HARNISH AND JORDAN

Press, Volume CIV, Issue 30927, 7 December 1965, Page 21

HARNISH AND JORDAN

Div. Passing Explained (N.Z. Press Association? AUCKLAND, December 8. Directors of Harnish and Jordan, Auckland-based manufacturers and distributors, say they consider it prudent not to pay the half-yearly dividend because of changing conditions in the industry. Trading conditions have been satisfactory and sales have been maintained at a level at least as high as that obtained by other sections of the industry, they say in an interim report It was announced last week that the company was passing the interim dividend for the half-year tn September 30. During the six months substantial reorganisation has taken place as the pattern of the company’s trading is tending to change, directors say. A considerable sum has been charged to depreciation in the six months, some on plant and equipment which has not yet contributed to the company’s earnings.

Subsidiaries continue to trade profitably and the board is well satisfied with results in the half year. The board hopes that the second half of the year win produce an overall result which in all the circumstances can be regarded as satisfactory.

Airwork Plans 1:4 Bonus

Plans for a one-for-four bonus issue of ordinary shares on holdings on December 24 were announced yesterday by directors of Airwork (N.Z.), Christchurch aerial topdressers and aircraft engineers. The issue comes from capital reserves. Last year Airwork made a one-for-seven bonus issue from capital and share premium reserves. Ordinary dividend is steady at 4 per cent; ex dividend December 11. Last year final dividend was 4 per cent, plus a bonus 2 per cent Interim preference dividend is 3 per cent on both fl per cent and 7) per cent preference shares.