NEW ZEALAND BREWERIES

Evening Post, Volume CX, Issue 10, 11 July 1930, Page 11

NEW ZEALAND BREWERIES

ANNUAL MEETING

REVIEW OF OPERATIONS

The ainuiiil meeting of New Zealand . Breweries, Ltd., was held to-day. Dr. P. F. M'Evedy presided. Other directors present were Mqssrs. 11. Louisson, E. W. M. Greenslade, A. S. Duncan, Hugh T. Speight, Eliot Davis, and li. C. M'Coy. ' ' • Dr. M'Evedy referred to the death, this morning of Mr. Thomas Madden, managing director, after a period of suffering with great fortitude. Mr. Madden was of sterling character, and his loss to the company was irreparable. A motion of sympathy 'with the relatives of the late Mr. Madden was carried in silence, all present standing. Dr.- M'Evedy apologised for the absence of the chairman (Sir Alfred j Bankart), at present on a well-earned i holiday in England, and added: "It is I only within the past few weeks, that His Majesty has been pleased to confer the honour'of knighthood on our worthy chairman —an honour which everyone who is aware of Sir Alfred's zeal and unselfishness in carrying out many works having for their object the benefit of the Dominion and its citizens will readily admit has been well earned. ECONOMIC CONDITIONS. "The economic conditions, and the general financial stringency, accompanied by a large ineasnxe of unemployment, which have obtained in New Zealand for some time past, have affected our company in with other industrial undertakings, and wo haveto record a decrease in our sales, which j is reflected in a decreased profit for ■the year. It is to be hoped that the economic conditions of the Dominion will show improvement during the current year. - "After paying the interest due on our debenture issue, and making provision for depreciation on buildings, plant, rolling stock, and the like, and allowing for the ' costs of administration of the company's business throughout S"ew Zealand, it will be seen that there is a gross profit of £599,728 17s 6d. From this sum there has been paid to the New Zealand Government, by way of beer duty, the large amount of £476,690 16s. This leaves a net profit of £123.038 Is 6d for the year, or, £5810 less than the previous year. "The amount brought forward from the previous year's accounts amounted to £19,019 5s lOd, making a total available for distribution for the year of £142,057 7s 4d. An interim dividend for the first, half-year, pajd in November last, absorbed £37,500, and, as forecasted at last annual meeting, the directors declared a. further interim dividend, in respect of the second halfyear, in March last. This further interim dividend absorbed £56,250, and there now remains to1" be appropriated the sum of £48,307 7s 4d. . ' \ ,'. DIVIDENDS AND RESERVE. "In view of the payment of two interim dividends during the year, the directors have no recommendation to make as to dividend, and propose that £35,000-should be placed to reserve fund, and to cany forward the balance of £13,307 7s 4d to the current,year's, account. - - . "Tho resolutions for the reconstruction of the company's capital, which were passed at the last annual meeting of shareholders, have been given effect to, and ' reference to the changes resulting therefrom will be referred to as I deal with the individual itemst

'' The- paid-up capital is shown, as at 31st March ■ last, as -£-700,000, or & 250,000 more than previously. This addition to the capital account lias resulted in a corresponding redaction in the reserve fund, whielv after last meeting, stood at £300,000, and now shows'.at £50,000. Tho-"mortgage debenture stock, at £750,000,;"is less by £ 250,000 than formerly. This is consequent. upon tho cancellation.., of the debentures bought in by the ..company, from tho original vendor companies duririg: past years. Sundry .: creditors, at £234,515, is nearly £6,000 higher, and includes provision for taxation. ASSETS OF.-'.THE COMPANY.

"Turning .to the assets side: Land and buildings are £542,777, or an increaso of £2777. During' the year the directors have acquired the freehold of a property adjacent to Speight Brewery, portion of which Was formT erly held under lease. Plant, machinery, casks, etc., are nearly £18,000 less on account of the provision for depreciation. , I may here remark that in order to provide for the public taste, changes have been made to the plant at our Auckland branch,' and the company has now oil the market a very excellent lager beer. This beer met with a keen demand in Auckland, and supplies are now being made available throughout the Dominion. In conclusion, I would like to make reference to the result of the company's offer .to-holders of debenture stock to convert their- holdings into fully paid shares. Tho total amount of debentures held by tho public was £750,000, and the holders oil £084,629 have availed themselves of the company's offer-to .convert. Tho conversion was effected on Ist Aprillast, and consequently does not show in the accounts under review. The amount owing by the company to debenture holders now stands at £65,371, J and it is tho directors' intention to provide for the redemption of these debentures in 1933. I nW formally move 'that the directors' report and statement of accounts ' for the year ended cilst March, 1930, as laid before shareholders, be adopted.' "

Mr. Duncan seconded. The report iincl balance-sheet were then adopted without discussion.

Messrs. R. W. M. Greonslade, Alfred Louisson, and Hugh T. Speight, retiring directors, wero re-elected; and tho auditors, Messrs. Watkins, Hull, Hunt, and Wheeler, were re-elected auditors.