BREWERY PROFITS

New Zealand Herald, Volume LXXV, Issue 23058, 8 June 1938, Page 9

BREWERY PROFITS

NEW ZEALAND COMPANY RISE IN EARNINGS DIVIDEND TAKES £46,164 MORE [I!Y TKIiKC It A rif —OWN COIIUKrtrONDENT] CITHISTCTttJKCir. Tuesday A net profit of £1:38,698, the host H inee 1931, is shown in tho accounts of New Zealand Breweries, Limited, for the year ended March 31, 1938. Tho net profit last year was £100,559 and tho previous best in 1931 was £165,8^8. Tho dividend remains at 8$ per cent, to which it was raised last year from 7.1 p er cent in 1936. The dividend is payable on a capital which shows an increase of £543,108 and tho amount is £139,007, against £92,843 last year. Tho gross profit has risen to £1,351,143 from £717,409. General expenses take £506,726, beer duty, £698,969 (against £616,850 a year ago) and directors' foes £6750. Tho gross profit last year was shown at £717,409, but tho profit and loss account did not' disclose tho amount paid in general expenses. The directors report that tho not profit was struck after placing £IO,OOO to taxation reserve and £SOOO to insurance reserve. They propose to apply £135,777 at present in tho share premium account to the writing down of land and building^. Some large alterations arc-shown in tho balance-sheet figures mainly becauso of the increase in paid capital through the issue of now shares during the year and the acquisition of certain hotel assets of J, Staples and Company. Tho chief increases aro £543,108 in paid capital, £135,777 in share prenyum account, which is a new item, £lOO,lll in tho liability to tho bank, £660,456 in land and buildings and £82,861 in stocks.Tho main balance-sheet itoms are: — Liabilities. —'Paid capital, £1,635,379; sundry creditors, £190,010; mortgage of freehold, £59,785; to subsidiary companies, £21,473; taxation reserve, £90,000; insurance reserve, £55,000; reserve fund, £115,000; share premium account, £135,777; bank (.less cash in hand), £100,111; appropriation account, £98,994. Assets. Land and buildings, £1,213,540; machinery and plant, etc., £148,166; stock, £243,078; advances against barley and hops, £25,318; furniture, etc., and sundry hotel assots, £59,013; investments and advances, £556,516; shares in subsidiaries, £18,301; sundry debtors, £237,596. The balance-sheet total is £879,005 higher at £2,501,529. Boor duty since the company's inception in 1923 has absorbed £7,070,000. FERTILISER INDUSTRY DOMINION COMPANY'S YEAR i STATE CONTROL RESISTED [BY TELEGRAPH —OWN CORRESPOND ENT] DUNEDIN, Tuesday Tho progress of the Dominion Fertiliser Company, Limited, was emphasised at the eighth annual meeting today by tho chairman of directors, Mr. 11. G. Hudson. The profit for the year of £21,126, ho stated, could only be secured in consequence of a very substantial increase in business. Since the inception of tho company £57,483 had been written off in depreciation, £40,110 had been paid, or was payable, in income tax and shareholders had received £54,125 in dividends, while preliminary expenses written olf had amounted to £29,477. Mr. Hudson said that during tho year proposals were advanced by tho Government for tho planning of the industry under the Industrial Efficiency Act. Tho directors, he stated, took a very determined stand in opposition to regimentation, or further Government control in tho industry. Their view was that unless tho industry itself was efficient no measure of Government control was likely to make it so and in tho end all tho manufacturers rejected tho prpposals. GOODS FROM GERMANY IRREGULAR TRANSACTIONS PURCHASES BY BRITAIN Cotton textile firms in Lancashire are interested in the efforts being mado to stamp out the activities of certain interests in arranging for payment outside tho scope of the official payments agreement for British purchases of German goods, states a report from Manchester. Lancashire spinners sell yarn worth £2,600,000 sterling to Germany in a year. The Manchester Chamber of Commerce points out that the offers are made to effect payment for goods from Germany at a considerable discount by means of roichmarks alleged to bo held. Tho German authorities stato that the reichmarks in question are not free reichmarks and are . probably obtained in a manner contrary to German law. These irregular transactions provide no sterling and place the German Government m difficulty with regard to tho corresponding payments for imports from tho United Kingdom., Not a penny of the money received is really paid into Germany and these transactions therefore, threaten a restriction of Lancashire sales of yarn. WOOLWORTHS (N.Z.), LTD. i . ———^ ' SAME INTERIM DIVIDEND [BY' TELEORAPH—PRTSSS ASSOCIATION] WELLINGTON, Tuesday The Now Zealand Stock Exchange Association has boon advised that the directors of Woolworths (N.Z.), Limited, have declared an interim dividend of 5 pox* cent on the ordinary shares of the company. The rate is the same as a year ago. ACCIDENT INSURANCE MORE THIRD PARTY CLAIMS Tho suggestion that tho trend of legislation was more in tho direction 'of securing compensation than concentrating on tho prevention' of accidents was made by tho chairman, Mr. J. E. ITumphreyj at tho annual meeting of the Motor Union Insurance Company, London. At the meeting of tho Car and General Insurance Corporation, on tho same day, Mr. Humphrey referred also to costlier claims. • v Mr. Humphrey pointed out that claims by passengers in motor-cars wore becoming more numerous. This class of claim in many cases had become almost a conspiracy between friends and relatives to profit at tho expense of an insurance company: WHEAT IN CHICAGO CHICAGO, June 0 Wheat. —July, 71i cents a bushel: September, 72i conts; December, 74$ cents.