WAIHI GOLD MINE

New Zealand Herald, Volume LXXIII, Issue 22402, 24 April 1936, Page 11

WAIHI GOLD MINE

FIRST MARTHA ACCOUNTS FINAL DIVIDEND OF 1/TAXATION TAKES £51,955 The first accounts of the Martha Gold Mining Company (Waihi), Limited, disclose a net profit of £83,990 for the period from March 15, the date of incorporation of the company, to December 31, 1935. A dividend of Is a share i 3 proposed, making the distribution for the period Is 6d a 5s share, or 30 per cent. Cabled advice of the company's result for the period has been received from London by tho Auckland director and attorney, Mr. R. G. Milligan. Gross profits were £141,573. Out of this taxation required £51,955, depreciation absorbed £5628 and an interim dividend of 6d a share lequired £24,795. These disbursements left a balance of £59,195, out of which the directors recommend a final dividend of Is a share, free of tax, payable on May 8. The dividend absorbs a further £49,591, leaving £9604 to be carried forward. Profits made prior to the date of incorporation, amounting to £37,367, wero capitalised in accordance with the requirements of the Companies Act. The annual meeting will be held in London on May 7. The Martha Gold Mining Company originated in the liquidation of the Waihi Gold Mining Company, the necessary resolutions for the winding-up of which were carried by shareholders in London in September last. For every 5s share held in the Waihi Company shareholders received one fully-paid share in tho Martha Company, one fully-paid 5s share in Waihi Investments and Exploration, Limited, and 3s in cash. The capital of the original company was £247,953 and the dividend since 1921 was maintained at 2s a share, or 40. per cent. HENRY JONES CO-OPERATIVE USUAL INTERIM DIVIDEND An interim dividend at tho usual rato of 6d a share, equal to 2J per cent, has been declared by tho directors of Henry Jones Co-operative, Limited, Melbourne. It is payable on June 1. DISTRIBUTORS, LIMITED DECISION TO LIQUIDATE Tho fourteenth annual meeting of Distributors, Limited, was held in Christchurch on Tuesday. Mr. It. J. Lyon, chairman of directors, presided. The statement of accounts, with tho directors' report, disclosing an available appropriation of £2216 after writing off a loss on the year's operations, was adopted with tho directors' recommendation for payment of a dividend at tho rate of 5 per cent, absorbing £403. The retiring directors, Messrs. J. It. Bruce, It. Hudson, It. J. Lyon, and J. Ronnie, were re-elected. The following resolution, submittod on behalf of tho board, was adopted unanimously: "That, as the Wheat Committee has now assumed tho responsibility of control of the flourmilling industry, this meeting concurs in the advice of its directors that, as soon as is practicable in tho opinion of the directors, tho company should go into voluntary liquidation." AUSTRALIAN PRODUCE (.Received April 23, 7.15 p.m.) SYDNEY. April 23 Following are to-day's quotations on tho Sydney produce market: —Wheat: At country sidings, 3s 2Jd, equal to about 3s 9d ox trucks, Sydney. Flour; £9 15s. Bran and pollard: £6 ss. Potatoes: Tasmanian, £9 10s to £10; others, £B. Onions: 'Victorian Brown, £ll 10s; White, £2O, Maize: 4s 3d. Adelaide prices aro:—Wheat: Growers' lots, 3s Bd. Flour: Bakers' lots, £9 15s. Bran and pollard: £6 2s 6d. Oats: Algerian, ls,9d to Ib lOd. Barley: Is lOd.