MILNE AND CHOYCE LTD.

New Zealand Herald, Volume LXIV, Issue 19736, 8 September 1927, Page 9

MILNE AND CHOYCE LTD.

DIVIDEND OF 8 PER CENT., YEAR'S PROFITS TOTAL £21,479. A net profit of £21,479 is shown in the annual report of Milne and Choyce, Ltd. and the directors recommend that the usual dividend at the rate of 8 per cent, be paid on all classes of shares and de benture stock. The balance brought forward from last year was £29,388, to which has to lie added the net profit for the year ended July 31 last (£21,479), aftei providing £2500 as staff bonus. From the total, £50,857, the interim dividend at the late of 8 per cent., amounting to £IO,IM. .as to be deducted, leaving a credit u..._.uce availablb of £40,867. Ihe director iecommend that this be'dealt with uy paying a dividend at the rate of 8 per cent., absorbing £IO,OOO, leaving £30,8b7 to bs carried forward. The report adds that, in spite of a business depression, . which now appears to be passing, the special efforts of the staff have resulted m a very satisfactory increase in sales, which the directors regard as a tribute to the quality of the service rendered by the company. Pos-„ sibly part ol this success is due, the report states, to maintenance of. large, well-selected and varied stocks which, it will be noticed, are somewhat larger than usual. The new departments instituted during the year are proving popular and valuable adjuncts to the business. During the year overhead expenses have been | substantially reduced, which is reflected | in the profit and loss account, and has enabled the appropriation of £2500 for staff bonus. The annual meeting will be held on September 28. The retiring directors, Sir George EUiot and Mr. Charles Rhodes, agam offer their services. The balance-sheet shows liabilities as follows ; —Capital: Preference shares, £7000; B preference shares, £15,000; ordinary shares, £29,250; debenture stock, £198.750; a total of £250.000. These items are unchanged. Other items are:— B debentures, £22,000 (last year £22,000); mortgage, bills payable, bank, staff bonus, creditors!, depositors, adjustments account, income tax appropriation, etc., £126,559 ■<£121.250); nrofit and loss, £40.868 (£39.388);' a total of £439.427 (£432.638).' Assets are shown as follows; Stock on hand and in.transit. £144.308 (£136.571); land and buildings, £168.510 (£168.037);, plant and fixtures, £93.208 (£94.847); cash on hand and in hank, £2lßl (£2081); bills receivable. £l2 (£50); debtors, £31.209 f £31.052). The gross profits are shown as £146,361 (£144.705) and expenses, depreciation and other charges amounted to £124.882 (£123.780). Following is a comparison of the company's results in the last three yearfi;-1924-25. 1925-56. 1926-27. Brought forward . £27.519 £®MR3 £29,388 Net profit .. 24,273 20,925 21,479 Dividend, p.c. ..8 8 8 Amnunt— Share capital . 4,100 4,100 4,100 Debenture stk. 15,900 15,900 15,900 Carried forward . £31.843* £29.388 £30,867 *From this amount a staS bonus amount l ins to £3330 was paid. P. AND 0. CAPITAL ISSUE. MILLION OF NEW STOCK. ISSUE AT £2OO A SHARE. A. and N.Z.. LONDON, Sept. 6. The Peninsula and Oriental Steam'-Navi-gation Company proposes to increase its capital by the creation of £1,000,000 additional: deferred stock, which will be offered , at. £2OO per £IOO to the existing shareholders, The new money will be utilised to pay for the new steamers which are under construction, and for others which are to be built. The present capital of the company com .prises £3;Q40,000 in 5 per ctint. preferred stock, and £3,592,518 in deferred stdck of £IOO £ach, these amounts representing the full authorisation of capital. In each of the last two years, a dividend of 10 per cent, has been paid on the deferred stock; in previous years, the rate was 12 per f Cent. The "stock was quoted on the Auckland Exchange yesterday at £3OO, buyers offering £285. AUCKLAND COMPANIES. THREE NEW REGISTRATIONS. Three private companies were registered in Auckland yesterday. Details are as follows 4 The Auckland Fishermen's Co-opera-tion, Ltd., fishermen, trawlers, eta Capital: £ISOO in £1 shares. Subscribers: W. Joass, G. H. Knaggs, R. J. McLachlan, J. S. Shirley, J. B. Knaggs, A. Blank, J. Sanderson, .W. P. Btoniund, W. H. Hodges W. Mansfield, C. Mansfield, J. Watson, T. W. Arnold, A. P, Bronlund and D. E. Cardaie, 100 shares each. Charles Bailey and Son, Ltd. Objects: To- purchase from the official assignee all the property at Freeman's Bay recently offered for sale by the official assignee and the goodwill of the shipbuilding business carried on by Charles Bailey, etc. Capital: £2500 in £1 shares. Subscribers: W. F. McCallum, 1768 shares; A. F. McCallum and D. F. McCallum. 366 shares. . Spinks and Son. Ltd. Objects: _To acquire the business of general electrical and motor engineers carried on under the name of Spinks and Son. Capital: £ISOO in £1 shares. Subscribers: R. B. Spinks. 1125 shares; G. L. Spinks, 375 shares. FARMERS' INSURANCE. NEW ZEALAND ASSOCIATION. TBV TELEGRAPH. —OWN CORRESPONDENT.} CHBISTOHURCR. Wednesday The annual meeting of shareholders of the Farmers' Co-operative Insurance Association of New Zealand was held this afternoon, Mr F. W. Johnston presiding. The annual report stated that the income, including a balance of £21.475 10s lid brought forward from last year, less pavment of dividend absorbing £4194 12s 4d" at June 30, 1926. was £71.550 Is 3d. The expenditure was £47,262 9s 4d. leaving a balance of £24.287 lis lid. Out of this an interim dividend on preference shares, at the rate of 7 per cent, per annum, amounting to £1745 4s" 4d. had ■been paid. This left a balance of £22.542 '7s 7d to be dealt with. ft was now proposed to. pay a further dividend at the rate of 7 per cent, ner annum on preference shares for the prist half year, and Is a share for the vear on ordinary shares, which would nbsorn £4194 i2s 4d. and to carry the balance of £18.347 15s 3d forward. Provision h"d been made in the accounts for all out- . standing losses The chairman said that tilthonfh (year had been a strenuous. one and con- ' ditions not the brightest the conn "-,v had had a successful period He referr-'i to the operations of Lloyds' under riv - and said he did not think local coropan•»*» were getting a fair deal fj'om therr. n spite of the present conditions the company was still able to pursue its policy of lending money on mortgages. The report and balance-sheet . were adopted. • - •