COMMERCIAL

Evening Star, Issue 19918, 14 July 1928, Page 12

COMMERCIAL

N.Z. BREWERIES, LTD. NET PROFIT OF £121,000. l£« u SITED Pjiess Assocutiok.J I WELLINGTON, July 13. The tilth annual mooting of New Zealand Breweries, Ltd., was hold to-day. The chairman of directors, Mr Baiikbart, of 'Auckland, presided. The report a.nd balaucc-shocfc were adopted. The Chairman stated that at tor paying interest on the debenture, issue and making lull allowance lor depreciation on buildings, plant, and machinery, and providing lor all charges for the administration of the company, a gross profit of £.397,547 Ids 2d was wade, and of this no less a sum than £17(5,21(5 us ] Id was paid t<> I lie New Zealand Government as beer duty, leaving a net prolit to (ho comdyany ol £l2l,Til Lis y. The chairman pointed out the increase in the net prolit duo to the returns for interest on investment, which had steadily increased as a result of the transfers made* annually. to the reserve fund. To tho net profit mentioned had to he added £18,83.) 5s od carried forward from the previous year, making £140,170 18s Bd. available lor appropriation. From this amount on interim dividend of 5 per cent., which required £25,000, was paid.in September hist, so that there remained a balance of £115,171) 18s Bd to he dealt with. , Of, this,. £75,000 was allocated to reserve, bringing it up to £20u,000, and thereby to that extent ,providing for the goodwill item of £500,000, which was still retained as an asset, in the company's balance-sheet. . It was proposed to pay a further dividend ol 5 per cent., making JO per cent, lor the voar, absorbing £25,000, and to ca'rrv forward Clsi;i7o 18s 8(1 to the now'accouni. Office furniture had been written down to a nominal £2OO, and iiook debts were lower, reflecting the decreased trade ol lasi year.. Investments had increased to £-120,61-» 10 s 7d. Cash in hand with tho hankers* was larger limn last year. DOMINION BUILDING ..SOC lETY. Tho directors of the above society report an increasing interest in the society as indicated by the continuous additions to tho membership. Arrangements have been made to bold the’twelfth ballot of the society for £IO,OOO cm July 30.. The'amount previously balloted this year alone is £27,000, enabling no less than forty j additional members to satisfactorily ; fin Mice the purchase of. their homes. .Intending members are invited to. obtain full particulars of tho workings of the society from tho secretary. LONDON MARKERS. The Otago Farmers’ Co-op. Asi sociation of Now Zealand, Ltd., lias received the following cable, from Londonßutter very firm Now Zealand, 17Ss to 180 s; Australian, IGSs to 1725; Argentum Libs to 1645. Cheese firm. New Zealand. 1 lUs to 112 s. Meat unchanged.” . Messrs Dalgcly and Co.. Lt-.i., have received tb" following cablegram from London, dated 12th inst. :—l'rozou meat: Market is ouietcr, owing to not. weather All frozen meat except chilled D *d per lb loss Market for butter is firm, and market tor cneese is firm. Total imports into the * Kingdom last month w«re 632.000 cat, e neriod Inst year 681.000 cwt Quotations are as follow:—Danish butter, 178 s to 180s'; New Zealand finest, islfc to 182 s; Australian finest unsalted, 170 s to 1745; Australian finest :salted. 16Ss to. 170 s; Australian G.A.Q., ioo.s to 1625; Australian cheese, white and coloured, 106 s to 108 s The National Mortgage and Agency Co., Ltd., of N.Z., Ltd., has received the following cable from Loudon:— Butter; Market firm. New Zealand, IPOs to 182 s; Danish. 178 s to 180 s; Irish, 171-8 to 1725. Supplies are docreasim’ on account of hot venthei. Cheese: Market firm. 110 s to. 112 s; Canadian, slow, 10f)s to 110 s c.i.f.