NEW ZEALAND BREWERIES

Evening Star, Issue 19614, 21 July 1927, Page 4

NEW ZEALAND BREWERIES

10% DIVIDEND NET PROFITS REDUCED [l?jjk united Fsess Association.] WELLINGTON, July 20. The fourth annual meeting of the New Zealand Breweries Company was held to-day, when Mr Alfred Bankart, of Auckland, chairman of directors, delivered an address. Mr Bankart expressed pleasure at being able to present so satisfactory a report and balance-sheet. The past year, ho said, had been ouo of considerable difficulty owing to the strike in Britain and unemployment in New Zealand. After paying the interest due on debentures, and providing for depreciation on plant, machinery, and buildings, and all other charges, a gross profit of £588,504 Is Id was made. From this £491,131 12s lOd for beer duty had to bo deducted, leaving a net profit of £97,372 8s 2d, which was £12,169 2s less than in the previous year To this had to ho added £21,466 17s 2d carried forward, making available for distribution £118,839 _ss sd. From ibis amount an interim dividend of 5 per cent., absorbing £25,000, was paid in September last, so that there remained a. balance of £93,839 5s 5d to bo dealt with. It was decided to increase the reservo fund by allocating £50,000, making that fund £175,000, and to pay a further dividend of 5 per cent., requiring £25,000, on the share capital of the company, making 10 per cent, for the year, and to carry forward the balance of £12,839 5s scl to the new account. The Chairman said that they bad been able to increase thoir investments during the year by the purchase of giltedged securities at advantageous prices. The book debts wero slightly below the figures of last year, and the cash at the hank was £38,891 16s 7d. On the liabilities side open accounts stood at £259,078 18s Id, which was a little higher than last year. Altogether, the financial position was quite satisfactory. T'ho retiring directors—Messrs A. 1). S. Duncan, E. R. Davis, and Dr I’. F. M'Evcdy—wore re-elected.

The Canterbury Association wrote accepting tho Otago challenge for the Hatch Cup and a junior representative team, both matches to be played on September 3. Arrangements are being made for billeting tho school team. The question of tho premier team visiting Christchurch was left over pending receipt of definite information. Congratulations were extended to the King Edward Technical College Old Boys A team in winning tho Gil ray Cup. training College wrnte_ thanking the association for tho special allowance made for its senior entry and its request for permission to travel to Christchurch to play Christchurch Training College on August 3 was granted. Mr E. H. Cakler reported on the results of the recent combined sports meeting, and it was decided to guarantee £6O towards tho proposed ground improvement scheme. The Match Committee recommended that tho senior seveu-a-sido tournament bo held on July 30, entries to close on the ■23rd inst., and a series of match comnctilious_ to ho Hold to close the season ior the first grade players. The executive expressed its_ best wishes to N. L. Edson, of tho University Club, as Otago’s representative in the New Zealand team to visit Australia.