AUSTRALIAN GLASS

Evening Post, Volume CXXVI, Issue 4, 5 July 1938, Page 14

AUSTRALIAN GLASS

WIDESPREAD ACTIVITIES

Mr E. Norton Grimwade, chairman of the Australian Glass Manufacturers Company, speaking at the recent annual meeting of shareholders, said the company had been substantially supported, by the various other industries it had 'established: ; ' ■ "During tiie year, the turnover was very satisfactory,, and the demand for liquor bottles, as'usual, helped -very appreciably." . ; I The'accounts for the'year ended March 31, 1938, showed a net profit)of £287,627 16s 3d, and the sum of £100,000 had been carried to reserve, leaving £123,924 2s Bd, which the directors allocated as follows:— Payment of a.dividend of 4 per cent, on the ordinary shares,in respect of the half-year ended March 31, 1938, plus a further 5 per cent, on the ordinary shares, which latter is paid out of income derived from the company's investment, and a dividend of 4£ per cent, on the preference shares, absorbing £91,618 0s sd, leaving a balance of undistributed profits of £32,306 2s 3d. This sum, added to the balance brought forward from the previous accounts, £96,054 3s Bd, makes a total td be carried forward to the next year of £128,360 5s lid. Paid-up capital is £1,105,478. The chairman remarked: "The total number of our shareholders is 3502, and the average number of shares held by each shareholder is 315. Eightytwo per cent, of our shareholders live throughout the length and breadth of Australia, 17 per cent, in New Zealand, and 1 per cent, outside Australasia.

"I am pleased to report," said Mr. Grimwade, "that we continue to employ more and more labour. The number of employees on the pay rolls of our company and its subsidiaries, some of which are not glass-making concerns, is 4150, and we pay annually in wages and salaries £863,179."

The company's policy of maintaining its plants situated in Western Australia,- South Australia, Victoria, New South Wales, Queensland, and also in New Zealand, had been strictly adhered to, so all are in excellent order. They have been more productive than previously, due to improved economic conditions ruling throughout the Commonwealth and the Dominion.