PROFITS INCREASE

Evening Post, Volume CXXVII, Issue 111, 13 May 1939, Page 12

PROFITS INCREASE

RADIO CORPORATION OF N.Z.

The Radio Corporation of New Zealand, Ltd., held its second annual general meeting on Thursday, April 27. The chairman of directors, the Hon. Sir Charles Statham, presided. The directors' report and annual statement of accounts and balance-sheet were adopted. The net profit earned for the year 1938 amounted to £10,462 4s 7d, as against £3235 12s lid for the period ot 16 months ended December 31, 1937, which, with, the £416 10s balance carried forward from last year, brought the total amount at credit of profit and loss appropriation account up to £10,878 14s 7d. Out of this sum provision has been made for income tax £3765 and for Social Security tax £500, writing off the balance of £793 outstanding for preliminary expenses, £72 15s on account of brokerage, £405 on account of alterations to factory and placing a further sum of £315 to bad debts reserve, leaving the net balance of profit and loss appropriation account at £5027 19s 7d. The actual turnover for 1938 was 43 per cent, greater than that for 1937.

The directors' recommendation that a dividend of G\ per cent, on the amounts for the time being paid up on both preference and ordinary shares for the year 1938 was agreed to, the dividend on the preference shares being made payable in cash, and provision being made for satisfying the dividend on the ordinary shares by the allotment of fully-paid ordinary shares in the company to participating shareholders for the amount of their respective dividends (fractions of £1 to be paid in cash). The retiring director, Colonel G. J. Smith, and the auditor, Mr. J. L. Arcus, were re-elected.

A special resolution increasing the nominal capital of the company to £160,000 by the creation of additional capital of £80,000 divided into 20,000 preference shares of £1 each and 60,000 ordinary shares of £1 each was unanimously agreed to, the consent of the preference shareholders having been obtained prior to the meeting.