WRIGHT, STEPHENSON

New Zealand Herald, Volume LXXV, Issue 23123, 23 August 1938, Page 5

WRIGHT, STEPHENSON

EARNINGS REACH RECORD HIGH TOTAL OF £48,011 ISSUE OF DEBENTURES Record earnings of £-18,011 are shown in the accounts of Wright, Stephenson and Company, Limited, for the year ended June 30. This compares with £42,81.5 in tlio previous year, the former highest earnings being £15,1:5-1 in 1925. The sum of £52,155 brought into the accounts makes £100,106 available. Tbe directors recommend that after the fixed payment on the preference shares, a final dividend of 2} per cent should be paid on the ordinary shares, making 5 per cent, unchanged, for the year. It is also proposed to make a special distribution to ordinary shareholders on the register at August .'3O who hold 200 shares or more, by transferring perpetual debenture stock of Abraham and \\ illiams, Limited, of the face value of the amount of dividend to which they are entitled. Fractions will be paid in cash, and the additional payment to holders of less than 200 shares will lie made in cash. The debenture stock carries 5 per cent interest payable halfyearly, After providing for these distributions, £57,910 is carried forward. A special meeting to alter the company's articles to enable this distribution will lie held on September 12. Tbe retiring directors, Messrs. R. S. Abraham, I). Allen and «J. S. Hunt, are available for re-election. Mr. Hunt was appointed a director during the year. Comparison of Results Following is a comparison of the company's results for the past three years;—• 1 !»:{(> (I 5 m'tlis) I 037 1938 brought forward £•_'!■>,-fJ.s ,{.'37,1 11 .C 52.155 Act profit .. 10,220 .12,* 15 45.011 lilts 1'79,951) ,t 10(1,10(5 Dividends— J'rcf., 5 p.p. ir,.(iir, 12,192 12,!!>•_' Ord., ji.c. . . .V;;, 5 5 Amount .. lii.ssn 15,012 130,025 Carried forward C' 37,111 C 52, 155 157,919 tlncluding proposed debenllire issue, which is debited to appropriation account. Owing to an alteration in the company's balancing date, the preference dividend for 15)30 was actually (Ji per cent to cover the 15 months' period. Similarly the ordinary dividend of 52 per cent for the longer period was equivalent to 1J per cent-per annum. Balance-sheet Movements Movements in the chief balance-sheet, items are as follows: — LIABILITIES £ £ Capital . . .. 550,082 Saino General reserve .. 28,133 Same Deb. stock .. .. 711,.157 +.'51,170 Fixed deposits . . 03,935 +5,8-11) Owing to subsidiaries 1'J0,.">7:5 -1-1,87«> Clients' current a/cs.. . -121,321 -31,192 Creditors .. .. 373,380 +11,022 Bills payable . . +<>o<> Staff pensions .. 10,107 -17,037 r. and L. account . . 80,71-1 +IO,OOO ASSETS Property and plant . . 254,312 +lB3 'investments in subsid. and assoc. coys. . . 300,407 +10,717 Slocks .. .. 204,558 +8,870 Advances .. .. :n«,Boi +80,135 ■Advance accounts .. 021,018 +47,358 Debtors . . . . 332,025 +00,507 Bills receivable .. 05,0(13 +12,807 Investments (shares).. 42,531 -4.801 Cash . . . . 8,013 -257,010 Tbe report states that last year there was an exceptionally large amount of cash at bankers and on deposit at short call. This is now more profitably employed, and bank accounts show a small debit of £3535.

MINING NEWS YIELDS OF COMPANIES Clutha River (Otago).—223oz. in 136 hours. Mataki (Murchison). —220z. from 7500 yds. in 125 hours. Bulolo (New Guinea). —Report for July: Gross production, 19,6670z. bullion, containing J3,5690z. line gold from 1,232,000yd5. Estimated working profit, 8900oz. fine gold. The above production is equivalent to £118,729, and working profit to £77,875, on the basis of £8 15s (Australian) a fine ounce of gold. Emperor (Fiji).—Four weeks ended August 10: 40170z. gold from 14,091 tons. Loloma (Fiji).—Four weeks ended August 10: 24020z. gold, 4530/.. silver from 1850 tons in 536 hours. Time was lost'through the breakage of the tube mill pinion shaft.

NEW COMPANIES SOUTHERN REGISTRATIONS The registration of the following new Southern companies is announced in tho Mercantile Gazette:— PUBLIC Opitonui Consolidated Coldmining Company, Limited, Christchurch. Capital, £12,000 in 48,000 shares of 5s each. Subscribers: 11. H. Adams. Rcmuera, 400; K. L. Bull, Mangere, 2000; W. R. Reyburn, Auckland, 2000; A. J. Campbell, Mornington, 400. Christchurch—P. W. Fryer, 400; L. D. RichardS. 800; M. W. Mackenzie, 50. Mining and incidental. Fairlie Lime Company, Limited, Fairlie. Capital, £IO,OOO in £t shares. Subscribers:. Timaru —A. R. Waugll, R. J. Runciinan, H. W. Lomas, E. V. Duggan. Fairlie—G. Dcwar, S. Stewart and H. G. Calder, all one share each. Mining and quarrying of limestone, and incidental. PRIVATE Nairn's Nurseries, Limited, Christchurch. Capital, £OOOO in £1 shares. Subscriber!): Christchurch —'Robt. Nairn, 5500; J. llumm, 500. To acquire and carry on tho business of Nairn and Sons, florists, nurserymen, and incidental. Scoria Asphalt Company, Limited, Christchurch. Capital, £SOOO in shares of £1 t each. Subscribers: Christchurch —A. D. Paterson, 1; It. C. Neville, 1; T. MacKcnzie, 1; British Pavements (Cant.), Limited, 1(>!»7. Manufacture of road and insulating materials. Toropuke, Limited, Heriot. Capital, £21,000 in shares nf £1 each. Subscribers: Heriot — A. S. •Herbert, 14,000; D. I). McPherson, 7000. To take over tho business of sheepfarmer and general farmer now owned by A. S Herbert, to acquire land for the purpose of doing business as shcepfarmcrs, cattle raisers, and incidental. Seala Theatre Company, Limited, Wellington. Capital, £OOOO in shares of X'l each. Subscribers: Wellington—-A. M. Tarlakovcr, 0450; Fj. I. Tartakover, 500; E. K. Wilson, 250: T. I!. Lawson, 250; 11. A. Champion, 250; W. F. Harvey, 250; W. P. I'ringle, 250. Christchurch—R. H. Hill, 500; F. B. Clark, 300. To purchase and acquire from The Star Theatre Company, Limited,, land in Wellington, to conduct the business of motion picture, theatrical and music-hall proprietors, and incidental. OVERSEAS COMPANIES Bristol-Myers Company, Proprietary, Limited, a private company. Sydney, New South Wales. W. B. Williamson, Trqjan House, Manners Street. Wellington, authorised to accept service of any process and any notice required to be served on (lie company in New Zealand. Capital, £05,000 in (!5,000 shares of £l each. Subscribers: Sydney—l). It. Oxenham. G. W. Connah, C. S. Waine, T. Kavanagh, 11. J. Roberts, T.- J. Moore, J. R. Burke, I share each. Manufacturers of pharmaceutical preparations, surgical dressings and appliances, toilet- articles, and jncidcntal. INCREASE OF CAPITAL Brookbanks, Limited, Auckland, capital increased by addition of £14,500 beyond registered capital of £10,500. Dominion Breweries, Limited, capital increased to £500,000 by creation of 250,000 additional shares of £J each. Neill, Cropper and Company, Limited, Auckland, capitnl increased to £15,000 by addition of £7500 beyond registered capital of £7500. Rangitira Proprietary, Limited, Auckland, capital increased by nddition of £0000» beyond the registered capital"* of £400,000. Lower Hutt Amusements, Limited, Wellington, capital increased by nddition of £4500 beyond the registered capital of £:iooo. New Zealand Discount Company, Limited, capital increased by addition of £SOOO beyond the registered capital of £SOOO.