N.Z. PAPER MILLS

Evening Post, Volume CXV, Issue 108, 10 May 1933, Page 12

N.Z. PAPER MILLS

DIVIDEND MAINTAINED

The directors of ■ New Zealand Paper Mills, Ltd., report for 'the year ended March 31 that after making provision for all bad and doubtful debts, 'for depreciation, and for income tax, there is a balance of £.21,342 -7s 2d, and deducting the interim dividend • paid on November 10, 1932, £4500, there is left available £16,842 ■7s 2d. ' The directors1 recommend that this amount be dealt with as follows: — Payment of dividend at the rate of 4 per cent, for the -half-year (making' 7 per cent, for the year) £6000 and carry forward £10,842, 7s 2d. Total, £16,842 7s 2d. The dividend is the ;same as last year. ' Net profits were £11,813.13s 7d, against £11,798 last year. It is also reported that business during the past year has been steady, despite various disturbing elements, and . sales have been satisfactory. '• At Mataura the river level was below normal for some time, and though this somewhat' affected the output, it rendered, possible work 911 the tailrace, which was awaiting such an opportunity. Considerable improvement has accordingly been made in the efficiency of the turbines, and a permanent increase attained in the power at the works. The retiring director, Mr. T. Somerville, offers himself for re-election, and the retiring auditors, Messrs. Barr, Burgess, and Stewart, also offer their services.