HOWARD SMITH

Evening Post, Volume CIX, Issue 54, 5 March 1930, Page 12

HOWARD SMITH

ORDINARY DIVIDEND PASSED

Howard, Smith, Ltd., pass their ordinary final dividend, covering the half-year ended 31st December. The first half ot the year an interim dividend of 2 J/2 per cent, was paid. Full dividend for 1928 was IV2 per cent., and for 1927 10 per cent. The quarterly dividend of 6 pelcent, per annum on preference shares_ is payable on sth April next. The following statement has been issued:—"The directors of Howard, Smith, Ltd., regret that the result of the year's trading has not been satisfactory, specifically due to most of the collieries in the northern district of New South Wales, including those of Caledonian Collieries, Ltd:, having been closed down since 2nd March, 1929, and generally to the industrial depression throughout Australia. As a consequence the operations of Caledonian Collieries, Ltd., during the period resulted in a loss and the revenue of Howard, Smith, Ltd., was thereby relatively affected. Similar factors also adversely affected the interests of Howard, Smith, Ltd., in other companies; hence, and with a view to conserving financial resources, the directors at their meeting to-day resolved not to recommend at the annual general meeting of shareholders, to be held on 27th March proximo, the payment of any dividend on the ordinary capital for the half-year ended 31st December, 1929. The usual quarterly dividend to 31st Marcli proximo on the 6 per cent. £1 cumulative _ prejference shares, was declared and will be I paid on sth April.