COMPANY NEWS

Press, Volume LXXIV, Issue 22305, 20 January 1938, Page 13

COMPANY NEWS

N.Z. REFRIGERATING dividend remains UNCHANGED A decrease in the net profit of the JTew Zealand Refrigerating Company, Ltd., is shown in the accounts for ihe year ended October 31, 1937, though the trading profit expanded. Net profit was £67,928, against £68,055 in the previous year. Trading profits were £112,413 in 1937, and £108,964 in the previous term. Dividend on the paid-up capital of £636,310 is unchanged at 5J per cent. The directors’ report states:— “The balance available for appropriation, as shown in the balance-sheet is £102,182 9s (including the amount brought forward from last year of £34,254 16s 2d), which the directors recommend should be disposed of as follows: — £ s. d. To pay a dividend of 54 p.c. on paid-up capital 34,997 1 0 To add to the reserve for rebuilding, renewals, and extensions of buildings and plant .. 30,000 0 0 Leaving an amount to carry forward of .. 37,185 8 0 102,182 9 0 “The directors retiring are Mr J. R. Cuningham and Mr W. H. Clark, who; being eligible, offer themselves for re-election. The auditors, Mr J. W. K. Lawrence and Mr W. H. Nicholls, also retire, and offer themselves for re-election.” Liabilities Change Oct. 31, from 1937. last year. £ £ Capital paid up .. 636.310 Reserve account .. 100.000 Rebuilding reserve .. 23.109 + 21,759 Debentures .. .. 150,000 Secured creditors .. 51,966 —100,796 Bills payable, creditors, taxes, etc. .. 477,274 +36,492 Amount due to subs. Cos. 257 —3,158 Profit and loss .. 102,182 +4,230 Total ..1.541,098 —41,423 Assets Land, buildings, machinery, plant, etc, 640,610 —28.274 Secured debs, in Pukeuri freezing works .. 100.000 Investments — In subs, companies .. 34,025 other . ■ 57,499 Debtors . . . . 72,746 —2,049 Consignments unrealised and stocks .. 396,905 +61,908 Money at short call and bank .. • • 138.551 —104,249 Amount due by subs. companies •• 100,762 +31,242 Total .. ..1,541,098 —41,423 1935. 1936. 1937. October. £ £ „ £ „ Trading profit 117,417 108,964 112,413 Net profit .. 77,840 68,055 67,928 Div.. p.c. .. 5! TRUST LOAN (FBIS9 ASSOCIATION TBLEOHAU.) WELLINGTON, January 19. The annual report of the Wellington Trust Loan and Investment Company, Ltd, for the year ended December 31 shows that the sum to the credit of the profit and loss appropriation account on the year’s working, together with £5266 15s 8d brought forward from the previous year, amounts to £12.680 12s 6d, from which £3125 has been paid as interim dividend at the rate of 2i per cent, for the half-year ended June 30, 1937. The special reserve account of £7500 was drawn on for £1554 8s Id to cover the adjustments and losses for which this account was created, £554 8s Id has been transferred to the account to leave it at £6500, which the board considers should more than meet any allowances likely to be made on the r ® ma , l £' ing mortgages to be dealt with by the commissions or by voluntary adjustments, and £lls 12s 9d has been written off the cost of the business premises for depreciation. The directors recommend that a further dividend be declared on paid-up capital at the rat of 3 per cent, for the half-year ended December 31, 1937, amounting to £3750 (making 5* per cent, unchanged for the year) and the balance, £5251 is sd, be carried forward. LONDON PRODUCE MARKETS HIGH COMMISSIONER’S REPORT The Department of Agriculture has received the following cablegram from the High Commissioner for New Zea.land dated Januray ,14. 1938: — Tallow—Spot market steady at about 6d above last week’s rates. Hemp—Manila: Market quiet but steady at slightly easier prices. “K” Grade—January-March shipments sold down to £24. Sisal—Market quiet and unchanged. Little interest shown. New Zealand —Market still neglected on account of low price of sisal. Apples—Market quiet; prices easier. Oregon Newtowns Bs. 10s 6d; Jonathans, 8s 6d, 9s 6d; Californian Newtowns, 8s 6d, 9s; British Columbia Jonathans, 8s 6d, 10s 6d; Delicious, 8s fid, 9 S 6d. Pears—Market weaker. Californian Doyenne du Conice 15s, 17s; Winter gelis, 11s 6d, 14s; Washington Winter .Nelis, 7s 6d, 10s 3d. A|; British exchequer returns \ CBBITISB OFFICIAL WIB.KT.F3S.I RUGBY. January 18. Mlffhe Exchequer returns show that w«sal ordinary revenue amounts ' £548,863,823 compared with £520,545,947, at the corresponding date , P-IJS37. Total expenditure, less sellbalancing items. is £690.722,941 against *686,724.801 a vear ago.