WAIHI INVESTMENTS

New Zealand Herald, Volume LXXV, Issue 23178, 26 October 1938, Page 9

WAIHI INVESTMENTS

A REDUCED PROFIT DIVIDEND RATE UNALTERED -HIGHER TAX DEDUCTION - A net profit of ! £11! 177 is shown in the third annual accounts of Wnihi Investments and Exploration, Limited, London, according to cabled advice received yesterday by tjie Now Zealand attorney, Mr. It. G. Milligun. The annual meeting will be held in London on November 10, and the directors will recommend a dividend' of 6 per cent (less English income tax at 5s Gd iit the pound). If approved, the dividend will be payable on November 11 on all shares registered as at October 29. Results lor the past three years compare as follows: 11)30 1037 1038 Brought forward Net profit 0,707 l'_\l7o 11.177 £0,707 £ 13,21 I £ 13.233 Dividend p.c. p.a.* 3 0 0 Amount .. 5,072' 11,158 10,780 Carried forward £1,035 £2,050 £2.417 •Less tax at Is ltd in pound in 1030, 5s in 1037, and 5s od in 11)38. The profit for the year is £IOO2 lower, but the rate of dividend unchanged, although the return to shareholders will be slightly less owing to the increase in the deduction for British income tax. The dividends are paid in sterling, and the return to New Zealand shareholders, after tho tax deduction and allowing for exchange, will be approximately £5 7s lid per cent, against I*s lis 2d per cent in tho previous year. Waihi Investments and Exploration, Limited, originated in the -liquidation in 1935 of the Waihi Gold Mining Company, .Limited. The former Waihi Company's shareholding in Puket Tin Dredging, with various assets, including investments other than those transferred to the Martha Company, was vested in Waihi Investments and Exploration, Limited, a new company with a share capital of £217,5)5:5 10s in shares of 5s each. In the liquidation Waihi shareholders received one 5s share in Waihi Investments and one os share in the Martha company for each share held in the original company, as well as a cash payment.