WILSONS CEMENT

New Zealand Herald, Volume LXXI, Issue 21808, 24 May 1934, Page 9

WILSONS CEMENT

PROFIT INCREASE SHOWN UNDIVIDED BALANCE HIGHER EFFECT OF CAPITAL REDUCTION The accounts of Wilsons (N.Z.) Portland Cement, Limited, for the year ended March 31, disclose a net: profit of £4-3,743, compared with £39,999 earned in the previous year and £62,956 in 1931-32. Full provision has been made for depreciation, bad debts and taxes and interest paid in respect of the reduction of capital. The balance available from tho previous year is £48,315, making £9I,OSS available for appropriation. Interim dividend of 5 per cent absorbed £15,000 and, as stated in tho Herald on May 10, the directors recommended a final dividend of 5 per cent, absorbing a further £15,000. The balance to be carried forward is £64,OSS. The report refers to tho reduction of capital during the year from £600,000 in shares of £1 each to £300,000 in shares of 10s each. The directors record with regret tho death of Mr. A. B. Itobcrton, who had rendered valuable services since the inception of the company, The vacancy on the board had been filled by the appointment of Mr. .J. B. Henry. The retiring directors were M cssrs. G. JVinstone and T. Siinson, who offered themselves for re-election. Tho annual meeting will bo held on June 6. Following is a comparison of the company's results for tho last three years: — 1032 1933 1 !)3-l Brought forward £05.390 £68,310 £18,315 Net profits . . G-,950 39,999 15,713 £128,310 £108,315 £91.088 Dividend 10 p.c. 00,000 00,000 30,000 Carried forward £08,310 £48,315 £04,088 The balance-sheet total, which is £286.160 lower at £556,815, reflects tho reduction and repayment of capital, which at £300,000 is half the previous sum. General reserve is unchanged at £IIO,OOO and marine insurance reserve shows slight change at £38,292. Sundry creditors, including provision for income tax. is £28,255 and amount owing to subsidiary company, £1179, compared with the general grouping of creditors and income tax provision of £16,963 in the previous year. Reductions in the company's investments and shares practically balance the distribution of capital. These are now shown separately as follows: — Government securities, £118,565; shares in subsidiary company (Wilsons Collieries, Limited), £49,996; _shares in other companies, £12,305; total, £180,866. In the previous year investments were £295,593 higher at '£176,159. Fixed assets arc £'22,016 lower at £191,373, but other items, such as stock and cash and debtors and mortgages grouped, show increases. In accordance with the Companies Act, 1933, the following statements are made: —" The accounts of the subsidiary company show a loss for the year, owing to the closing down of the colliery and the sale of tho plant, machinery, etc., at under book value. Such loss has been fully provided for in that company's accounts; therefore, no account has been taken of it in the balance-sheet of the holding company. The shares in the subsidiary company are fully worth the figure appearing in the balance-sheet." " The total amount paid to directors by the holding company and the subsidiary company as remuneration for services during "the year was £1670."

ANTHONY HORDERN

PREFERENCE DIVIDEND ARREARS

Anthony Hordcrn and Sons, Limited, department store, Sydney, lias declared an interim preference dividend of per cent per annum (less the statutory reduction) in result of the halfyear ended August 131, 1932. lhe company paid the first portion of preference dividend arrears on November .'3O, 1933, whan the distribution covered the half-year ended August 26, 1931. In January-a dividend in respect of the half-year ended February 21, 1932, was paid. SWAN BREWERY, LTD. IMPROVEMENT IN PROFIT A net profit of £57,202, against £31,006 earned in the. previous haltyear, is shown by the Swan Brewery Company, Limited,' Melbourne, for .the halfyear ended March 31. A dividend of 3 per cent on the preference capital absorbs £ISOO and a dividend of 2s and a bonus of 6d a share on ordinary capital takes £42,545. Against £31.486 brought into the accounts, £44,643 is carried forward. NESTLE'S BUSINESS

AUSTRALIA AND DOMINION

In the annual report of the Nestle and Anglo-Swiss Condensed Milk Companv, Limited, of Switzerland, reference is made to the progress of the Australian and New Zealand subsidiary company. The report states that thp economic revival in the Australian and New Zealand market has made further progress. Unfortunately, the advantage that the exporting business of the company is deriving from the depreciation of the Australian pound may prove to bo of temporary effect only, as it is possible that certain of the export markets of the company will find it advantageous to draw supplies from other sources, where currency depreciation and other factors may enable production at. even lower costs. It is hoped that any loss of export business may bo compensated for by increased development of the home market. < LONDON STOCK EXCHANGE BANK. SHARES AND DEBENTURES LONDON, May 22 On the London Stock Exchange quotations of bank shares and other corporation debentures and stocks compnro with previous cjnotations «is follmvs: ~~ MayS May 22 £. s d £ 3 d Australasia . . • • 9 0 9- <> New South Wales . . 25 00* 21 0 0 Union of Auslvrlm . . 7 1'- 0 ® N!Z! °4 a 'ier cent slock 100 0 0 100 0 0 N.Z. Shares . • • • 2 b 10} -<> 10 a N f'p.c. o deb.' Kl MCrC .' B0 10 0 p ' 2 10 0 Loan and Merc.; - 42 io Q • 1Q 0 dividend.

GOLD AND SILVER QUOTATIONS IN LONDON (Received May 23, 7.35 p.m.) LONDON, May 22 „Finc gold is quoted to-day at £6 16s 3d an oz., compared with £6 16s 2nd on May 19. Silver is quoted at 19 9-16 d an oz. spot, and 19Jd forward, compared with 19j!d and 19 7-lGd. on May 18. The quotation for silver at per fine o/.. is 21 1-Sd, compared with 20Jd on May 18.