WRIGHT-STEPHENSON.

New Zealand Herald, Volume LXVII, Issue 20562, 13 May 1930, Page 5

WRIGHT-STEPHENSON.

A SATISFACTORY YEAR.

DIVIDEND OF 7 PER CENT.

The annual report of Wright, Stephenson •and Company, Limited, for the year ended March 51, 1930, discloses a net profit of £36,035, compared with £37,576 last year. To this has to be added the balanco from the previous year, making a total available.of £73,059. The interim dividend payment absorbed £17,346. The directors recommend that after payment of the fixed dividend on the preference shares, a final dividend of per cent, on the ordinary shares be paid, making 7 per cent, for tho year. The balanco to bo carried forward is £38,366The dividends are at the usual rate, 7 per cent, having been maintained cn the ordinary shares since 1921. The paid-up capital is £549,144 10s, including 249,840 preference shares at £l. Debenture stock issued totals £687,339. Sundry creditors account for £1,037,961, bills payable £44,319, and owing to banks £57,985.

Tho assets comprise properties, £231,358; stocks, £297,277; advances against produce, £97,415; sundry debtors, £1,443,648; bills receivable, £118,558; shares in other companies, £236,599; Government securities, £28,785; cash, £20,288. Following is a comparison of the company's results and appropriations for the last three years;— 1028. 1029. 1930. Brought forward . £33,405 £'34,073 £37,024 Net profit, . . 35,144 37,570, 3G.03G £08.609 £7l,Gil) £73.059 Dividends— Pref., 5i p.c. . . 13,741 13,741 13,741 Ord., 7 p.c. . . 20,795 20,881 20,952 Carried forward . £31,073 £37,021 £38,366

N.Z. PAPER MILLS, LTD.

INCREASE IN PROFITS.

DIVIDEND NOW 7\ PER CENT.

The annual report of Ne\y Zealand Paper Mills, Limited, for the year ended March 31, 1930, states that the net profit for the year is £11,949, compared with £11,033 in the previous year. This amount is increased to £18,374 with the •addition of tlio amount brought forward from last year, £6424, and after deduction of the interim dividend the amount still available for appropriation is £13,124. The directors recommend payment; of a final dividend at the rale of 4 per cent., makijig 7g per cent, for the year, leaving £7124 to bo carried forward. Following is a comparison of the company's results and appropriations for the last three years:— 1928. 1020. 1930. Brought forward .. £5.089 £'S.ML £0,421 Not profits .. . . 9,052 11,033 11.949 £14.141 £10,174 £18.371 Dividend, p.c. .. 0. 05 71 Amount ~ 9.000 9,750 11,250 Carried forward .. £5,111 £0,421 £7.121 The increaso in the dividend rate from 6A to 7J,' pet cent, was announced on April 30. The capital of the company is £150,000. The sum of £10,681 is owing to sundry creditors and £40,505 to the bank. Assets comprise property' aiid plant, £173,477; stocks, £46,966; sundry debtors, £17,067.

SYDNEY WOOL SALES.

STRONG COMPETITION.

MARKET RATES MAINTAINED.

(Received May 12, 10.5 p.m.) SYDNEY. May 12,

At the Sydney wool sales to-day the offerings totalled 9545 bales, of which 9224 were sold.. Also 1044 bales were sold privately. There was good, strong, general competition, and the market was equal to tho best rates, of last week, with a further hardening tendency on good to average fleeco descriptions. Comebacks and crossbreds also met with keen competition at full late rates. Greasy Merino fleece sold to 22£ d.

NEW ZEALAND FLAX.

IMPROVING THE MARKET.

STATE INQUIRY ADVOCATED

[BY XELEG tIAI'IT. —OWN CORRESPONDENT.] HAMILTON, Monday.

Tho flax industry was discussed to-day by Mr. A. W, Chapman, of Hamilton, property manager for an Australian flax company which has 800 acres of cultivated fibre at Gordonton, near Hamilton.

Mr. Chapman expressed the opinion that tho solution of tho difficulties which had resulted in tho present depressed condition of tho flax market could bo found in the cultivation of fibre of good quality. Much had been done in this direction already, ho said, 'by private enterprise, whose efforts were being materially assisted by tho advico of tho Government inspector.

Flax was a most valuable plant tmd there was a growing demand for it provided the quality was right. The quality was governed by the methods under which it was grown and prepared for tho market. lie suggested that an inquiry should be conducted by the Government to ascertain the causes for tho, low prices and to suggest remedies. Giving his own view of these remedies, Mr. Chapman said that steps could 'bo taken to> improve the natural growing areas with a view to producing a sound, clean leaf. He suggested that many of tho smaller mills should bo combined, or failing this that their output should bo pooled and properly classified. If this wero done much of tho dissatisfaction felt by overseas buyers of New Zealand (lax would be removed. During his last visit to Australia ho learned that the leading icordage manufacturers complained of irregular packing and discolouration of New Zealand (lax. They preferred well-bleached New Zealand fibre, but had not been able to get it.

It . was quite practicable to moot tho requirements of theso people if sufficient trouble were taken at the manufacturing end. If a clean, white fibre wero produced there would be a steady demand for it from the plaster works. An inquiry would do much to disseminate tho information obtained by Government experts and private growers and would result in a general improvement of tho industry and of market requirements.

FROZEN MEAT SHIPMENT

BUSY TIME AT'PICTON. [DY TELEGRAFIT. —PRESS ASSOCIATION.] BLENHEIM, Monday. The Port Sydney left Picton ve.'Lorday after loading 11,240 carcases from the freezing works. This is a record year for tho Picton works, as 132,000 carcases have passed through, and killing is still in progress.