GRIFFIN AND SONS

Press, Volume XCIX, Issue 29237, 22 June 1960, Page 19

GRIFFIN AND SONS

Rise In Tax-Paid Profit

(New Zealand Press Association) WELLINGTON. June 21.

Griffin and Sons, Limited, today announced a tax paid profit for the year ended March 31 1950, of £138,774 (last year £112.296). The profit is arrived at after providing £139,134 for taxation (last year £113,004). Depreciation written off during the year was £63.666 (last year £67,557). Provision against loss on returnable containers was £11.695 (last year £9599). At the annual general meeting the directors will recommend a final dividend of 6 per cent., plus a bonus of per cent., making a total dividend for the year of llj per cent, (last year, 10 per cent.).

Subject to the consent of the Capital Issues Committee, the directors will recommend at an extraordinary general meeting to be held immediately following the annual general meeting a non-assessable bonus issue of shares to be created by the capitalisation of £66.569 from the March 31. 1957 undistributed profits reserve account. The distribution will be in the proportion of four fully paid 5s ordinary shares for each 29 ordinary and ordinary B shares held on the day preceding the day of the meeting. The new shares will be designated ordinary C shares. Sales of the company's products reached a record level for the year.

N.Z. Insurance. —A final dividend of Is 3d a share, making 2s 3d for the year, will be recommended by the directors of the New Zealand Insurance Company.. Ltd., to shareholders at the annual meeting on August 16. The dividend will be paid on the total capital of £4m. An interim dividend, of Is a share, was paid in February on the then capital of £3 m. Dividend 11 payable August 16, ex div. August 7.—(PA.)