N Z. BREWERIES LTD.

Hokitika Guardian, 14 July 1928, Page 3

N Z. BREWERIES LTD.

By Telegraph—Press Assn., Copyright. WELLINGTON. July 13. The fifth annual meeting of the New Zealand Breweries, Ltd. was held today, the Chairman of Directors, Mr A. S. Bankhart, of Auckland, presiding. The report mid balance sheet was adopted. The Chairman stated that after paying interest on debenture issue, and making a full allowance for depreciation on buildings, plant, and machinery, and providing for all charges for the administration of the company, a gross profit of £597,547 19s 2d was made. No loss a sum than £476,216 5s lid was i>aid to the N.Z. Government as beer duty, leaving the nett profit to the company of £121,331 13s 3d. The Chairman pointed out that the increase in the net profit was due to leturns for interest on investments, which lmd steadily increased as a result ot transfers made annually to the reserve fund. To the net profit mentioned had to bo added £18,839 5s sd, carried forward from the previous year, making £110,170 18s 8d available for appropriation. From this amount, an interim dividend of five per cent., which required £2500, was paid in September last, so that there remains a balance of £115,170 18s Bcl to be dealt with, | and £75,000 was to be allocated to re- | serve bringing it up to £250,000, and thereby to that extent providing for the goodwill item of £500,000, which is still retained as an asset in the company’s balance sheet. It was proposed to pay a furthei dividend of five per cent, for the year absorbing £25,000, and to carry forward £15,170 ISs 8d to the new account. The office furniture has been written down to nominal, £2OO. The book debts are lower, reflecting the decreased trade of last year. The investments have increased to £425,645 16s 7d, and cash in hand and with bankers' is larger than last year.