FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22194, 10 September 1937, Page 15

FINANCE AND COMMERCE

COMPANY NEWS

FARMERS* CO-OPERATIVE PROFITS DIVIDENDS REMAIN UNCHANGED An increase of £38,204 to £217,319 is shown in the accounts of the New Zealand Farmers’ Co-operative Association of Canterbury, Ltd., for the year ended July 31, 1937. An increase in expenses kept the rise in net profit down to £623 at £47,074. Dividends on the first A and B preference .capital at the same rates as last year require £18,190, a sum of £IO.OOO will be sent to special taxation reserve, .and £18,884 will be applied to the accumulated deficiency. The directors in their report record with regret the death of Mr A. F. Carey, who was on the board of the company from 1925 to 1937. The directors retiring by rotation are Messrs Arnaud McKellar, C. P. Agar, E. Hay, and G. W. R. Osborne, who offer themselves for re-election. Professor A. H. Tocker has been nominated to the vacancy caused by the death of Mr Carey. Mr A. R. Turnbull was appointed to the vacancy caused by the resignation of Mr W. Stalker. Messrs W. E. Best and Wilkinson offer themselves for re-election as auditors. The annual meeting will be held on Saturday, September 25, at 10.30 a.m. LIABILITIES

.WOOLWORTHS SHARE CAPITAL PROPOSAL TO SUBDIVIDE Proposals to subdivide the ordinary share capital of Woolworths, Ltd, (Sydney), into shares of 5s each will bo placed before an extraordinary meeting of shareholders in Sydney on October 8. The shares are at present x.l each fully paid, and shareholders will receive four new 5s shares for each ±.i share now held if the proposals are carried. Capital will remain unaltered. In addition, the meeting will consider proposals to amend the articles of association of the company to comply with Stock Exchange listing' requirements—the ordinary shares at present are quoted in the unofficial list.

NORWICH UNION INSURANCE

The Norwich Union Life Insurance Society, the oldest life office in the world, achieved a record for new business in 1936. when 18.063 policies were issued insuring £11,312,294 and carrying new premiums of £577,500, including single premiums to the amount of £133,748. The net new business retained bv the society at its own risk was £11.090,783, against £10,787.590 m 1935. Income for the year was £6,730,155, and outgoings £4,142,604. The difference, £2.228 091 constituted the increase in the funds, which at the close of the year amounted to £44,470,297. Interest earner 1 on mean funds was at the rate of £4 7s 3d per cent., after deduction of income tax. The assumed rate of interest was £2 10s per cent. M. K. MILLINERY [THE PRESS Special Sendee.] AUCKLAND, September 9. The proposal of the directors of M.K. Millinery, Ltd., to subdivide the company’s £1 shares into shares of 5s each was cerri d unanimously at the extraordinary meeting of shareholders. The decision provides for the subdivision of the existing 50.000 shares of £1 each into 200,000 shares of ss, and for allotment of 120,000 of the subdivided shares to holders of the issued 30,000 shares of £1 each in the proportion ot four for one

FARMERS’ CO-OPERATIVE ACCOUNTS MACDUFFS ANNUAL REPORT A substantial rise in gross earnings is shown in the accounts of the New Zealand Farmers’ Co-operative Association of Canterbury, Ltd., which will be submitted to share°n Septe y nber 25 - Gross profits rose £38,204 to i , but heavier expenses kept the rise in net earnings down to £623. Dividends remain the same as for last year. The British markets reacted sharply to the break in America, and became very weak. There was a firming later. The figures of the Reserve Bank of New Zealand this week show an expansion in the note issue of £119,300. Demand liabilities to the State are down by £801,300, and those to the banks by £1,455,000. Others are up £60,400. Sterling exchange held is shown at £1,760,500 less, and coin at £4500 less. The dairy account has been reduced by £507,800, but advances to the State for other purposes have risen £200,000. The second annual report of ' .acduifs, Ltd., discloses a net profit of £ 13,776. The directors will call an extraordinary general meeting to obtain the ratification of shareholders to a proposal for the amalgamation of the company with Shillings, Ltd.

9 Change / from July 31. last 1937 year £ £ Capital issued 833,943 Capital paid up— 1st pref. 150,000 — A pref. 200,000 B pref. 85,908 Ordlnarv , 114,697 Less calls In arrears 9,818 Calls in advance 2.169 —4 543,016 + 181 Secured deposit stock 891,978 + 1,053 Credits in current accounts 221,190 + 9,040 Fixed deposits at call 700 —4,908 Creditors 66,431 + 5,402 Accrued Int. on sec. def. stk. 13.401 —44 Land tax res. 1,509 — Special reserve 10.000 +10,000 Net profit 47,074 + 623 Total 1,797,300 + 21,347 ASSETS Freehold & leasehold property 397,006 —5,400 Less mortgage .. 10,000 — Warehouse fixtures. plant, furniture, + 179 and machinery .. 58.824 Stocks 280,357 + 34.341 Advances & debtors less reserves— —102,382 £44,371) 480,896 Unexplred licences + 28 & insurances 868 Bills receivable .. 28,512 + 7,202 Shares 9,641 —13 Short-date in- + 90.360 vestments 248,480 Bank and cash .. 64.161 +15,272 Profit and loss .. 238,553 —18,268 Total 1,797,300 + 21,347 July 1935 1936 1937 £ £ £ Gross profit .. 162.318 179.115 217,319 Net profit . • 33,368 46,451 47,074 Divs.— 41 41 41 1st pref., p.c. .. A pref, p.c. 4 4 B pref., p.c. .. To reserves 2 4 16,898 18,261 18,884