N.Z. BREWERIES LTD.

Hawera Star, Volume XLV, 16 July 1925, Page 9

N.Z. BREWERIES LTD.

A SUCCESSFUL YEAR

NET PROFIT OF £103,220.

(BY TELEGRAPH. PRESS ASSOCIATION.) WELLINGTON, July 15. The second annual general meeting of shareholders in N.Z. Breweries Ltd. was held at Wellington to-day. Mr. A. S. Bankart presided. In hjs remarks, the chairman said: On the previous occasion when I had the pleasure of meeting shareholders, the accounts presented were for nine months only. On this occasion your directors -submit accounts for the full year ended March 31, 1925. After making provision for the payment of interest on our debentures issue, allowing for depreciation on plant and machinery, making necessary reserve for taxation, and. meeting all charges for management, the company has made a gross profit of £604,674 7s sd, from which, however, lias to be deducted the amount paid for beer duty, amounting to the very large sum of £501,453 10s, leaving a net profit of £103,220 8s od for the year. To this has to be added the amount brought forward from last year’s accounts—£B7os 18s 6d —making a sum of £lll,926 6s lid to be dealt with. From this sum the directors propose to further strengthen the reserve fund bv allocating the sum of £50,000, and to pay a further divided of 5 per cent on the share capital of the company, making 10 per cent, for the year, absorbing £50,000, and to carry forward the balance of £11,926 6s lid. The directors have during th e past year reorganised the Christchurch Brewery, and have now premises at that city which are in every way adequate, not only for the present output, but for the natural, increase which is to he expected during years to come. The retiring directors—Messrs Eliot R. Davis, A. S. Duncan and Dr. P. F. McEvedy—were re-elected. Messrs Watkins, Hull, Hunt and Wheeler were re-elected chief auditors.