N.Z. GUARANTEE CORPORATION

Nelson Evening Mail, Volume 76, 16 October 1941, Page 2

N.Z. GUARANTEE CORPORATION

Directors of the New Zealand Guarantee Corporation. Ltd., report for the y. :r ended 31st August. 1941, that business during the year has again been considerably restricted owing to difficulties arising out of the war. The net profit for the year after providing for all bad and doubtful accounts amounted to £4505 Is Bd. No interim dividend was paid in March of this year, the directors deem. ing it advisable, in view of the uncertain conditions prevailing to await the final figures covering the full year's operations. Accounts now presented show that, balance in the appropriation account after adding the profit for the year amounts to £9369 13s 6d. The directors recommend payment of a dividend of lid per share, free of nali< nal and s< ,-ial security tax, which will absorb £4424 6s 6d, leaving £4945 7s to be carried forward. “During the year the corporation sustained a very great loss in the death of Mr J. B. Mac Ewan. Mr Mac Ewan h?.i been a valued member cf the board for a number of years.” It is not proposed to fill the vacancy in the meantime. Messrs W. Thorpe and W. Appleton, directors, offer themselves for re-election.