SMITH, WYLIE (AUST.)

Evening Post, Volume CXVI, Issue 110, 6 November 1933, Page 10

SMITH, WYLIE (AUST.)

A petition \vhich was received at" the annual meeting of shareholders of Smith, Wylie (Australia), Ltd., held in Sydney on October 23, according to the "Sun," requested the directors to declare a dividend. The chairman (Mr. H. L. Smith) stated, however,' that the directors believed- it to be in the best interests of all concerned that no dividend be declared in respect ,of the year ended June 30 last. Accounts for that period showed net profit of\ £18,373, of which £6000 was transferred to reserves, the balance, less a loss of £35 brought in, being carried forward. . ' .

The petition, the chairman said, was signed by seven New Zealand shareholders, who had asked that a dividend of at least 5 per cent, per annum be paid in January next. \ ■ ,

The year had been a difficult one for the company, he added. The character of the business had changed, and another cdmpany, in which theirs was interested, was the centre of very keen competition. Notwithstanding the difficulties which had had to be faced, he said., they had all been overcome. The board was confident that the outcome of the current year would be satisfactory for all.' In the meantime the directors regretted that it' was not possible to comply with the1 request'of the petitioners, and make a cash distribution to shareholders.