capital fund account, bringing the latter to $14,030 3s 6d. The number of members now stands at 107, which is ,two less than the previous year. 'The StavcleyvCompany ceased operations' at the end of last season and the Tcmuka Company became merged in the Waimate Company. The business done in supplying factories with their manufacturing materials, etc., was satisfactory. With one or two exceptions factory companies obtained practically all their requirements through the Association. As usual, the Board had to meet strenuous competition from private trading firms, and it is most encouraging to know that, generally speaking, it had the whole-hearted support of the factories in its efforts to reduce manufacturing costs. The work carried out during the year by the machinery department was much less than usual, due principally $o the economic conditions influencing factory executives to postpone renewals and repairs to plants for as long as possible. For portions of the year the staff could not be kept fully employed, and _ the work offering was rationed between them, this being, it was considered, the better course than dispensing altogether with the services of any particular employee. Notwithstanding what was done to meet the position, however, the result of the year's operations shows a loss, and this explains the small surplus on the profit and loss account. This branch was started eight years ago with the object of bringing about a saying in the cost of factory machinery and plant and their maintenance, and has, it was believed, proved of considerable benefit to factories in that respect. If carried on aV a loss, however, it placed restrictions on the services which the Association could render in other directions. The winners of the Association's trophies for the highest average f grades for export butter and cheese respectively for the period from October Ist, 1931, to April 30th, 1932, as per graders' certificates, were as follows: Butter—J. A. McCallum, Kokatahi butter factory, Wcstland, average 94.728.

Cheese—G. Dickson, Edendale cheese factory, Southland, average 93,699. It is worthy of mention that the average grade secured by Mr MeCallum this year was the highest for butter since the competition was started thirteen years ago, and also that Mr MeCallum was the winner last year. The results in the cheese competitions were exceptionally close. They were as follows:—Edendale' 93.G69, Barry's Bay 93.688, Milton 93.589, Cam 93.542, Seaward Downs 93.524, and Mabel 93.500. The retiring directors are Messrs W. Stalker (Rangiora) and-"W. Hamilton (Winton), both eligible for re-election. No other nominations have been received. x A LONDON RECORD. STORE'S PHENOMENAL SALES. In a letter to the Editor "of the London "Daily" Mail," Mr John T. Greenwood, chairman of A. W. Gamage, Ltd., referred-to the amazing results achieved by means of heavy newspaper advertising. He stated:— "Although in most cases our prices are lower than ever before, all records for our February sale since the business was established fifty-four years ago have been broken by enormous margins. "Never before at this time of the year have we experienced such a tremendous rush of personal and postal shoppers. The demand for the bargairi sale offers —offered exclusively through your columns —has been phenomenal., Fortunately, we have colossal stocks to draw from, and as the goods are sold fresh supplies are brought in. "Undoubtedly the public throughout the country realise that this is the time to buy, and they have been quick to appreciate the wonderful opportunity wo have provided through tho medium of your paper."