NEW ZEALAND NEWSPAPERS

Evening Post, Volume CXXI, Issue 106, 6 May 1936, Page 14

NEW ZEALAND NEWSPAPERS

New Zealand Newspapers, Ltd., Auckland, reports for the year ended March 31 that the profit for the year was £47,694 17s, to which has been added the balance brought forward from 1935, after payment of final dividend £26,478 6s Id, making £74,173 3s Id. The sum of £17,925 was required to pay an interim dividend at the ■rate of 6 per cent, per annum in October, 1935. This left a balance available of £56,248 3s Id. From this the directors recommend payment of a dividend which, with the interim dividend, will make a total of 6 per cent, for the year (£17,925), and leave the amount to be-carried forward £38,323 3s Id.

As a consequence of the sale of one of the company's daily papers in Christchurch, the directors consider that the present capital is in excess of the company's requirements and that a reduction of the capital is desirable. Resolutions with the object of effecting this and refunding to the shareholders 3s 4d per share, will be placed before the meeting of shareholders to be held in Auckland at the end of this month. The retiring directors, Mr. C. H. Hewlette and Mr. W. Goodfellow, offer themselves for re-election. Main items in the last two balancesheets of New Zealand Newspapers, Ltd., are compared in the following table:— At. March 31, lon.-i. inns. Net profit 39.85G 47.005 Dividend (per cent.) 5 v Liabilities— Paid-up capital 582,500 507 500 Reserves 53 000 53 000 Sundry liabilities (including taxation reserve) 21,05s 41.561 rroflt and loss balance 41 041 56 »JS Assets— ' '" j I-and and buildings 1002G0 IUO 017 Copyright and other 120,000 rJO.'tIOO Machinery and plant 127,07U m 3SO | t0(* •• 10.01S 6o]nsi Sundry debtors 45.051 4137S Investments 171,105 217 00S Cash 20,:)2.1 11,01s i Total assets 703.40S 730,000