NORTHERN STEAMSHIP CO.

New Zealand Herald, Volume LXX, Issue 21503, 29 May 1933, Page 5

NORTHERN STEAMSHIP CO.

LOSS ON YEAR'S WORKING NO DIVIDEND PAYMENT After providing for depreciation the accounts of the Northern Steamship Company, Limited, show a loss of £2430 for the year ended March, 19.33, compared with a profit oi £6BIB in the previous year. The deficit has been written off by a transfer of a similar sum from No. 1 insurance account and"' £lBlO brought into the accounts from the previous year is again carried forward. No dividend is recommended, as against 5 per cent last year, and previous distributions ranging from 7 to 8 per cent.

In their report for the year the directors state tho net profit after providing for ordinary repairs but not for depreciation, amounted to £11,223. As the amount required for depreciation is £13,653, and exceeds tho net profit by £2130, this sum has been charged to No. 1 insurance account. Special repairs amountihg to £6320 have, as usual been charged to No. 1 insurance account, which now stands at £42,631, as against £51,339 last year. The retiring directors, Messrs. E. W. Evans, E. H. Rhodes and A. J. Hutchinson, aro offering themselves for re-election. Following is a comparison of the company's results for the past threo years--1931 1932 1933 Brought forward . £9,818 io.ORS £l,BlO Net profit . . . 4,519 6,818 2,430* From reserve , , ■f 14,307 £9,SS6 £l.BlO Dividend, p.c. 7 5 Amount . .. 11,299 8,070 Carried- forward . . £3,008 £l,BlO £l,BlO 'Loss. Tho balance-sheet shows capital unchanged jit £161,412. The two insurance accounts show a further contraction to £59,569, against £68,312 in 1932, and £70,739 in 1931, the appropriations mentioned accounting for the heavy decline in the past year. Sundry creditors are lower by £7079 at £16,671*, while the liability to the bank has risen by £5358 to £33,490. Deposits of subsidiary companies, which were shown for the first time last year, at £23,132, have been reduced to £5545. Assets amount to £278,525, compared with £315,049 a year ago. Vessels, wharves, sheds and sundry gear are valued at £184,692, as against £199.397 last year, and £203,552 in tho previous year. Head office premises are £265 lower at £10,107, and accounts owing to tho company, including agents' balances, are less by £1032 at £17,054. Investments have contracted by £20,200 to £56,786. From 1924-25 until 1930 the company paid a dividend of 8 per cent per annum. Following the reduction to 7 per cent in 1930-31, there was a further reduction last year to 5 per cent. No interim dividend was paid during the current year, the directors announcing in November that tho question of dividend would be deferred until tho full year's accounts were available.

NATIONAL MORTGAGE UNCHANGED DIVIDEND (Received May 2S, 5.5 p.m.) LONDON, May 27 The directors of the National Mortgage and Agency Company of New Zealand, Limited, have declared an interim dividend of per cent, tax free. The dividend is at the same rate as that paid last year, when 5 per cent was distributed for the full period. DAIRY PRODUCE PRICES STEADY MARKET PREVAILS No change occurred in the London butter market over the week-end. Merchants have received tho following cablegrams from their London houses, dated May 27: Mr. H. S. Withers, from Mr. A. C. Rowson. —Butter: Finest, 795; first, 78s. Cheese: White, 48s; coloured, 51p. Both markets are quiet, but steady. New Zealand Producers' Co-operative Marketing Association, Limited. —Butter: New Zealand, 77s to 795; Danish, 84s to 86s. Cheese: White, 475; coloured, 535. The butter market is steady; cheese is quiet. A. H. Turn bull and Company, Limited, from W. Weddel and Company, Limited.—Butter: Danish, 86s to 88s; New Zealand, salted, 77s to 795; Australian, 76s to 78s. Cheese: New Zealand, white, 47s to 48s; coloured, 53s to 545. Both markets are steady. Allen and Findlav, Limited, from Armour and Company, Limited, London.—Butter: New Zealand, salted, 77s to 795; unsalted, 79s to 82s: Australian, salted. 77s to 78s; unsalted, 78s to 795; Danish. 80s to 88s. Cheese: New Zealand, white, 47s to 48s; coloured, 53s to 545; Australian, 46s to 51s; Canadian, 64s to 70s. Both markets aro steady.