PAPER MILLS
NET PROFIT OF £16,883 SEVEN PER CENT. DIVIDEND Operations for the year resulted in a net profit of £16,883, compared with a profit of £19,507 for the previous year, said Mr T. Somerville, in his report to the annual meeting of shareholders of New Zealand Paper Mills, Ltd., in Dunedin yesterday. Advances in both the processing and distribution costs had adversely affected the net results, he said, in spite of the fact that mill production had been satisfactorily maintained. General charges in the profit and loss account had increased by approximately £3OOO over that of the previous year. Depreciation of buildings and plant, and taxation, had required £39,591, compared with £40,658 last year, and the amount carried forward was £32,312, compared with £29,429. last year. The payment of a final dividend of 4 per cent., making 7 per cent, for the year, was approved. The retiring director, Mr J. W. Smeaton, was re-elected. Messrs Barr, Burgess and Stewart were reappointed auditors.
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Otago Daily Times, Issue 26782, 27 May 1948, Page 7
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163PAPER MILLS Otago Daily Times, Issue 26782, 27 May 1948, Page 7
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