NEW ZEALAND BREWERIES.

Otago Daily Times, Issue 20156, 21 July 1927, Page 16

NEW ZEALAND BREWERIES.

ANNUAL STATEMENT OF ACCOUNTS. SATISFACTORY YEAR REPORTED. (Per United Press Association.) WELLINGTON, July 20. The fourth annual meeting of the New Zealand Breweries Company was held today, when Mr Alfred Bankart, of Auckland, chairman of directors, delivered an address. Mr Bankart expressed pleasure at being able to present so satisfactory a report and balance sheet. The past year, he said, had been one of considerable difficulty owing to the strike in Britain and unemployment in New Zealand. After paying the interest due on debentures, and providing for depreciation on plant, machinery, and buildings, and all other charges, a gross profit of £588,504 Is Id was made. From this £491,131 12s lOd for boor duty had to bo deducted, leaving a net profit of £97,372 8s 2d, which was £12,169 2s less than in the previous year. To this had to be added £21,466 17s 2d carried forward, making available for distribution £118.839 5s sd. From this amount an interim dividend of 5 per cent., absorbing £25,000, was paid in September last, so that there remained a balance of £93,839 5s 5d to be dealt with. It was decided to increase the reserve fund by allocating £50,000, making that fund £175,000, and to pay a further dividend of 5 oer cent., requiring £25,000, on the share capital of the company, making 10 per cent, for the year) and to carry forward *ho balance of £12,839 Ss 5d to the new account. The Chairman said that they had been able to increase their investments during the year by the purchase of -rilt-odg-d securities at advantageous prices. The book debts were slightly below tho figures of last year and the ra c h at tho b" T,: - wn£3 ,891 16s 7d. On the liabilities side open accounts stood at £259.078 18s lid, which was a little h'gher than last year. Altogether, the financial position was quite satisfactory. The retiring directors—Messrs A. D. S. Duncan, E. R. Davis, and pr P. F M'Evedy—were re-elected.