NAPIER GAS COMPANY.

New Zealand Herald, Volume LXVIII, Issue 20818, 10 March 1931, Page 5

NAPIER GAS COMPANY.

LOSSES BY EARTHQUAKE. QUESTION OF DIVIDENDS. "Although the loss which the Napier Gas Company has suffered as a result of the earthquake is very' serious, it is not by any manner of means insurmountable," said Mr. F. Logan, chairman of the company, in an address at the annual meeting of shareholders. "With the loyal service wo can rely on from the staff and our employees, I hope wo shall be able to show a very creditable position at the end of the year."

Gas was already being supplied to Hastings, said Mr. Logan, and the company expected before long to supply it in Napier. "On behalf of the company," ho said, "I have to thank the Gas Association of New Zealand, the Gas Institute and all the gas companies for their kind expressions of sympathy and for their very material help and assistance."

Tho balance-sheet showed that, notwithstanding tho financial depression of 1930, the company's revenue receipts reached £57,511, compared with £56,494 for tho previous year, an increase of £lOl7. This increase was set off by increased expenditure in some accounts, so that the net revenue for tho year was £9234, an increase in round figures of £3OO over 1929.

Jn a report submitted by the manager with regard to the damage caused by the earthquake, it was estimated that the total loss sulTered by tho company amounted to £29,963. Against this was to bo credited tho earthquake insurances recoverable, which in Napier amounted to £4657 and in Hastings £5900.

Some discussion took place with regard to a recommendation by Mr. Logan that the balance-sheet be adopted and, in view of the very heavy expenditure which the company would have to face this year in the way of erecting new plant, and in view of the general losses suffered, that no further dividend be declared in respect of last year's operations. It was agreed that Mr. Logan's recommendation be adopted, with the amendment that it should bo left to the discretion of the board as to whether preferential dividends should be paid, and that the appropriation to plant replacement be cancelled. BEATH AND COMPANY. DIVIDEND RATE MAINTAINED. [BY TELECRAPJT. —PIIESS ASSOCIATION.] CHRISTCHUECH, Monday. The directors of Beath and Company, Limited, have decided to pay the usual half-yearly dividend of 2| per cent, for the half year on the preference shares and 5 per cent, on the ordinary shares. Share call depositors will receive 5 per cent, interest for the half-year on deposits. These dividends are at the same rato as those paid for a number of years past. BRITISH TOBACCO. QUARTERLY DIVIDEND. The directors of British Tobacco (Australia), Limited, advise payment of a quarterly dividend of 2£- per cent. This is at the same rato as that paid for the first quarter of the company's current year, but £ per cent, less than the quarterly dividend for the corresponding quarter of 1930. KEMPTHORNE-PROSSER. NET PROFIT OF £62,769. [BY TELEGRAPH. —OWN CORRESPONDENT.] DUNEDIN, Monday. The directors of Kempthorne, Prosser's New Zealand Drug Company, Limited, reporting on the results of the company's business for the twelve months ended January 31, state that the unappropriated balance brought forward from the profit and loss account was £26,631, and the net profit for the past year £62,769. The interim dividend for the half-year, at 4£ per cent., absorbed £26,235, leaving £63,165 to be dealt with. Payment of a final dividend of 3£ per cent., and a bonus of 2 per cent., making 10 per cent, for the year, will absorb £32,065, and contribution to the staff provident fund will take £3OOO, leaving £28,100 to be carried forward. Following is a comparison of the company's results and appropriations for the last three years:— 1929. 1930 1931 Brought forward £20,181 £2G,516 £26,631 Not profits .. 72,810 71.909 62,769 £98,991 £98,425 £89,400 To reserve .. 16,000 10,000 To staff fund .. 3,500 3,500 3,000 Dividend 10 p.o. 52,975 58,295 58,300 Carried fqrward £26,516 £26,631 £OB,IOO EXPORT OF APPLES. SHIPMENTS TO SOUTH AfIIERICA. The Fruit Export Control Board has been successful in relieving the position so far as the South American market is concerned, and ■ negotiations have been completed for a limit of 80,000 cases of apples to be shipped. The varieties, grades and groups of sizes have been altered. A detailed circular will be issued to all exporters at an early date. HUDDART-PARKER COMPANY. DECLINE OF NET PROFITS. A substantial decrease in earnings is shown by Huddart, Parker, Limited, in its operations for the year ended December 31, net income being £95,981, compared with £124.659 for 1929. In September an interim dividend of 3 per cent, on preference and of 4 per cent, on ordinary capital was paid, absorbing £45,000 and final distributions are at the same rate. The amount carried forward is £45,103, against £39,122 brought into the accounts.

In 1929 ordinary shareholders received 10 per cent, for the year. The balancesheet shows that the insurar.ee fund is increased £7989, and the reserve for contingencies is £12,576 higher. The value of the fleet and other assets is down £89,047, sundry, creditors show a decrease of £17.596, but sundry debtors are up £23.799. Investments are higher by £84,913.

| Tlie directors stated that the general depression in trade has seriously reduced the company's earnings, and at the same time provision for increased taaation had to be made. Work was resumed at th.i northern collieries in New South Wales in June, but owing to severe competition the collieries in which the company was interested had found it difficult to procure profitable business. j DAIRY PRODUCE PRICES. Leonard and Son, Limited, has received (ho following cablegram from Loudon, dated March 6:—Cheese, white, s(is to 575; coloured, 58s to 595; the demand 13 poor and the market again dull. Butter, first grade, 120s; finest, 120s to 121n; tho demand is slow, and the market closos irregular.