COMPANY NEWS

Press, Volume XCII, Issue 27795, 21 October 1955, Page 17

COMPANY NEWS

GREY RIVER DREDGE WINDING UP PROPOSALS Proposals to wind up the company will be submitted to shareholders of tbe Grey River Dredging Company, Ltd. (West Coast), at an extraordinary general meeting in Wellington on December 7. . Dredging ceased at Blackwater a year ago. The company is recommending a dividend of 4s 2d a 10s share, payable on November 28, ex November 21. The last payment was 4d a share in May, 1954. Floated in January, 1937, with a capital of £300,000 in 600,000 10s shares, the company was backed by the Rimu Gold Dredging Company, Ltd., an Americanoperated company dredging near Hokitika. Grey River began dredging on Blackwater Valley on the West Coast in December, 1938. and paid its first dividend of 3d a shfire a year 4ater. The company has paid a dividend every year since its first distribution.

MUTUAL BENEFIT SOCIETY After meeting all expenses and making provision for contingencies the net surplus of the Mutual Benefit Building and Investment Society of Canterbury (Permanent) for the year to September 30 was £7190 Ils lid. The directors are. recommending the payment of a final dividend of 4 per cent, on A capital shares, making a steady 8 per cent, for the year, taking £5lBB, and the transfer of £lOOO to general reserve, which is increased to £49,000. The balance remaining to carry forward is £2832, compared with £2495 brought forward. The financial statement for the latest period shows among receipts repayments of advances £67,229, deposits received £58,270, sale of inscribed stock £14,333, and interest on mortgages and investments, fines, transfer fees, etc., £12,905. Advances on mortgage total £69,220 and deposits withdrawn £72,912. According to the balance-sheet, capital shareholders* funds stand at £148,107, including £49,000 in general reserve and £21,000 in security depreciation reserve. Deposits and interest accrued are £113,234. Bank overdraft is £9076. Advances on mortgage total £269,655, and investments in New Zealand Government inscribed stock total £18.802.

N.Z. GUARANTEE CORPORATION Net profit of the New Zealand Guarantee Corporation, Ltd., Wellington, rose by £lBl4 to £7766 in the year ended August 31 after providing £7474 for taxation, against £5837 in the previous year. The dividend is unchanged at lid a 2s share, equal to 6| per cent., requiring £4425. General reserve is credited with £2401 (raising it to £6000), leaving a balance of £6279 carried forward, against £5339 brought in. Gross profit totalled £23,280 (against £18,267 last year), while general expenses were £1462 higher at £BO4O. WESTLAND BREWERIES, LTD. In the year ended June 30, Westland Breweries, Ltd., Greymouth, made a taxpaid net profit of £12,230, which was £636 better than in the preceding period. This profit was reached after allowing £1953 more for depreciation at £5253 and £5OO more taxation at £13,500. Profit before tax was £1136 higher at £25,730. The directors recommend an unchanged 10 per cent, dividend absorbing £5500. The carry-forward remaining is £40.898 compared with £34,066 brought in. The balance-sheet shows that bank overdraft has risen from £5467 to £7595 and loan account is up from £lO,BOO to, £25,800. Sundry creditors are up from £12,121 to £19,074. On the assets side, hotel land, buildings and plant are up from £47,115 to £69,299. Other fixed assets, including breweries, show little change. Sundry debtors are up from £28,187 to £28,793 and loans and advances to the trade are £6470 higher at £10,150. Stocks and advances against hops are down from £20,871 to £19,704. JOHN BULLEID Net profit of John Bulleid and Company, Ltd., Oamaru, for the year ended July 31 was £l4lO, compared with £1836 the previous year. The profit was struck after providing £835 (£795) for depreciation and £558 £865) for taxation, and adding £467 (£228) as income from rents. Preference and ordinary dividends of 5 per cent, each take a total of £1422, compared with £1707 last year. The carry forward is £2074, against £2086 brought in. Gross sales profit was £29,327 (£26,297) and expenses totalled £26,991 (£23,029). National Timber Company.—An interim dividend of 9d a share is payable on November 20. Shares will be ex on November 10. —(P.A.) Farmers* Trading Company, Ltd.—The company is paying the interim preference dividends on November 30. Payment on the A and B shares is at the rate of 7 per cent, per annum, less 20 per cent, deduction under the Interest Adjustment Act, and at the rate of 5 per cent per annum on the C shares.