NATIONAL INSURANCE CO.

New Zealand Herald, Volume LXIV, Issue 19783, 2 November 1927, Page 9

NATIONAL INSURANCE CO.

DIVIDEND OF 12* PER CENT. SUBDIVISION OF SHARES. The annual report of the National Insurance Company was published yesterday, as telegraphed by the Press Assooiation 'from Dunediu, Following is a comparison of the company's results and | appropriations for the last three years: — i 1025. 1920. 1927. Net in corn a .. *243.Q0& *349.534 £»iO.RH Brought forward . £28.310 *32,332 4'3I."WH Surplus -. ■ ■; .00,030 14.710 17,552 Interest and Rente 30.892 32,359 31,531) £ =19,832 *79.40' if 1.072. To reserves .. 25.000 15,000 10.9(19 Dividend .. .. 3s 3d 3s 3d 34 t)d Amount . .. 32.501) 32.500 37,500 Carried forward *32.332 *31,901 *32,003 " The dividend is equivalent to 12£ per n«nti, as against 10 5-6 per cent, in the three preceding years. The capital of the company is £-300,000 in 200,000 £5 shares paid to £1 10s. In accordance with notice issued '.last month, a special meeting -was held in Ehim-din yesterday to sanction the division of thn shares into 1.000.000 £1 shares paid to 6* each. Mr. .John Moloney, chairman of d i rectors, ■ presided. The following resolutions were submitted: (11 That each of the existing .C - shares be divided into five shares of £1 each, and that upon each of the issued shares, which after subdivision will number 1.000.000, the sum of 6s shall be credited as paid up; (2) that the articles of association he altered in manner following: The following article be substituted for article 5: " The total number of shares which may be registered in the branch registers shall not. exceed 500.000, nftniely. a maximum of 250,000 in London and 1350.000 in the Commonwealth of Australia" Tn article 17 the figures " 15.000 " r shall be substituted for (he figures " 30CO": in articles 90 and 93 respectively the words " two thousand five hundred " shall be substituted for the words 'five hundred.' " The chairman said a "circular had been forwarded to each shareholder which stated that tfie* directors recommended the subdivision of the present- shares with a view of facilitatitig a wider distribution among the public of the Dominion They felt that the step contemplated would be in the bps'- interests of the companv, as the present market price of the shares precludes many persons from interesting themselves in the company. The resolutions were carried unanimouslv.

ELECTROLYTIC ZINC CO. PAST YEAR'S OPERATIONS. GAIN OF OVER 2000 TONS. Reviewing the past year's operations "f Electrolytic Zinc Cornpariy at the annual meeting of shareholders in Melbourne on October 25, the chairman, Mr. W. L. Baillieu, said that the outstanding ftvfnts were the increased efficiency in the operation of the company's various undertakings and developments at theJasma titan West Coast mines. Mr. Biiillien snid they had felt the effect of tlio decline in base metal prices, but this had been offset to a large extent ny the lower prices, payable for concentrated in accordance with the sliding scale, provision of theii agreement, and by the higher recoveries and lower working' costs brought about by improved technical practice. The gain of over 2000 tons in the output bf-zinc was a fine tribute to the efficiency of the company's technic?l i staff and employees, and the campaign toward increased output and reduced <•» ts | was going on unceasingly | One of the most important factor* governing the future of the company was the West Coast mines. Developments during the past year had extended their knowledge of the ore bodies. The 1.400.000 tons estimated ore reserves had been arrived at oo a conservative basis, and the directors felt confident that thev would be substantially added to as prospecting and mining were further advanced. The directors were confident i that an economic method of treating th* ores had been evolved, as the result nf years of painstaking effort since the company had taken over the mines, and they eon Id see their way clear to proceed with the establishment of a large commercial unit. x An approximate estimate showed' that the outlay on the mill, mine equipment and other services would cali for about £200.000 during the next two years. This expenditure could be financed out of the company's own resources. The position as regards supplies of zinc concentrates had been made as secure us was reasonably possible. After exhaustion of supplies already contracted for. the cost of .material, other than from the company's own mines, must bear a close ratio to the then ruling price for spelter. It could be fairly assumed That the difference between the. cost of such raw material and the market value of the metals would allow a fair margin of profit over treatment and realisation costs. Referring to future dividend prospects, the chairman said that, owing to the varying and unexpected factors which cropped up from year to year, it was difficult to make any accurate forecast, bitfc after a close study of the figures for the 'first three months of the current year he could say that, unless some unforeseen contingency arose, the company would be able to maintain the present rate of distribution with metius round about currant prices - ; ,

NEW ZEALAND PAPER MILLS. INTERIM DIVIDEND DECLARED. ■< - :■. ':. ,v >' [BIT I'ELEG ItAPH. —I\R ESS. ASSOCIATION. ] DUNEDIN, Tuesday. The directors of New Zealand Paper Mills, Ltd., at a meeting to-day authorised the payment of an interim dividend of 3 per cent.