JAS. J. NIVEN AND CO., LTD.

Dominion, Volume 28, Issue 285, 29 August 1935, Page 12

JAS. J. NIVEN AND CO., LTD.

Improved Trading Results

At the tweuty-seventh annual general meeting of shareholders of James J. Niven and Co., Ltd., held at Wellington yesterday, the directors’ report for the year ended March 31, 1935, stated that the year’s trading had resulted in a net profit of £9707/18/1. The special resolution passed on December 12, 1934, authorising the writing down of the company’s capital by 3/- a share was duly given effect to and approved by court order in March. The issued capital is now £153,833/17/- in 180,981 shares of 17/- each. The directors recommended the payment of a dividend (free of income tax) at the rate of eightpence per share, absorbing £6032/14/-, leaving a balance to carry forward of £3675/4/1. The report stated that n. further increase in the volume of business handled during the year had enabled the company to earn the profit indicated. Apparently the development of confidence had stimulated trade generally. There had been in industry a greater vyjlingness to spend money on capital improvements and the company’s efforts to secure such business had been substantially successful. The report and balance-sheet were adopted. The retiring directors, Messrs. W. H. Nelson and If. L. G. Jolly, were re-elected.

The balance-sheet shows paid capital at £153,135/9/-; mortgages on freehold properties, £34,340; Bank of Australasia (secured over freehold and leasehold properties, fire insurance policies and bibs receivable), £35 965; deposits, £5305 11/-; sundry creditors, £15,465/11/6; bills payable, £4361; accrued charges, £2219; depreciation reserve, £13,180 17/6. Fixed assets include: Freehold land, £40,284; freehold buildings, £38,585; leasehold buildings, £12,580; plant and machinery, etc., £24,325. Floating assets include: Stocks, £100,388; work in progress, £2730; sundry debtors, £39.362; bills receivable, £2548; cash, £11.748. NEW ZEALAND DRUG COMPANY Interim Dividend Declared By Telegraph.—Press Association Dunedin, August 28. At a meeting of the board of directors of Kempthorne. Prosser and Co.’s New Zealand Drug Co., Ltd., held this afternoon, an interim dividend of 3J per cent, for the half-year ended July 31 was declared. The .interim dividend is at the same rate as that paid on September 22, 1934. The final dividend was at. the rate of 4| per cent, per annum, making a total distribution of 8 per cent, for the year ended January 31. 1935.